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MarketScreener Homepage  >  Equities  >  Xetra  >  Rheinmetall AG    RHM   DE0007030009

RHEINMETALL AG

(RHM)
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Rheinmetall : UAE weapons maker EDGE wants in on F-35 supply chain

02/23/2021 | 04:38am EDT

ABU DHABI, Feb 23 (Reuters) - United Arab Emirates' state-owned weapons maker EDGE expects to be involved in the supply chain of Lockheed Martin's F-35 war plane if the sale of U.S. planes to the Gulf Arab state goes ahead, its chief executive said on Tuesday.

U.S. President Joe Biden's administration is re-examining the sale of 50 F-35 stealth jets, 18 armed drones and other military equipment approved by former President Donald Trump during his last days in office.

"Any platform that is coming to the country, we are now getting heavily involved in this supply chain in whatever component that makes sense for the client and for us," EDGE CEO Faisal al-Bannai said at Abu Dhabi's Idex defence exhibition.

EDGE, a $5 billion state defence conglomerate, could integrate subsystems, products and weapons, perform maintenance, repair and overhaul (MRO) work and also develop weapons such as missiles for the jet, he said.

The Gulf state, one of Washington’s closest Middle Eastern allies, was promised a chance to buy the war planes when it established formal ties with Israel last year.

EDGE was in "advanced discussion" with several Israeli defence companies about jointly funding and developing missiles and unmanned platforms, Bannai said without identifying the firms.

"Quite soon there will be announcements," he said.

It is not clear when Washington will complete its review, though even if approved the first F-35 is not expected to be delivered for several years.

"Every country has their own process. I think they will go through their process and come to what is a right decision for them," Bannai said of the U.S. review.

The UAE's Ambassador to Washington Yousef al-Otaiba has said he is confident the sale would go through.

The jets are a major component of a $23 billion sale of high-tech armaments from General Atomics, Lockheed Martin Corp and Raytheon Technologies Corp to the UAE.

The F-35, the world's most advanced war plane, would give the UAE a "huge deterrence capability" against regional foe Iran, an Arab diplomat in the Gulf told Reuters.

"The F-35 gives a lot of control over the Gulf skies. It's a big thing. It's a game changer for the UAE," the diplomat said.

EDGE, tasked with supplying advanced weapons to the UAE armed forces, is focused on developing drones, unmanned vehicles, smart weapons and electronic warfare equipment rather than conventional weaponry.

"We are a small country in size and population ... we are extremely focused on deploying more smarter technology that can apply a 'force multiplier' to our army," Bannai said.

EDGE is developing a directed energy system, to be unveiled next year, that can be used against aerial and land threats.

EDGE announced on Tuesday it would supply Rheinmetall's Oerlikon Skynex air defence system with a short-range interceptor missile system known as SkyKnight. (Reporting by Alexander Cornwell; Editing by Susan Fenton)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
IDEX CORPORATION 0.98% 217.42 Delayed Quote.9.15%
RHEINMETALL AG -1.81% 87.72 Delayed Quote.1.32%
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Financials
Sales 2021 6 353 M 7 557 M 7 557 M
Net income 2021 345 M 411 M 411 M
Net cash 2021 233 M 277 M 277 M
P/E ratio 2021 11,0x
Yield 2021 2,80%
Capitalization 3 789 M 4 503 M 4 507 M
EV / Sales 2021 0,56x
EV / Sales 2022 0,51x
Nbr of Employees 22 516
Free-Float 98,9%
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Mean consensus BUY
Number of Analysts 15
Average target price 114,29 €
Last Close Price 87,72 €
Spread / Highest target 51,6%
Spread / Average Target 30,3%
Spread / Lowest Target -1,96%
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Managers and Directors
NameTitle
Armin Papperger Chief Executive Officer
Helmut P. Merch CFO, Head-Finance, Controlling & IT
Ulrich Grillo Chairman-Supervisory Board
Michael Salzmann Chief Compliance Officer
Andreas Georgi Member-Supervisory Board
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