By February it was almost 20% down, Corona then sent it another 55% in the basement. Since then, the paper has recovered noticeably, but it is still not as deep as it has been since 2016.
The technology group is well prepared for the crisis: free cash flow rose to EUR 314 million (2018: EUR -35 million) and the order backlog exceeded EUR 10.8 billion (+ 19.8%) the 10 billion euro mark for the first time. At the beginning of April, the Düsseldorf-based company announced an order for artillery ammunition for over 70 million euros. As a leading supplier to the German Armed Forces, the MDAX company also sees it as its responsibility to support the government in the fight against the corona virus. In China, it was able to open up supply sources for protective equipment and procure up to 6 million respiratory masks for the federal authorities. CEO Armin Papperger also wants to examine the manufacture of disinfectants.
We are therefore eagerly awaiting the Q1 numbers, which will take place on 8.5. to be published. The Management Board is sticking to the dividend, which was increased by 14.3% to EUR 2.40 in 2019 (return: 4.2%). The AGM was on May 19. published and takes place virtually.
Since we see more opportunities than risks at the current share price level, we recommend joining Rheinmetall again. Stop: 45.30 euros.
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