OHB Shares Adjust After €484 Million Capital Raise, but Record Orders Keep the Long-Term View Intact
Published on 07/17/2026 at 19:52 | Redaktion boerse-global.de
The story of OHB SE over the past year is a study in extremes. Investors who bought in twelve months ago are sitting on a gain of roughly 244%, while those who entered just 30 days ago have seen their position shrink by nearly 39%. Both outcomes apply to the same company, the same business, and the same underlying growth narrative — the difference is timing and the market’s shifting appetite for risk.
At the heart of the recent drawdown is a capital increase that closed last week. OHB raised gross proceeds of approximately €484 million by issuing new shares, while existing shareholder KKR simultaneously sold around €418 million worth of stock in a secondary placement, bringing the total transaction volume to roughly €789 million. The company waived rights for existing shareholders, placing about 94% of the new paper with institutional investors. The shares began trading below the subscription price on the first day, a clear signal that the market needed time to digest the sudden increase in supply.
The stock now trades around €244, recovering slightly on the day with a 2.09% gain, but still 64% below the 52-week high of €688 reached at the end of May. The 30-day loss of roughly 39% reflects not only the dilutive effect of the capital raise but also a broader cooling of enthusiasm for the space sector. Rocket Lab, for example, has shed about 56% from its recent peak, and even SpaceX saw its stock slip below its IPO price as short sellers increased their positions.
Should investors sell immediately? Or is it worth buying OHB SE?
Yet the operational picture at OHB remains robust. The company posted a 21% increase in revenue for the last fiscal year and carries a record backlog of €3.19 billion in unfulfilled orders. Management has set a clear target of exceeding €2 billion in annual revenue by 2028. The funds from the capital raise are earmarked for expanding manufacturing capacity, potential acquisitions, and the rocket business — all areas where European defense and space budgets are pouring in. According to the European Space Agency, continental space budgets rose 12% in 2025 to €13.5 billion, driven heavily by German defense spending. The satellite communications market in Europe is projected to reach $71.13 billion by 2034, powered by 5G integration and new satellite infrastructure.
The contrast between solid fundamentals and a sharply lower stock price has pushed technical indicators toward oversold territory. The Relative Strength Index has fallen to roughly 31.9, a level that often precedes a bounce. The 50-day moving average of €381.57 sits well above the current price, underscoring how far the stock has fallen from its short-term euphoria peak. More telling is the proximity to the 200-day moving average of €237.56 — the stock is now just 2.7% above that long-term trendline. CEO Marco Fuchs has stressed that OHB sits at the center of Europe's growing space ecosystem and that the strengthened financial base positions the company for sustainable expansion.
The capital raise, while mechanically dilutive, also attracted more than 200 institutional investors, signaling that large-scale buyers remain willing to back the company at these levels. The subsequent price weakness appears to be a combination of the dilution, a sector-wide valuation reassessment, and profit-taking after a 244% run-up in twelve months. With the stock now hugging its 200-day average, the 237–244 euro zone may be where market price and underlying business reality converge again — at least until the next catalyst emerges.
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