Financial Times: Rheinmetall shares plunge after Germany scraps warship project

“The market will only pay a price that it thinks KNDS can actually execute upon, in terms of converting that backlog into profit,” said Mark Kelly, chief executive of advisory firm MKI Global Partners. “We’ve already seen that reflected in whisper valuations, which have been pulling back.”

 “The read-across to KNDS is partial because defence spending is rising and order books are at record levels — so the demand from investors should be good, as long as there is some degree of realism baked into the IPO expectations,” MKI’s Kelly said.

Published by and image courtesy of Financial Times