OHB Faces a Double Hazard as AGM Vote and Rheinmetall’s Satellite Ambitions Weigh on Shares
04.06.2026 - 19:50:36 | boerse-global.de
OHB SE is navigating a turbulent patch that pits a potentially dilutive capital move against a newfound competitor in the satellite arena. The space and defence group’s stock has dropped sharply from its May 2026 peak of €688, with the shares now trading around €353–€400, depending on the session, after a wild nine-month ride that saw the market capitalisation hit €7.9 billion. Investors are now bracing for a shareholder vote on June 8 that could reshape the company’s equity structure.
The management is seeking authorisation to issue convertible bonds worth up to €1.2 billion. If approved, the facility would allow the firm to raise substantial funds, but at the cost of diluting existing shareholders. The free float could balloon from roughly 6% to 26% should the convertibles be placed, a move that shareholder advocacy groups have criticised as excessive. The looming dilution is already casting a shadow over the stock ahead of the virtual annual general meeting.
Complicating matters, a new competitive threat has emerged closer to home. Rheinmetall announced plans to convert its plant in Neuss into a satellite production facility, turning the defence heavyweight into a direct rival for OHB. The move stunned the market, sending OHB shares down 5.2% in a single session to €353.50, a level that marks a 26.4% decline over the prior week. Rheinmetall’s deep pockets and existing military contracts pose a challenge that OHB had not previously faced in the German market.
Should investors sell immediately? Or is it worth buying OHB SE?
The stock’s technical picture offers a mixed signal. The 50-day moving average, currently at €352.38, sits just beneath the latest price and has acted as a key support level. The 200-day average at €201.98 is far lower, indicating the longer-term uptrend remains intact. Yet the 20-day line was breached earlier in June, a bearish short-term cue. The relative strength index has eased to 47.7 (primary article) or 42.3 (secondary article), depending on the session, moving out of overbought territory but lacking a clear catalyst for a rebound. The annualised 30-day volatility of 137% underscores the stock’s extreme swings.
Despite the recent correction, OHB shares are still up roughly 360% year-over-year and more than 450% above the 52-week trough of €64. The gap between current price and the all-time high of €688 stands at about 49% at the recent low. Analysts note that the stock has moved beyond the “hidden gem” phase and must now contend with global benchmarks like SpaceX, making any disappointment costly.
The AGM vote on Monday will be a decisive moment. If the convertible bond authorisation passes, the path to a larger free float could reduce the dizzying price swings that have characterised OHB’s ride. But for now, the shares are caught between a dilution risk that depresses sentiment and a new rival that threatens its domestic satellite franchise. The €352.38 support on the 50-day moving average will be the first line of defence as shareholders await the outcome.
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