Challenging Defence Markets

Seems apt given everything going on with #JensenHuang. However, no-one drinks anymore more, so maybe it's just ladies and leverage. #Nvidia $NVDA

$RHM.DE has secured a contract with Belgium to supply 20 Skyranger 30 systems. The contract value for the procurement package, which includes not only the systems but also the associated logistics is in the mid three-digit million-euro range. rheinmetall.com/en/media/new… #Rheinmetall

I picked up some $SIF on Friday. I've written a short piece why 👇 challengingdefencemarkets.su…

For 15% a year from $10.7, $UMAC needs ~490m revenue (7-8x today's run rate) by 2031, 15% EBIT margin and a 15x exit, after ~5.5% annual dilution. Jam tomorrow bet, with political risks. US drone supply chain being rebuilt, & $UMAC is in the middle of it. Results today at close.

$RENK.DE Q3 results. Down 7%, I'm holding. 9m orders €1.66b (+34%). Book-to-bill 1.7x. VMS margin up to 19.9%. Firm backlog +30% ytd. Selling civil bearings & adding UK naval specialist David Brown (gearboxes). ~17x my FY27e. renk.com/en/newsroom/news/pr…

$RHM.DE Q3: Sales +38% YoY. But FY26 guide cut to ~€13.2b (was €13.7-14.2b) & cash conversion drops from >40% to >0% as Arminius slips to FY27. Q4 needs a strong ~36% ammo margin to hit 28-29% FY guide. At €846, still trading at ~28x my FY26 EPS est. rheinmetall.com/en/media/new…

Not defence, but more contracts for $OHB.DE. @OHB_SE awarded €554 million contract by ESA for new Copernicus Sentinel-3 Next Generation Topography satellite. Copernicus is the EU’s Earth observation programme. ohb.de/en/news/ohb-awarded-e…

$ETL.PA's LEO roadmap from the Q1 27 results presentation.

$ETL.PA Q1: LEO on plan but from >30% to ~30% growth, Q1 27 was +30.1%. Video -17.8%, should moderate but worse than my expectations. Backlog now at €12.1b with €8.9b of IRIS2 added. Non-IRIS2 backlog declined, €3.4b to €3.2b. eutelsat.com/media-press/med…

$THEON.AS has received all required approvals for the completion of the acquisition of an 80% stake in MERIO - French gimbal maker. Already receiving of an order for ~€5 million for MERIO’s solutions for UAV applications (synergies). theon.com/en/news/2026/theon…

$RENK.DE is positioning itself as the preferred partner for propulsion systems for future Medium-sized USVs (MUSV) platforms and is actively shaping this development. Their marine gear unit, the T2RECS (pictured), covers a power range of 500 to 5,000 kW.

$RENK.DE presenting its maritime portfolio for the first time at Euronaval 2026. Focus on propulsion solutions for USVs & targeted expansion of underwater expertise, also with a new order from $SAAB for a submarine program of a NATO state. renk.com/en/newsroom/news/pr…

@Filtronic AGM Trading Update and GEO constellation contract award. $FTC.L announces 1st contract award with a US satellite manufacturer operating GEO satellites in the Ka-band. Initial contract ($0.3m) covers development phase, with expected further orders leading to production volumes. polaris.brighterir.com/publi…