Mwb: Backlog Execution Still in Focus for Rheinmetall; Hold Rating Maintained

11:45 AM EDT, 09/24/2026 (MT Newswires) -- Mwb Research maintained its hold rating on Rheinmetall (RHM.F) and price target of 1,050 euros, noting that the German defense group's backlog execution continues to be a focus for investors over the coming months. "Italy's Ministry of Defence has begun procuring 132 Panther vehicles from Rheinmetall and Leonardo's JV as published on September 21st in the database of the Italian National Anti-Corruption Authority (ANAC). With a backlog above EUR 100bn by year-end largely priced in, we expect the market's focus to shift from order intake to the conversion of (frame) backlog into sales, as outlined in our August update. Rheinmetall does not expect significant revenue contribution from the Italian JV until 2029," analysts said Thursday. "This supports our cautious view on 2028 sales consensus, though not on the overall investment case, and we do not expect major news before the [capital markets day] in November." The research firm still views the 2028 consensus sales estimates for Rheinmetall as "too ambitious," with the company seen as having "little room" for slip-ups with regard to its growing order backlog. "Delivery delays still pose a risk, however, following the share price setback, the current valuation seems to account for it," mwb added, expecting investors to focus on the upcoming Arminius decision of the German parliament's budget committee in December.