OHB SE (von NuWays AG): BUY 01.07.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: OHB SE - from NuWays AG



01.07.2026 / 09:00 CET/CEST
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Classification of NuWays AG to OHB SE



     Company Name:                OHB SE
     ISIN:                        DE0005936124



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 340
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller



Funded for the next growth orbit, chg. & PT Up



Following the capital increase and the new mid-term outlook presented at its
CMD, OHB is in our view well positioned to win and execute on upcoming
contracts. This is supported by a strengthened balance sheet, a clear right
to win as Europe's leading independent space prime, and a multi-year demand
upcycle backed by rising ESA, EU and national defence budgets. This supports
our BUY.



Mid-term targets imply c. 27% organic sales CAGR into 2030e. The company
targets total operating mid-term performance of EUR >4bn (eNuW: 2030e), up
from EUR 1.2bn in 2025, and an adj. EBITDA margin of c. 13%, i.e. +c. 3pp vs
2025. The margin bridge rests on scale, industrialisation and a richer
defence mix (eNuW: 50% vs 22% today). The defence step-up, led by SATCOMBw4,
could support margins slightly above the 13% target (eNuW), as OHB was
already targeting >12% before the recent increase in German defence spending
and as management indicated that one large identified opportunity could
support an overshoot versus the targets. HENSOLDT, which also executes
large, long-cycle development projects for the German Bundeswehr, such as
the new Eurofighter radar, targets EBITDA margins of around 19%, providing a
useful defence-margin reference point.



Right to win. As the only independent German space prime, with 25 years of
Bundeswehr heritage, OHB is well placed for Germany's sovereignty-led
programmes: SPOCK 2 (next-gen military space surveillance) via the KIRK
consortium (OHB/Helsing JV, with Kongsberg and HENSOLDT); SATCOMBw4
(sovereign milsatcom worth up to EUR 10bn) via the OHB Rheinmetall Space
Networks JV; and SBMD (space-based missile defence/early-warning worth c. EUR
3bn, eNuW).



OHB's capital increase strengthens the balance sheet for industrialisation,
capacity expansion and selective M&A, with c. EUR 482m gross proceeds already
secured (up to c. EUR 511m possible after the smaller rights offering for
existing minority shareholders). The implied share-count increase of up to
c. 8.9% is seen to materially improve liquidity and index eligibility, with
free float rising from c. 5.7% to slightly above 20%, helped by KKR's
parallel placement of existing shares. The Fuchs family remains majority
shareholder with >60%, while KKR retains c. 20%. Transaction costs are
expected to burden 2026e EBIT by c. EUR 5m.



Potential catalyst: Rocket Factory Augsburg (RFA). RFA remains outside OHB's
new mid-term guidance and is only captured in our valuation as a financial
asset worth EUR 145m. Yet, the asset could become more visible soon. RFA is
developing RFA ONE, a three-stage small-launch vehicle for flexible European
access to orbit. Its maiden flight from SaxaVord, targeted for summer 2026,
could bring it closer to commercialisation. Isar Aerospace, RFA's closest
German peer, is slightly further advanced, having already completed a first
test flight with its own launcher, but it is also still pre commercial.
Hence, its reported valuation of EUR >2bn in June 2026 (following a private
financing round) provides a useful, albeit imperfect, cross-read for a
potential post-first-flight valuation of RFA.



Action: the recent capital increase as well as credible new mid-term targets
are reflected in our estimates (new 2030 sales: EUR 4bn, previously: EUR 3.5bn).
BUY, new PT EUR 340 (old: EUR 320), on DCF.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=1d86f66f35edb069c31860785eff091b
For additional information visit our website:
https://www.nuways-ag.com/research



Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++



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2357412 01.07.2026 CET/CEST