Rheinmetall Faces a Capital Markets Day Test as Brokerages Trim Targets and the Order Book Swells
Published on 10/30/2026 at 10:11 | Editorial boerse-global.de
Rheinmetall heads toward its capital markets day carrying an unusual double burden: a bulging pipeline of new defence contracts and a pair of brokerages that have cut their price targets without wavering on their buy ratings.
Deutsche Bank Research lowered its target for the Düsseldorf-based group from EUR 1,800 to EUR 1,650 on Tuesday, keeping its "Buy" recommendation intact. Analyst Christoph Laskawi, cited by dpa-AFX, framed the move as an expectations dilemma ahead of the capital markets day: investors are braced for lower 2030 targets, while order intake and the credibility of the growth trajectory remain the decisive factors. Laskawi also flagged uncertainty over short- to medium-term order inflows.
UBS had already trimmed its own target from EUR 1,600 to EUR 1,360 on 20 October, according to media reports, likewise reaffirming its buy rating. Neither house abandoned its positive stance — both simply marked their price ambitions down.
Shipbuilding foothold in Romania
On the corporate side, Rheinmetall and Swiss shipping group MSC secured the Romanian Mangalia shipyard, with the winning bid reported on 19 October. The joint purchase price comes to roughly EUR 138 million. Rheinmetall said the site will support both civilian and military shipbuilding and is to take part in the construction of four naval vessels ordered by the Romanian government. The company projected closing the acquisition within a few weeks of its announcement.
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Armoured vehicles and a Lithuanian ammunition plant
The order book gained further weight from an OCCAR order for additional Schakal wheeled armoured vehicles placed with Artec, the joint venture of Rheinmetall and KNDS Deutschland. The contract covers 69 vehicles, 35 of them destined for the Bundeswehr and the remaining 34 for the Dutch armed forces. Rheinmetall put its share of the order value at a mid-three-digit million-euro amount, with deliveries scheduled between May 2032 and November 2033.
Separately, environmental authorities reportedly approved the environmental impact assessment for the planned ammunition factory in Lithuania's Radviliškis district. The review, covering the project by Rheinmetall Defence Lietuva and Epso-G Invest, concluded that no significant environmental impact is expected.
Telford plant opens its doors
Roughly a week ago Rheinmetall inaugurated its "UK Gun Hall" in Telford, a facility for manufacturing large-calibre gun barrels and breeches, including systems in 120 and 155 millimetre calibres. The company cites peak annual capacity of up to 245 barrels and more than 50 breeches, and puts its UK investment over the past five years at more than GBP 200 million.
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Reuters also reported, citing Italian newspaper MF, that the Leonardo Rheinmetall Military Vehicles joint venture had won two army contracts worth a combined USD 4.16 billion. The award was not officially confirmed, and Rheinmetall declined to comment on the report.
Investors will get their next hard data point on 5 November 2026, when Rheinmetall publishes its third-quarter report.
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