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1. Company Snapshot

1.a. Company Description

OHB SE operates as a space and technology company in Germany, rest of Europe, and internationally.The company operates through three segments, Space Systems, Aerospace, and Digital segments.It produces and distributes products and projects, as well as provides technology services primarily in the areas of space and aeronautic technology, telematics, and satellite services.


The Space Systems segment focuses on developing and executing space projects.This segment primarily develops and manufactures low-orbiting and geostationary small satellites for navigation, research, communications, and earth and weather observation and reconnaissance, including scientific payloads; undertakes projects for the assembly and outfitting of the International Space Station; and prepares studies and models for exploring solar system, such as the moon, asteroids, and Mars.The Aerospace segment is involved in assembling and developing aviation and space products; and other industrial activities.


The Digital segment provides mechatronic systems for antennas and telescopes; various radio telescope projects; and operation of space-borne systems, digital applications based on satellite data as well as information technology and cybersecurity.The company is headquartered in Bremen, Germany.

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1.b. Last Insights on OHB

OHB SE's recent performance has been driven by a record order backlog of EUR 3.1 billion and a 21% revenue increase, as reported in its Q3 2025 earnings call. This robust growth is a testament to the company's resilience in navigating industry challenges and expansion plans. With a strong backlog and increasing revenue, OHB SE is well-positioned for future growth. Additionally, the company's participation in the Space Tech Expo Europe, a leading B2B space industry event, highlights its presence in the sector.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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OHB SE (FRA:OHB) Q3 2025 Earnings Call Highlights: Record Order Backlog and Robust Revenue Growth

Nov -20

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3 European Stocks Estimated To Be Undervalued By Up To 47.6%

Nov -18

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Space Tech Expo Europe Celebrates 10-Year Journey

Nov -12

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OHB (XTRA:OHB): A Fresh Look at Valuation After Recent Share Price Gain

Oct -07

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Does Heineken’s Slump Signal Opportunity After Record Low US Alcohol Consumption?

Sep -09

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Enel (BIT:ENEL): Is the Current Valuation Overlooking Subtle Shifts in Performance?

Sep -09

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Telecom Italia (BIT:TIT): Fresh Valuation Perspectives After Strong Share Price Momentum

Sep -09

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Alfa Laval (OM:ALFA): Evaluating the Company’s Valuation as Investors Weigh Recent Modest Share Price Movements

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.01%)

6. Segments

Space Systems

Expected Growth: 10.27%

OHB SE's Space Systems segment growth of 10.27% is driven by increasing demand for Earth observation and navigation services, expansion into new markets, and strategic partnerships. Additionally, investments in digitalization and innovation, such as satellite-based IoT and 5G, are contributing to the segment's growth.

Aerospace

Expected Growth: 7.9%

OHB SE's Aerospace segment growth of 7.9% is driven by increasing demand for satellite-based services, government investments in space exploration, and growing adoption of digital technologies in the aerospace industry. Additionally, the company's focus on innovation, strategic partnerships, and expansion into new markets have contributed to its growth momentum.

Digital

Expected Growth: 10.82%

OHB SE's Digital segment growth of 10.82% is driven by increasing demand for satellite-based services, expansion into new markets, and strategic partnerships. The segment benefits from the growing need for secure and reliable data transmission, as well as the rising adoption of digital technologies in various industries.

Consolidation

Expected Growth: 8.37%

Consolidation from OHB SE driven by increasing demand for satellite-based services, expansion into new markets, and strategic acquisitions. Cost synergies from integration, improved operational efficiency, and enhanced competitiveness also contribute to the 8.37% growth.

7. Detailed Products

Satellites

OHB SE designs, manufactures, and operates satellites for various applications such as Earth observation, navigation, and communication.

Space Probes

OHB SE develops and builds space probes for interplanetary missions, enabling scientific research and exploration of our solar system.

Telescopes

OHB SE designs and manufactures telescopes for ground-based and space-based astronomy, enabling scientists to study the universe in unprecedented detail.

Aerospace Components

OHB SE produces high-reliability components for the aerospace industry, including propulsion systems, structures, and mechanisms.

Security and Communication Systems

OHB SE develops and integrates secure communication systems for government and commercial customers, ensuring reliable and secure data transmission.

Earth Observation Services

OHB SE provides Earth observation services, including data analysis and processing, for a wide range of applications such as land monitoring, disaster response, and environmental monitoring.

8. OHB SE's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for OHB SE is moderate, as there are alternative products and services available in the market, but they are not highly attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for OHB SE is low, as the company operates in a niche market with limited customer base, and customers have limited bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for OHB SE is moderate, as the company relies on a few key suppliers, but they do not have significant bargaining power.

Threat Of New Entrants

The threat of new entrants for OHB SE is low, as the company operates in a highly specialized industry with high barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for OHB SE is high, as the company operates in a competitive market with several established players, and the competition is intense.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 44.59%
Debt Cost 7.39%
Equity Weight 55.41%
Equity Cost 7.66%
WACC 7.54%
Leverage 80.49%

11. Quality Control: OHB SE passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Cohort

A-Score: 5.2/10

Value: 3.1

Growth: 8.0

Quality: 5.8

Yield: 3.1

Momentum: 9.5

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Chemring

A-Score: 5.1/10

Value: 1.7

Growth: 5.2

Quality: 6.4

Yield: 2.5

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
TAT Technologies

A-Score: 4.2/10

Value: 3.9

Growth: 5.1

Quality: 5.6

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Avio

A-Score: 4.0/10

Value: 1.4

Growth: 6.2

Quality: 4.5

Yield: 0.6

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
OHB

A-Score: 3.8/10

Value: 1.8

Growth: 4.2

Quality: 4.4

Yield: 1.9

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
CTT Systems

A-Score: 3.5/10

Value: 0.2

Growth: 5.9

Quality: 8.5

Yield: 3.1

Momentum: 2.0

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

112.5$

Current Price

112.5$

Potential

-0.00%

Expected Cash-Flows