OHB's Orbital Momentum Meets a Flat Market: Dahm Takes RFA Helm, Eaglet-II Fleet Complete, Deutsche Bank Sees 300 Euros
Published on 10/08/2026 at 13:40 | Editorial boerse-global.de
Bremen, Germany — For a company whose business is measured in orbits and launch windows, OHB SE has had a busy fortnight on the ground. The Bremen-based space group has stacked up satellite milestones, reshuffled the leadership of its rocket-building subsidiary, and drawn a fresh vote of confidence from Deutsche Bank Research — all while its share price drifted in the SDAX without any company-specific trigger.
A New Hand on the Rocket Controls
The most eye-catching personnel move came at Rocket Factory Augsburg, OHB's launch-vehicle arm. On Monday, the supervisory board appointed Alexander Dahm as the new chief executive, succeeding Prof. Dr. Indulis Kalnins. Dahm's brief is twofold: steer the company's next stage of development and prepare the maiden flight of the RFA ONE rocket.
That handover landed alongside a pair of orbital successes. Luxembourg-based subsidiary LuxSpace, working with the Universität der Bundeswehr München, developed the small satellite ATHENE-1, which launched aboard the Transporter-18 mission on 2 October and reached its intended low Earth orbit as planned. The craft serves as a platform for 22 scientific experiments spanning communications, navigation, reconnaissance, and AI-driven onboard data processing.
Days earlier, OHB Italia wrapped up the Eaglet-II constellation for Italy's IRIDE Earth-observation program. With the final eight units launched, the constellation now stands at its full complement of 24 satellites, while the broader IRIDE program has grown to 39 spacecraft.
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Defense Ties and a New Rival
On the defense side, OHB Sweden signed a letter of intent with Saab roughly two weeks ago aimed at expanding space-based defense capabilities. The market, however, has not rewarded that announcement — the stock has shed 5.3 percent since it was made.
Competitive pressure is building from an unexpected quarter. Rheinmetall, the German armaments group, is standing up its own production line for SAR satellites, pushing into a field that has long been core territory for the Bremen outfit.
Analyst Upgrade, Ownership Steady
Against that mixed backdrop, Deutsche Bank Research reiterated its "Buy" rating on 25 September following a roadshow and lifted its price target to 300 euros from 275. The analysts pointed to what they see as underappreciated growth momentum and substantial medium-term order potential.
The ownership picture remains stable. The Fuchs family continues to hold the controlling majority of OHB SE. Financial investor KKR, invested through Orchid Lux HoldCo S.Ă r.l. since 2023, operates as a minority shareholder and trimmed its stake to around 20 percent during a capital increase, according to the half-year report dated 6 August 2026. Proceeds from that placement came entirely from new investors.
Where the Stock Stands
The equity has been volatile in the near term. In yesterday's session, OHB was among the weakest names in the SDAX, closing down 4.2 percent at 161.00 euros — a decline that market reports attributed to no concrete catalyst. By today's trading, the shares had slipped a further 0.9 percent to 159.60 euros.
Zoom out, though, and the picture brightens considerably: the stock is up 36 percent since the start of the year, with one reading of the year-to-date gain putting it at 38 percent. Whether that advance holds will depend on the company's next operational steps — and on the hard numbers due on 12 November, when OHB presents its results for the first nine months of 2026.
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