Hensoldt (1K) | Hold | Long-term value emerging (Q2 preview)

研报英文原文证据摘录

Hensoldt (1K) | Hold | Long-term value emerging (Q2 preview)

#EarningsPreview #Positive #EstimatesRevision

Release date: 25 June 2026

Company research

ESG profile HoldHensoldt

Germany | Aerospace & defence Beta Profile: MCap: EUR8.0bn

Target Price: EUR81.00 Change in TP: 0.0 % Bloomberg: HAG GR Reuters: HAGG.DE

Current Price: EUR68.96 Change in Sales: none 26E/none 27E Free float 52%

Up/downside: 17.5% Change in Adj EBIT: none 26E/none 27E Avg. daily volume (EURm) 66.0

YTD abs performance -6.0% Market data: 24 June 2026 Change in Adj. EPS: none 26E/none 27E

52-week high/low (EUR) 113.80/66.20

Long-term value emerging (Q2 preview) Price performance

Why this report?

The derating of the European defence sector is starting to throw up

opportunities for the contrarian value investor. Hensoldt is starting to look

more reasonably valued on a two-year view, although its relative value case is

less compelling when compared to Renk and Rheinmetall right now (and even

more so after the significant selling pressure taking place as we write these

lines). Absence of immediate catalysts for upgrades in H1 and with FY

guidance remaining seasonally back-end weighted and subject to order

delays and execution risks associated with a major capacity and digital

capability build-up, we continue to rate the stock a Hold.

Key findings

From post results roadshow feedbacks to Eurosatory comments, the message FY to 31/12 (EUR) 12/26E 12/27E 12/28E

from Hensoldt has been consistent. The group's record backlog is set to grow Sales 2,760 3,239 3,854

further in 2026, with book-to-bill ratios set to reach 1.5-2x, the width of the range EBITDA adj. 515 622 759

highlighting the lumpiness and seasonal skew of large jumbo orders. EBIT adj. 378 473 582

Net profit adj. 219 290 370