KNDS Trims Stake but Renk’s Technical Upturn and Record Backlog Keep the Story Intact
27.05.2026 - 17:01:40 | boerse-global.de
The market barely flinched as KNDS N.V. formally confirmed its reduced holding in Renk on 26 May, having already flagged the move a week earlier. The defence group placed 5.8 million shares via an accelerated bookbuild on 19 May, raising around €262 million and lowering its voting rights stake from 15.83% to 10.03%. Despite the notable reduction, KNDS stressed that it still intends to work with Renk over the long term — a signal that the relationship remains intact even as the anchor investor shrinks.
Some 18 million new shares were placed in the market at a discount to the prevailing price, yet the Renk share price responded with a gain of 2.90% on the day to €53.15. Over the past seven sessions, the stock has advanced more than 11% according to the formal WpHG filing — a figure that sits slightly below the 13.6% seven-day rally cited by chart watchers, indicating intraday momentum has carried the stock higher since the filing date. On Wednesday morning the stock was trading at €51.69, and the 26 May session saw the share break above its 38-day moving average, a technical buy signal that lends near-term support to a broader recovery.
That recovery, however, is measured. On a 30-day view, Renk still trades about 4.6% lower, and the gap to the 52-week peak of €90.32 remains almost 43% wide — the moving-average crossover is a short-term bounce rather than a structural reversal.
Should investors sell immediately? Or is it worth buying Renk?
What gives the technical picture substance is the operating performance. Renk posted its strongest first quarter on record, with order intake climbing to €582.3 million from €548.6 million a year earlier. The overall order backlog swelled to €6.9 billion — a €1.4 billion jump from the €5.5 billion recorded at the same point last year. Revenue reached €283.6 million, while adjusted EBIT rose to €42.4 million, lifting the adjusted margin to 15.0%.
The Vehicle Mobility Solutions segment continues to drive growth. Order entries there surged more than 20% in Q1 to €478.4 million, contributing the bulk of group intake. Segment revenue came in at €191.5 million, with adjusted EBIT of €35.0 million corresponding to a margin of 18.3%. A separate initiative, NextGen Mobility, is developing drive systems for unmanned land and water platforms, a growth area Renk expects to deliver further volume further out.
Management has kept its full-year guidance unchanged: revenue above €1.5 billion and adjusted EBIT between €255 million and €285 million. The central question for the coming months is how quickly the multi-billion-euro backlog translates into sales and earnings. The annual general meeting is set for 10 June in Augsburg, with half-year results due on 6 August. Chart technicians note that the next resistance zone lies around €55 to €60 — a level that will test whether the current momentum can extend beyond a short-term rebound.
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