Kepler lifts Hensoldt to 'hold' amid growing air defence market

Hensoldt AG

16/03/2026 09:46

** Kepler Cheuvreux upgrades German aerospace defence company Hensoldt  HAGG.DE to "hold" from "reduce" as the Middle East conflict adds fuel to air defence market

** Kepler says Hensoldt's multiples have realigned with the rest of the sector and growth acceleration is expected in 2027

** Pre-funded order intake is currently booming, especially fuelled by the German defence stimulus, Kepler adds

** However, it still views the stock as "uncomfortably" expensive in absolute terms due to execution risks and overly generous discounted cash flow models

** The company's shares were up 3.6% at 0900 GMT

(Reporting by Bernadette Hogg)

((bernadette.hogg@thomsonreuters.com))