Berenberg starts MilDef with 'buy' on defence spending surge

MilDef AB

16/01/2026 09:51

** Berenberg initiates Swedish defence IT provider MilDef MILDEF.ST with "buy", saying it is well-placed to gain from rising defence budgets among NATO members and their allies

** It estimates annual sales and core profit growth of 41% and 56%, respectively, for the company through to 2027

** MilDef provides crucial tactical IT solutions, both its own and from third parties, for what Berenberg calls "digitising the battlefield"

** The share price has fallen since mid-2025, leaving it with an "unjustified" valuation discount vs peers, the brokerage adds

** Berenberg sets MilDef's PT at SEK 190, indicating a 31% upside from Thursday's closing price

** The stock is up 6.6% by 0945 GMT

(Reporting by Marta Frackowiak)

((marta.frackowiak@thomsonreuters.com))