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 € 279m and reported EBITDA up 48% yoy to € 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 € 3.4bn (+45% yoy). The implied order intake stood at c. € 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 € 320 (old: € 272), on DCF.

You can download the research here: ohb-se-2026-05-08-previewreview-en-25842
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
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Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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