Renk Chief Buys €238,803 of Stock as Defence Group Retools Around Submarine Drives

Renk's chief executive put his own money behind the defence supplier's quarterly scorecard, snapping up shares worth EUR 238,802.94 on Thursday, according to a mandatory disclosure. The purchase by Dr. Alexander Sagel landed the same day the company's nine-month figures showed profit outpacing sales — and hours before a pair of brokers lined up behind the stock.

Adjusted operating profit climbed 12.7% in the nine-month period, while revenue advanced 5.8% to EUR 982.0 million. Adjusted EBIT came in at EUR 158.8 million. Order intake did the heavy lifting, surging 33.6% to EUR 1.66 billion and lifting the backlog to EUR 7.6 billion as of September 30.

Management is guiding full-year 2026 revenue of roughly EUR 1.4 billion from continuing operations, with adjusted EBIT pencilled in at EUR 240 million to EUR 255 million.

Brokers Stay Bullish, Targets Diverge

DZ Bank kept Renk at "Buy" with a fair value of EUR 56 on Thursday. Deutsche Bank Research followed on Friday, reiterating its buy call and a EUR 73 price target in a note by Christophe Menard. Jefferies also held its buy rating on Thursday, leaving its target at EUR 60.

The portfolio itself is in motion. Renk closed its acquisition of David Brown Defence from Stellex Capital Management just over a week ago; the business now trades as RENK UK Huddersfield and is earmarked to become the group's centre of excellence for submarine propulsion systems.

At the other end of the ledger, wholly owned subsidiary RENK GmbH signed a binding agreement just over three weeks ago to sell its slide-bearing operations to Austria's Miba AG. Media reports put the price in the low-to-mid three-digit million euro range. The disposal, which Renk frames as part of a strategic realignment, still hinges on the usual regulatory approvals.