Alexander Dahm has been appointed chief executive of Rocket Factory Augsburg, the OHB SE subsidiary tasked with building the group’s own launch capability. The supervisory board confirmed the move on Monday, with Dahm succeeding Prof. Dr. Indulis Kalnins at the helm of the rocket builder. His immediate mandate is to steer the RFA ONE carrier toward its maiden flight on schedule.
The handover matters well beyond Augsburg. For OHB, an independent European route to orbit through so-called microlaunchers sits at the core of its long-term strategy, and the new leadership is meant to speed up execution of the launch program.
A Quiet Session, Then a Bounce
Trading in OHB shares has been anything but linear. A day before the RFA announcement, the stock slid 4.2% to close at 161.00 euros, ranking among the SDAX’s weakest performers, with market reports pointing to no specific trigger for the decline. The personnel news then helped reverse the mood: the equity added 1.1% to reach 162.80 euros.
Since the Saab cooperation announcement roughly two weeks ago, the shares have shed 5.3%. Even so, they remain 38% higher since the start of the year. Whether that cushion holds will depend on how the space division’s operational milestones unfold.
Competition Sharpens at Home
The leadership change lands in a European space sector that is gathering pace — and getting more crowded. Rheinmetall has unveiled plans to build its own industrial production line for SAR satellites, pushing directly into a field that has long been a mainstay for the Bremen-based group. On the partnership front, OHB Sweden signed a letter of intent with defense contractor Saab about two weeks ago.
Analysts, for their part, remain constructive. Deutsche Bank Research raised its price target to 300 euros from 275 on September 25 following a roadshow, keeping its “Buy” rating intact.
Should investors sell immediately? Or is it worth buying OHB SE?
ATHENE-1 Reaches Orbit
Operationally, OHB notched a win in its space systems segment. LuxSpace, the group’s Luxembourg subsidiary, developed the ATHENE-1 small satellite together with the University of the Bundeswehr Munich. The craft launched aboard the Transporter-18 mission on October 2 and settled into its intended low Earth orbit, where it will host 22 scientific experiments as an in-space research platform.
The project reflects OHB’s tilt toward institutional and security-related contracts. By pairing satellite manufacturing with its own launch capacity, the group positions itself to offer customers end-to-end missions — and the successful placement of the research satellite reinforces its standing as a technical partner for public-sector clients.
Ownership Holds Steady
Behind the strategy sits a stable shareholder base. The Fuchs family controls a majority of OHB SE, while financial investor KKR holds a minority stake through Orchid Lux HoldCo S.à r.l., having been invested since 2023. KKR trimmed its position during a capital increase, selling existing shares and reducing its holding to roughly 20%, according to the half-year report dated August 6. Proceeds from that placement came entirely from new investors.
Investors get their next hard look at the group’s financial health on November 12, when management publishes nine-month figures and walks through the numbers on a conference call.
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