Discount 275 2027/03: Basiswert OHB Technology

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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

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