Rankings Defence, aerospace & space Renk
Renk
82
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history and peers−8
- Delays and H2 dependence−5
- Quality of growth−3
Strengths
- Order book+2
- Margin and guidance+1
How the score is built
From 100 to 82, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 36.52 EUR
- Median analyst target
- 60.00 EUR
- Upside to median
- +64.3%
- Analysts
- 17
- Target range
- 42.50 – 75.50 EUR
- 52-week change
- −44%
- P/E (trailing)
- 36.9
- Forward P/E
- 19.4
- PEG
- 0.68
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−6 of −30
- −3Quality of growthRevenue grew only 2.7% to €637m in H1 2026; all growth comes from vehicle gearboxes (VMS), while Marine & Industry fell 6% (customer delays) and Slide Bearings' adjusted EBIT margin fell from 16.6% to 12.5% on weak industrial markets.
- −2ROIC and balance sheetROIC fell from 16.4% (2025) to 13.7% TTM; the balance sheet is marked by goodwill from the private-equity era (P/TBV 22.7), and the reported net margin is only 7.2% vs an adjusted EBIT margin of 15.4%.
- −1Capital allocationCapacity expansion in Augsburg and the acquisition of David Brown Defence (about €10m of transition costs in H1) increase capital tied up, while the dividend has been raised 38% (FCF payout 47%).
Price
Today's multiples against the company's own history and its peers. · 2 findings−11 of −35
- −8Multiples vs own history and peersForward P/E about 21.7 on 2026E EPS (1.74) and 17.3 on 2027E vs 21.7 at the end of 2024 and 32.2 in 2025; EV/EBITDA 17.5 vs 12.2 (2024) and 23.6 (2025); EV/EBIT 25.8 on reported EBIT; P/B 8.4. Now in line with Rheinmetall and below Hensoldt/Saab, but still above the level of its IPO year.
- −3FCF yieldFCF yield about 3.2% TTM (FCF €123m) and about 4.2% on analysts' 2026 estimate (€161m) at a market value of about €3.8bn; the FCF margin was only 6.9% in 2025.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−11 of −35
- −5Delays and H2 dependenceThe Boxer contract (Arminius) and the F127 destroyers are expected to be pushed to 2027. Guidance of >€1.5bn requires about €870m in H2 (+17%) after €637m in H1, and on 29/9 JPMorgan cut its target from €75 to 62, warning of a disappointing Q3 from the industrial business.
- −3Customer concentrationVehicle gearboxes (VMS, about 65% of revenue) are sold to a few system houses and ultimately the German and European state (Leopard, Boxer, Puma); timing is set by customers' programmes, as H1 showed.
- −3Macro and politicsThe stock has fallen 19% since New Year and 53% over 52 weeks, because political risk (defence budgets, Ukraine) overshadows the order book; a beta of 2.2 makes the stock very sensitive to sector sentiment.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Order bookRecord order intake of about €1.2bn in H1 (+29.7%, book-to-bill 1.9) and an order book of €7.4bn, about 5.3 times revenue; over 90% of 2026 revenue is covered.
- +1Margin and guidanceAdjusted EBIT +10.1% to €98m (margin 15.4% vs 14.4%, VMS 19.2%); management is aiming for the upper half of EBIT guidance of €255–285m, and FCF rose to about €42m from 11.5m.
Caveats
What the score does not capture, or where the data is weak.
The share has fallen about 53% over 52 weeks and a further 5% today (29/9) to about €37.8 after JPMorgan's Q3 warning; the defence rally has thus already partly reversed, and the multiples are calculated on the low price. Only about 2 years of trading history (listed February 2024), so T2 rests on a short history. Analyst price targets (median €64) have not been updated after the fall and will give a very large upside in the formula – that is an optimistic source, not a finding. Major shareholder sales and insider trades have not been examined.
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