Rheinmetall AG : CMD points to a slowdown in growth in defence as expected – Upgrade to Neutral (vs Reduce) – TP unchanged at € 87
>CMD points to a slowdown in growth in defence and a tough automotive environment - On 20 November, Rheinmetall hosted a CMD at its weapons & ammunition site in Unterlüß. In our view, the two key takeaways from the CMD are: i/ a downward adjustment to its medium1eterm defence sales growth guidance to 6-8% y-o-y from around 10% y-o-y previously following recently materialised political risks; and ii/ a reduction in its medium-term automotive operating margin guidance to...Rheinmetall is a holding company. Through its subsidiaries, Co. operates in two sectors: defence and automotive. Co.'s defence sector is comprised of three divisions: combat systems, engaging in armored tracked vehicles and NBC protection systems; electronic solutions, engaging in air defence systems and soldier systems; and wheeled vehicles, engaging in wheeled logistics vehicles and wheeled tactical vehicles. Co.'s automotive sector is comprised of three division: mechatronics, engaging in cutting emissions and air management systems; hardparts, engaging in pistons and plain bearings and bushes; and motorservice, which includes aftermarket activities for replacement parts business.
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