Renk Group AG

Bank of America reshuffled its European defense coverage, upgrading Saab AB Class B to buy from neutral and Dassault Aviation to buy from neutral while downgrading Babcock International Group and RENK Group AG to neutral from buy. BofA raised its Saab price objective to SEK720 from SEK655, citing stronger-than-consensus growth expectations, particularly in its Surveillance business, and forecasts earnings per share 9%-16% above consensus in 2027-30, with its 2030 revenue estimate for Surveillance about 27% above consensus. For Dassault, the bank lifted its price objective to €360 from €345, highlighting a Rafale backlog that provides about 7.5 years of production visibility at current delivery rates, and said a proposed Indian order for 114 Rafales and Ukraine's ambition for up to 100 aircraft could, if secured, lift the backlog above 400 aircraft and roughly double production visibility. Babcock was cut to neutral with its price objective reduced to 1,060 pence from 1,608 pence, and RENK was cut to neutral with its target lowered to €42.50 from €62.50. BofA also initiated Fincantieri SpA at buy with a €17 price objective, expecting 34% EPS CAGR from 2026-30, and started CSG Nv Class A at underperform with a €13 target.

JPMorgan said in a note Wednesday that European defense investors are favoring companies with long-duration order books and hard-to-replace products, while marking down those whose technology could be displaced. The European defense sector has underperformed local markets by about 6% this year on average, though with wide variation between individual stocks, analyst David Perry noted. JPMorgan rates BAE Systems, Leonardo and Babcock Overweight, saying all three have those defensive characteristics, while investors have significantly de-rated companies such as Rheinmetall, CSG and Renk on fears their technology could be displaced. JPMorgan placed MTU Aero Engines and Leonardo on Positive Catalyst Watch, ahead of MTU's capital markets day on Nov. 30 and Leonardo's industrial plan update in March 2027, and put Rheinmetall on Negative Catalyst Watch, saying it does not expect the company to cut its 2030 sales goal of 50 billion euros even though the bank's own forecast is 36.9 billion euros. Perry said the debate over technology displacement is complex and the answer will not be clear for many years, making investor events at Rheinmetall on Nov. 27 and Renk on Dec. 8 important, and added that Rolls-Royce and Safran should remain strong performers over the medium term and are core holdings.

BlackRock, Inc. has reduced its total voting rights in Renk Group AG to 4.12% as of July 14, 2026, down from a previously reported 4.28%. The notification, published on July 17, 2026, shows that BlackRock now holds 2.57% directly through shares and an additional 1.55% through instruments, comprising 1.54% from lent securities with a right to recall and 0.01% from a contract for difference. The total number of voting rights in Renk Group AG is 100,000,000.