European space stocks rarely make it onto the radar of institutional investors in North America. That may be starting to change. According to specialist discussions conducted by Berenberg across the North American continent, fund managers are beginning to look past the sector’s niche status — and the Bremen-based aerospace group OHB SE has landed squarely in their sights.
In a study published yesterday, analyst Michael Filatov noted that institutions still broadly neglect the space sector as an asset class. While US market participants already hold relatively substantial positions in domestic player Planet Labs, attention is now widening to other names. Among those drawing the keenest interest from North American counterparts were OHB and Rocket Lab. Berenberg reaffirmed its “Buy” rating on OHB and left its price target untouched at EUR 358.
A €1 Billion Anchor Order and a Defense Pivot
The timing is hardly accidental. OHB’s order book is bulging, anchored by a major contract secured roughly a month ago from satellite operator SES worth close to EUR 1 billion. Under Europe’s IRIS² satellite program, the company will develop and build 18 satellite platforms — a prestige project that locks in capacity utilization for years and cements OHB’s technological relevance across the continent.
Momentum on the strategic front is building too. Last Thursday, subsidiary OHB Sweden signed a memorandum of understanding with defense group Saab aimed at expanding space-based defense capabilities, a segment gaining enormous weight amid shifting geopolitical realities. Investors received a further signal when OHB joined Germany’s TecDAX on Monday of last week, replacing Cancom in the index. Index inclusion of this kind typically brings steadier institutional inflows, even if trading in the immediate aftermath tends to stay volatile.
Ownership, meanwhile, is unambiguous. The Fuchs family retains the majority stake. Financial investor KKR holds a minority position through Orchid Lux HoldCo S.à r.l., having trimmed its holding to around 20 percent — a reduction tied to a capital increase in June 2026, with the proceeds coming from new investors. KKR’s stake stood at roughly 20 percent as of the start of August, according to the half-year report, following its summer sale of existing shares.
Half-Year Figures Underpin the Case
The operational foundation looks solid on paper as well. Total output climbed 11 percent to EUR 627.9 million in the first six months of the year, while adjusted EBIT jumped 46 percent to EUR 38.9 million over the same period. Those are the kind of numbers that make a single down day look like noise — and market observers, according to media reports, are reading the current weakness as exactly that: a valuation consolidation, with short-term players simply pocketing gains after the strong spring rally.
Should investors sell immediately? Or is it worth buying OHB SE?
The selling has been noticeable. OHB shares fell 4.0 percent in today’s trading to EUR 179.00, with the stock having also changed hands at EUR 175.80 during the session. Yet even after the retreat, the shares remain up 53 percent since the start of the year — one of the standout performers of the current market year.
Two Banks, Two Targets, One Direction
Professional observers are not backing away. Last Friday, Deutsche Bank Research analyst Sriram Krishnan raised his price target from EUR 275 to EUR 300 and reiterated his buy recommendation, pointing to underestimated growth momentum and medium-term potential in future contract awards. Krishnan views the recent soft patch as an attractive re-entry opportunity.
Berenberg followed yesterday, with Filatov confirming his buy call and an unchanged EUR 358 target. After the German Corporate Conference in Munich, the bank said it emerged more convinced than ever of the space systems provider’s prospects. Both targets sit far above current levels, implying substantial catch-up potential should North American attention translate into actual portfolio shifts.
For now, the space industry continues to fight for recognition as a standalone asset class at many institutional desks. But with a billion-euro order book, a defense partnership taking shape, fresh index membership and two banks holding firm on lofty targets, OHB has given North American investors plenty of reasons to keep looking.
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