Original-Research: OHB SE (von NuWays AG): BUY
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Original-Research: OHB SE - from NuWays AG
14.11.2025 / 10:37 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
from: 14.11.2025
Target price: EUR 141.00
Target price on sight of: 12 months
Last rating change:
Analyst: Henry Wendisch / Simon Keller, CFA
Q3 review: firm order intake and robust growth.
Yesterday, OHB released a strong set of Q3 results and a further rising
order book amid a upcomingphase of strong newsflow. In detail:
Q3'25 order intake reached EUR 350m, implying a solid 1.2x book-to-bill ratio.
In light of large orderwins in H1'25 (EUR 1,249m) as well as in Q4'24 (EUR
584m), the LTM
book-to-bill ratio remains high at1.9x.Consequently, the order backlog
reached a new all time high at EUR 3,117m (+47% yoy), indicating improving
visibility and OHB gaining traction even before any big-ticket defence
orders.
Total output grew by 22% yoy in Q3 to EUR 300m (9M: +21% yoy to EUR 864m) driven
by growth acrossall segments. The largest segment SPACE SYSTEMS grew by 30%
yoy to EUR 233m (9M: +18% yoyto EUR 672m) driven by good progress on navigation
satellites (+55% yoy) as well as environmental &weather satellites (+34%
yoy). The renamed segment ACCESS TO SPACE (prev. AEROSPACE) also showed
excellent growth of 40% yoy to EUR 43m (9M: +22% to EUR 114m), followed by the
segment DIGITAL growing by +34% yoy to EUR 36m (9M: +31% yoy to EUR 103m).
Holding andconsolidation effects explain the remainder.
Q3 adj. EBITDA arrived 10% yoy higher at EUR 35m (10.1% margin, -1.3pp yoy),
due to two maindrivers:
* OHB maintained a strong momentum in personnel efficiency, as total
output (ex other op. inc.)per FTE continued to improve (Q3: 15% yoy; 9M:
14% yoy), as the 22% yoy output growth wasdelivered with an only 6% yoy
higher headcount and likely a direct result of the ongoing efficiency
program. Consequently, personnel expense rose by only 9% yoy to EUR 83m in
Q3 (28% ofoutput; -3.2pp yoy).
* On the other hand, a disproportionate 32% yoy increase in material
expenses to EUR 163m (54%of output, +4.1pp yoy) weighed on margins. We
attribute this to a temporarily higher share of third-party services
(eNuW: mostly pass-through revenues from sub-contractors), which
naturally come with lower margins and fluctuate throughout the year.
This effect was more pronounced in the SPACE SYSTEMS segment, explaining
the 8% decline in segment EBITDA.
With a 9M EBITDA of EUR 75.5m (+21% yoy, 8.7% margin), the FY'25 EBITDA margin
guidance of ~9% (eNuW: 11%, including a EUR 37.5m provision reversal due to a
resolved project interference;adjusted for this: 9.3%) should be well in
reach, as it implies a Q4 margin of 9.2%. Meanwhile, next to budget
increases likely at ESA and announced by Germany's Ministry of Defence,the
EU's 2028-34 Multiannual Financial Framework (MFF) could also see a doubling
in spacespending to EUR 40-60bn for 2028-34 vs. EUR 19bn in the current 2021-27
MFF.
Against this backdrop, we reiterate our BUY recommendation with unchanged PT
of EUR 141, based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=7fe7220b567a07be460430a732b4bcb2
For additional information visit our website:
https://www.nuways-ag.com/research-feed
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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2230124 14.11.2025 CET/CEST
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