Rheinmetall AG

RHM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€346.00	Pbnj	Rbrqjftgy

Rheinmetall Earnings: Strong Results, EBIT Margin Upgraded; We Maintain Our Fair Value Estimate

Loredana Muharremi

Mar 14, 2024

Wide-moat Rheinmetall reported another strong set of results for 2023, with a record backlog of EUR 38.3 billion representing more than 5.4 times annual sales. Management raised its operating margin guidance, expecting to reach 14%-15% in 2024 versus the previous expectation of 2026. We will incorporate the new guidance into our model, but for now, we maintain our fair value estimate.

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