OHB's Satellite Constellation Reaches Full Strength as Deutsche Bank Lifts Target to 300 Euro

Deutsche Bank reaffirmed its Buy rating on OHB SE and lifted the price target from 275 to 300 euro after an investor roadshow.

Deutsche Bank Research gave OHB SE a fresh vote of confidence on September 25, reaffirming its "Buy" rating and raising the price target from 275 to 300 euro. The upgrade, reported by dpa-AFX, followed an investor roadshow at which analysts argued the market is undervaluing the Bremen-based space group's growth momentum and its substantial medium-term order potential. In their view, the recent share-price weakness offers a favorable entry point for investors looking to re-engage.

The stock closed the prior trading session at 172.60 euro, leaving it up 48 percent since the start of the year. On Tuesday, however, the shares gave back 2.0 percent to trade at 169.20 euro, with no company-specific catalyst behind the decline. Even so, the year-to-date gain stands at 45 percent.

Eaglet-II Fleet Completed for Italy's IRIDE Program

The endorsement lands as OHB's operational momentum builds. On October 1, subsidiary OHB Italia launched the third and final batch of eight Eaglet-II satellites for IRIDE, Italy's Earth-observation program. That milestone completes the constellation: all 24 units belonging to the Italian space agency ASI are now in orbit, underscoring the group's manufacturing capacity and its ability to operate large satellite fleets.

A separate technology demonstrator, developed by OHB subsidiary LuxSpace together with the University of the Bundeswehr Munich under the Transporter-18 mission, is designed to host 22 scientific experiments in orbit and to put new space technologies through their paces.

ESA Studies and Leadership Change at Rocket Factory

Broader institutional interest in European orbital infrastructure is also working in OHB's favor. On September 29, the European Space Agency awarded preliminary study contracts for a possible future European outpost in low Earth orbit to consortia led by OHB and Airbus Defence and Space.

Closer to home, the group has reshuffled leadership at its launch-vehicle unit. Alexander Dahm has taken over as CEO of Rocket Factory Augsburg from Indulis Kalnins, tasked with steering development and the maiden flight of the RFA ONE rocket. In the defense arena, OHB is exploring new partnerships; the arrangement serves as a framework for assessing possible applications and does not yet constitute an order.

Ownership Structure and Confirmed Guidance

The shareholder register remains anchored by the founding Fuchs family, which continues to hold a majority stake. Financial investor KKR, a minority holder since 2023 through Orchid Lux HoldCo, reduced its position to roughly 20 percent as part of a capital increase in June 2026, according to the half-year report dated August 6. That figure follows a placement of existing shares.

Management has left its full-year 2026 outlook untouched, targeting total output of 1,400 million euro and an adjusted EBITDA margin of 10.5 to 11.0 percent. The company returned to the TecDAX about two weeks ago and reaffirmed those targets in that context.

Investors will get a clearer picture of how the project wins are translating into financials when OHB publishes results for the first nine months of 2026 on November 12.