First Read: Rheinmetall "Best of Europe Virtual Conference - Feedback" (Buy)

Research evidence excerpt

First Read: Rheinmetall "Best of Europe Virtual Conference - Feedback" (Buy)

Global Research

13 May 2026ab

First Read

EquitiesRheinmetall

Best of Europe Virtual Conference - Feedback Germany

Industrial, Diversified

12-month rating Buy

Rheinmetall at the Best of Europe Virtual Conference 2026

We hosted Carl-Philip Schniewind, Manager Investor Relations, and Jillis Hansmann, 12m price target €2,200.00

Manager Investor Relations, today and yesterday for group meetings.

Price (13 May 2026) €1,121.6

Key takeaways

RIC: RHMG.DE BBG: RHM GRWe think the meetings constructive vs the recent cautious market debates such

as order and earnings momentum and its role in the future defence narrative Trading data and key metrics

after a potential end of the Ukraine war. While the market might mainly see the 52-wk range €1,988.50-1,121.60

next positive order catalyst (Boxer) only in six months we think the details of Market cap. €52.3b/US$61.3b

the new German budget in June/July could re-assure in the meantime.

Shares o/s 46.7m (ORD)

Free float 100%

Boxer order: is confident on the pivotal Boxer order and does not think that the Avg. daily volume ('000) 255

German customer has second thoughts about the project. But the size, complexity of Avg. daily value (m) €376.8

the project means a lot of work and detailed preparation for the budget committee

Common s/h equity (12/26E) €6.22b

decision meeting of what is an almost €80bn total industry contract. A further delay in

P/BV (12/26E) 8.7x

the project would be probably more meaningful for the German army target to be

Net debt to EBITDA (12/26E) NM

prepared for a conflict by 2029 but it is not so meaningful of Rheinmetall 2027 targets.

EPS (UBS, diluted) (EUR)

Air defence: still seeing 600 Skyranger on Boxers for the German army.