Stock RHM RHEINMETALL AG
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Financials Rheinmetall AG

Equities

RHM

DE0007030009

Aerospace & Defense

Market Closed - Xetra
Other stock markets
 11:43:09 2024-04-26 am EDT 		5-day change 1st Jan Change
524.4 EUR +2.22% Intraday chart for Rheinmetall AG +4.05% +82.72%
Apr. 26 France, Germany push on with 2040 joint tank project RE
Apr. 26 RHEINMETALL AG : Berenberg reiterates its Buy rating ZD

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,401 3,730 3,588 8,037 12,451 22,768 - -
Enterprise Value (EV) 1 4,453 3,726 3,470 8,463 13,514 23,497 22,979 22,281
P/E ratio 13.2 x -140 x 12.4 x 17.2 x 23.8 x 25.8 x 18.6 x 13.7 x
Yield 2.34% 2.31% 3.97% 2.31% 1.99% 1.49% 2.06% 2.71%
Capitalization / Revenue 0.7 x 0.63 x 0.63 x 1.25 x 1.74 x 2.3 x 1.9 x 1.56 x
EV / Revenue 0.71 x 0.63 x 0.61 x 1.32 x 1.88 x 2.38 x 1.91 x 1.52 x
EV / EBITDA 5.62 x 5.76 x 4.03 x 8.64 x 11 x 13.3 x 10.1 x 7.66 x
EV / FCF 14.2 x 17.2 x 8.28 x -48.4 x 39.2 x 40.5 x 27.3 x 18.8 x
FCF Yield 7.05% 5.82% 12.1% -2.07% 2.55% 2.47% 3.66% 5.31%
Price to Book 2.07 x 1.98 x 1.49 x 2.87 x 4.01 x 5.67 x 4.62 x 3.72 x
Nbr of stocks (in thousands) 42,982 43,083 43,197 43,197 43,382 43,417 - -
Reference price 2 102.4 86.58 83.06 186.0 287.0 524.4 524.4 524.4
Announcement Date 3/18/20 3/1/21 3/17/22 3/16/23 3/14/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 6,255 5,875 5,658 6,410 7,176 9,879 12,012 14,637
EBITDA 1 792 647 862 980 1,226 1,771 2,273 2,908
EBIT 1 512 426 608 731 897 1,411 1,875 2,473
Operating Margin 8.19% 7.25% 10.75% 11.4% 12.5% 14.29% 15.61% 16.89%
Earnings before Tax (EBT) 1 477 57 582 711 815 1,283 1,757 2,362
Net income 1 335 -27 291 469 535 885.4 1,227 1,663
Net margin 5.36% -0.46% 5.14% 7.32% 7.46% 8.96% 10.22% 11.36%
EPS 2 7.770 -0.6200 6.720 10.82 12.07 20.32 28.23 38.30
Free Cash Flow 1 314 217 419 -175 345 579.6 840.3 1,182
FCF margin 5.02% 3.69% 7.41% -2.73% 4.81% 5.87% 7% 8.08%
FCF Conversion (EBITDA) 39.65% 33.54% 48.61% - 28.14% 32.73% 36.96% 40.66%
FCF Conversion (Net income) 93.73% - 143.99% - 64.49% 65.46% 68.48% 71.12%
Dividend per Share 2 2.400 2.000 3.300 4.300 5.700 7.816 10.80 14.20
Announcement Date 3/18/20 3/1/21 3/17/22 3/16/23 3/14/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 2,597 1,258 1,817 1,266 1,408 1,415 2,321 1,363 1,498 1,758 2,558 1,791 2,024 2,315 3,579 -
EBITDA 1 - 173 381 152 - 180 493 139 181 - 634 192 242 297 1,029 -
EBIT 1 70 112 305 92 114 117 429 76 118 170 533 168.5 221.9 304.1 772.6 -
Operating Margin 2.7% 8.9% 16.79% 7.27% 8.1% 8.27% 18.48% 5.58% 7.88% 9.67% 20.84% 9.41% 10.96% 13.14% 21.59% -
Earnings before Tax (EBT) - 106 - - 98 - - - - - 499 - - - - -
Net income 1 - 73 209 48 57 77 287 54 56 102 323 92.93 125.2 160.3 505.1 -
Net margin - 5.8% 11.5% 3.79% 4.05% 5.44% 12.37% 3.96% 3.74% 5.8% 12.63% 5.19% 6.18% 6.92% 14.11% -
EPS 2 -5.460 1.690 4.830 1.110 1.330 1.760 6.620 1.240 1.290 2.340 7.200 2.622 2.577 4.130 11.68 -
Dividend per Share 2 - - 3.300 - - - 4.300 - - - 5.700 - - - 8.000 -
Announcement Date 8/6/20 11/5/21 3/17/22 5/6/22 8/5/22 11/10/22 3/16/23 5/4/23 8/10/23 11/9/23 3/14/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 52 - - 426 1,063 728 211 -
Net Cash position 1 - 4 118 - - - - 487
Leverage (Debt/EBITDA) 0.0657 x - - 0.4347 x 0.867 x 0.4114 x 0.093 x -
Free Cash Flow 1 314 217 419 -175 345 580 840 1,182
ROE (net income / shareholders' equity) 16.2% 15.4% 18.2% 17.9% 17.4% 25.4% 27.3% 29.6%
ROA (Net income/ Total Assets) 4.73% 4.22% 1.11% 5.93% 5.4% 7.56% 9.12% 10.5%
Assets 1 7,087 -639.4 26,297 7,911 9,902 11,714 13,459 15,830
Book Value Per Share 2 49.40 43.70 55.80 64.80 71.60 92.50 113.0 141.0
Cash Flow per Share 2 14.00 10.50 15.90 4.010 16.00 31.10 34.50 46.80
Capex 1 288 237 271 349 398 742 720 745
Capex / Sales 4.6% 4.03% 4.79% 5.44% 5.55% 7.51% 6% 5.09%
Announcement Date 3/18/20 3/1/21 3/17/22 3/16/23 3/14/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Rheinmetall AG

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
524.4 EUR
Average target price
565.7 EUR
Spread / Average Target
+7.87%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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