Original-Research: OHB SE (von NuWays AG): BUY
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Original-Research: OHB SE - from NuWays AG
08.05.2026 / 11:00 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 320
Target price on sight of: 12 months
Last rating change:
Analyst: Simon Keller
Scaling already before defence kicks in; PT Up
OHB remains a compelling way to gain listed exposure to Europe's sovereign
space build-out. Q1 added another data point to the scaling story, while the
larger defence ramp, potential equity funding and mix-driven margin upside
are still ahead.
The quarter showed continued progress, with total output up 15% yoy to EUR
279m and reported EBITDA up 48% yoy to EUR 25.7m, implying a 2pp yoy margin
improvement to 9.2%. The run-rates support the FY guidance (output: +16%
yoy, margin +1.8pp yoy). Meanwhile, order backlog reached a new record of EUR
3.4bn (+45% yoy). The implied order intake stood at c. EUR 439m, equivalent to
a strong 1.6x book-to-bill. Importantly, neither order intake nor margins
yet reflect the expected defence ramp or future mix shift towards
higher-margin national defence and commercial opportunities.
A potential capital increase should support the next leg of the investment
case. Primary proceeds could fund OHB's scale-up phase by increasing
capacity to pre-finance and execute larger defence-space programmes, while a
parallel KKR secondary would improve free float and institutional access
from today's very limited 5.7%. With the Fuchs family intending to remain
clearly above 50%, the long-term entrepreneurial setup remains intact.
With investor attention increasingly shifting towards space, supported by
the potential SpaceX IPO and rising defence-space order momentum in Europe,
OHB should benefit from a supportive news-flow backdrop. Strong sales growth
into the next decade, further acceleration potential from national defence
contracts and positive mix effects should drive margin expansion and a
disproportionate EPS CAGR of 39% into 2030e (eNuW). Importantly, OHB's
right-to-win is rooted in decades of engineering know-how, customer trust
and proven delivery capability. This should ensure that the company is not
just exposed to the space theme, but one of its key European beneficiaries.
Following the re-rating, OHB no longer screens as a classical near-term
multiple discount story. Still, the valuation looks attractive relative to
the duration and scarcity of the growth profile, in our view. OHB is the
largest listed European space pure-play and one of only three leading
space-systems providers for ESA. Moreover, compared to listed space peers,
the stock still trades attractively at c. 4x EV/sales for 2026e vs. 5.2x
median of the peer group, despite OHB's unique track-record, profitability
and institutional customer access.
Action: We raise our terminal EBIT margin assumption to 13% from 11%,
reflecting a structurally better mix from defence, secure space
infrastructure and private commercial opportunities such as Moonport and
Rocket Factory Augsburg. BUY, new PT EUR 320 (old: EUR 272), on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=5a0c69ec916e0d2290c9df1154eaa915
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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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2324012 08.05.2026 CET/CEST
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