Mwb Keeps Renk at Hold Amid High Share of 'Soft' Orders

06:18 AM EDT, 08/20/2026 (MT Newswires) -- Mwb Research maintained its hold rating on Renk Group (R3NK.F), with a price target of 48 euros, flagging a high concentration of "soft" order backlog for the German gearbox maker. "At RENK, contracted backlog of EUR 2.9bn accounts for 38% of the EUR 7.5bn total backlog, with signed framework agreements adding a further 13% and the remaining 49% representing management estimated volumes. The comparison has its limits, since a supplier is ordered after the prime contractor and can never carry the fixed backlog share of an [original equipment manufacturer]," the research firm said Wednesday, adding that it views the adjusted figures "as a comparability exercise, not a ranking." Leaving its earnings forecasts intact, mwb expects Renk will deliver 1.54 billion euros in sales for full-year 2026, alongside a net profit of 185 million euros and reported EPS of 1.84 euros.