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

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

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

Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

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2324012 08.05.2026 CET/CEST

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