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

^

Original-Research: OHB SE - from NuWays AG

08.05.2026 / 11:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

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.

Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befindet sich in der vollständigen Analyse.

++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=8963c638-4aba-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2324012 08.05.2026 CET/CEST

°