Financials Rheinmetall AG

Equities

RHM

DE0007030009

Aerospace & Defense

Real-time Estimate Tradegate 08:11:12 20/05/2024 BST 5-day change 1st Jan Change
518.9 EUR +1.35% Intraday chart for Rheinmetall AG -4.44% +78.40%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,401 3,730 3,588 8,037 12,451 22,230 - -
Enterprise Value (EV) 1 4,453 3,726 3,470 8,463 13,514 23,015 22,474 21,781
P/E ratio 13.2 x -140 x 12.4 x 17.2 x 23.8 x 24.5 x 18.1 x 13.4 x
Yield 2.34% 2.31% 3.97% 2.31% 1.99% 1.59% 2.12% 2.79%
Capitalization / Revenue 0.7 x 0.63 x 0.63 x 1.25 x 1.74 x 2.23 x 1.85 x 1.52 x
EV / Revenue 0.71 x 0.63 x 0.61 x 1.32 x 1.88 x 2.3 x 1.87 x 1.49 x
EV / EBITDA 5.62 x 5.76 x 4.03 x 8.64 x 11 x 12.9 x 9.87 x 7.47 x
EV / FCF 14.2 x 17.2 x 8.28 x -48.4 x 39.2 x 41.3 x 26.9 x 18.3 x
FCF Yield 7.05% 5.82% 12.1% -2.07% 2.55% 2.42% 3.72% 5.48%
Price to Book 2.07 x 1.98 x 1.49 x 2.87 x 4.01 x 5.59 x 4.52 x 3.63 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 83.06 186.0 287.0 512.0 512.0 512.0
Announcement Date 18/03/20 01/03/21 17/03/22 16/03/23 14/03/24 - - -
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 9,988 12,046 14,634
EBITDA 1 792 647 862 980 1,226 1,778 2,277 2,916
EBIT 1 512 426 608 731 897 1,420 1,879 2,470
Operating Margin 8.19% 7.25% 10.75% 11.4% 12.5% 14.22% 15.6% 16.88%
Earnings before Tax (EBT) 1 477 57 582 711 815 1,325 1,762 2,366
Net income 1 335 -27 291 469 535 901.6 1,232 1,663
Net margin 5.36% -0.46% 5.14% 7.32% 7.46% 9.03% 10.23% 11.36%
EPS 2 7.770 -0.6200 6.720 10.82 12.07 20.86 28.29 38.20
Free Cash Flow 1 314 217 419 -175 345 556.7 836.3 1,193
FCF margin 5.02% 3.69% 7.41% -2.73% 4.81% 5.57% 6.94% 8.15%
FCF Conversion (EBITDA) 39.65% 33.54% 48.61% - 28.14% 31.31% 36.73% 40.91%
FCF Conversion (Net income) 93.73% - 143.99% - 64.49% 61.75% 67.86% 71.73%
Dividend per Share 2 2.400 2.000 3.300 4.300 5.700 8.115 10.87 14.28
Announcement Date 18/03/20 01/03/21 17/03/22 16/03/23 14/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 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 2025 Q2
Net sales 1 2,597 1,817 1,266 1,408 1,415 2,321 1,363 1,498 1,758 2,558 1,581 2,069 2,300 3,933 - -
EBITDA 1 - 381 152 - 180 493 139 181 - 634 199 254.6 298 1,083 - -
EBIT 1 70 305 92 114 117 429 76 118 170 533 108 206 304.6 799.8 - -
Operating Margin 2.7% 16.79% 7.27% 8.1% 8.27% 18.48% 5.58% 7.88% 9.67% 20.84% 6.83% 9.96% 13.24% 20.34% - -
Earnings before Tax (EBT) - - - 98 - - - - - 499 - - - - - -
Net income 1 - 209 48 57 77 287 54 56 102 323 54 127.4 161 557.9 - -
Net margin - 11.5% 3.79% 4.05% 5.44% 12.37% 3.96% 3.74% 5.8% 12.63% 3.42% 6.16% 7% 14.19% - -
EPS 2 -5.460 4.830 1.110 1.330 1.760 6.620 1.240 1.290 2.340 7.200 1.170 2.682 3.697 12.81 - -
Dividend per Share 2 - 3.300 - - - 4.300 - - - 5.700 - - - 8.000 - -
Announcement Date 06/08/20 17/03/22 06/05/22 05/08/22 10/11/22 16/03/23 04/05/23 10/08/23 09/11/23 14/03/24 14/05/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 52 - - 426 1,063 785 245 -
Net Cash position 1 - 4 118 - - - - 449
Leverage (Debt/EBITDA) 0.0657 x - - 0.4347 x 0.867 x 0.4417 x 0.1075 x -
Free Cash Flow 1 314 217 419 -175 345 557 836 1,193
ROE (net income / shareholders' equity) 16.2% 15.4% 18.2% 17.9% 17.4% 24.4% 27% 29.2%
ROA (Net income/ Total Assets) 4.73% 4.22% 1.11% 5.93% 5.4% 7.54% 9.12% 10.5%
Assets 1 7,087 -639.4 26,297 7,911 9,902 11,962 13,514 15,828
Book Value Per Share 2 49.40 43.70 55.80 64.80 71.60 91.60 113.0 141.0
Cash Flow per Share 2 14.00 10.50 15.90 4.010 16.00 31.10 34.50 46.80
Capex 1 288 237 271 349 398 703 656 705
Capex / Sales 4.6% 4.03% 4.79% 5.44% 5.55% 7.04% 5.45% 4.82%
Announcement Date 18/03/20 01/03/21 17/03/22 16/03/23 14/03/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
512 EUR
Average target price
575 EUR
Spread / Average Target
+12.30%
Consensus
  1. Stock Market
  2. Equities
  3. RHM Stock
  4. Financials Rheinmetall AG