Original-Research: OHB SE (von NuWays AG): BUY

22.01.2026 / 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 202

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Underestimated decade of growth ahead, chg., PT up

OHB's CMD marked a clear turning point. First, the company plans to remain

listed, removing a key overhang. Second, management guided for sustainably

rising order intake to more than EUR 3bn by 2027e, even before factoring in

Germany's newly announced special defence space budget. Third, this new

national space budget (EUR 35bn) could translate into more than EUR 7bn of

cumulative additional orders for OHB through 2030e. Together, these points

materially upgrade OHB's mid-term growth dynamics, supporting our BUY

recommendation.

Following the update and recent news, we now expect a 20% sales CAGR through

2030e, with elevated growth rates likely to persist into the late 2030s

(eNuW). In addition, EBIT margins are set to rise to >9% by 2028e, thanks to

an improving mix towards defence, which is carrying structurally higher

margins.

The above is based on noticeable space budget (EU/ESA/national) increases

and OHB's strong position on the key growth categories: observation,

navigation and transportation. Moreover, a clear edge is OHB's positioning

as the only fully German space OEM.

The catalysts are lined up. Next to first big ticket orders expected for H2

'26 related to the EUR 35bn budget promised by Germany's defence minister,

OHB's investment into Rocket Factory Augsburg (RFA, 55.1% ownership, at

equity) could reach a milestone - its first test launch, scheduled this

summer. RFA is industrialized from the outset, utilising the existing setup

of automotive suppliers rather than undergoing complete and costly in-house

manufacturing. It is also the only European company employing staged

combustion engines, the high-end standard for high-performance launch

systems. This creates a clear technological edge in European launch

capabilities. A successful launch should act as additional value catalyst. A

potential SpaceX IPO later this year is seen as another positive trigger,

resetting how markets value space assets. Meanwhile, yesterday, US-based

competitor Blue Origin announced yet another significant project containing

5,408 optically interconnected satellites for enterprise and government

communication, underscoring that the global race for space dominance is

accelerating.

Despite the recent share price rally at OHB, valuations have not run hot,

thanks to rising mid-term earnings projections. In fact, at the current

market cap OHB would already trade at a discount to its own historic EV/EBIT

by 2028e, albeit with an excellent sales and margin momentum, a record

backlog coverage and book-to-bill >2x, all projected for 2028e (eNuW).

BUY, new PT EUR 202 (old: EUR 142), based on DCF.

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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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