Berenberg raises target for Secunet stock from EUR 254.00 to EUR 260.00

Published on 10/02/2026 at 13:09 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue rose 19.20 percent to EUR 204.69 million in the first half of 2026. Secunet stock costs EUR 253.00 on October 2, 2026 after EUR 249.75.

Architektur-Rendering eines modernen Bürogebäudes mit Sicherheitszaun — secunet Security Networks DE0007276503 präsentiert Architektur-Render eines modernen Bürogebäudes mit Sicherheitszaun und Zugangstor, Illustration mit AI erstellt.

Secunet Security Networks (ISIN DE0007276503) was trading at EUR 253.00 at Lang & Schwarz on October 2, 2026 at 1:02 p.m. CEST, up 1.30 percent versus the prior close of EUR 249.75. According to wallstreetONLINE on September 28, 2026, Berenberg raised its price target from EUR 254.00 to EUR 260.00 and kept its Buy rating. The original study was dated September 25, 2026.

Target reaches EUR 260

The target increase adds a quantified analyst comparison to the stock's military encryption story. At EUR 253.00, the EUR 260.00 target lies 2.77 percent above the Lang & Schwarz price, calculated in the same currency.

The thesis rests on expected German defense spending. Reuters reported on September 23, 2026 that Germany was set to order encryption technology worth up to EUR 1.70 billion for armed forces data networks from Secunet. The framework agreement has a four-year term and covers the company's Secure Inter-Network Architecture, planning, maintenance, training and repairs.

First-half growth supports the case

Secunet's operating figures provide a second anchor for the valuation. According to Investing.com, first-half 2026 revenue rose 19.20 percent to EUR 204.69 million, while EBIT increased 20.40 percent to EUR 8.70 million. Order intake climbed 79.70 percent to EUR 287.40 million in the same period.

The order backlog reached EUR 360.80 million by the end of the first half of 2026, up 30.00 percent year over year, according to the same reported half-year figures. That comparison matters because the defense opportunity is a multi-year framework rather than a single delivery event.

Execution remains the key variable

Reuters said deliveries under a first order worth more than EUR 100 million were due to begin in 2027, while the broader EUR 1.70 billion figure represents the potential framework value. Future call-offs therefore determine how quickly the headline opportunity becomes reported revenue.

Secunet has scheduled its next quarterly communication for November 12, 2026, according to the company's investor-relations calendar. The timing places the next report after the seasonally important second half and gives investors a concrete date for testing order conversion and profitability.

Stock trades near its yearly high

Secunet's EUR 253.00 quote is EUR 5.50 below the 52-week high of EUR 258.50 and EUR 127.40 above the 52-week low of EUR 125.60. The market capitalization was EUR 1.6 billion as of October 2, 2026, while the shares are listed on Xetra and included in the SDAX.

The further course of trading is shown by the continuously updated real-time quote of Secunet stock.