Ohb: Stars align for a stronger order outlook - NuWays AG Research
Bildkälla: Stockfoto

Ohb: Stars align for a stronger order outlook - NuWays AG Research

We view OHB’s share price weakness as unjustified given the further strengthening we expect in its order outlook. The company has secured a nearly € 1bn order for IRIS2, Sentinel is moving towards a final contract and we now see greater order potential from SATCOMBw 4. Q3 should show continued growth, with the main programme-driven earnings uplift still ahead. Upcoming contract awards should act as key share price catalysts.

Q3 preview: continued growth ahead of the larger ramp-up. Total output is expected to rise 16% yoy to € 347m, driven by continued conversion of the existing backlog, which stood at c. € 3.3bn at end-H1 and is seen to climb to c. € 4.2bn after 9M (eNuW). We forecast EBITDA to increase by 16% yoy to € 39m (eCons: € 37m), implying an 11.2% margin (+0.1pp yoy).

Reiterate BUY, PT € 340, based on DCF.
Börsvärldens nyhetsbrev