OHB (XTRA:OHB) was added to the Germany SDAX Total Return Index on 19 August 2026, placing the space and technology company on the radar of index trackers and benchmark-focused investors.
Despite being added to the SDAX Total Return Index, OHB’s share price is around €194.8 after a sharp 58% decline over the past 90 days and a 19% fall over the past month. However, the year-to-date share price return of 57.73% and the very large 1-year total shareholder return of 196.86% indicate that earlier gains have driven strong longer-term momentum, which now appears to be cooling.
Compare OHB's move into the SDAX with other potential space and technology opportunities by reviewing the hand picked 611 high quality undiscovered gems currently flying under most investors’ radar.
OHB’s business profile and index inclusion tell one story. The recent share price slide tells another. The next step is to assess whether the current valuation reflects the growth investors are paying for today.
Most Popular Narrative: 36.5% Undervalued
At a last close of €194.8, the most followed narrative for OHB points to a fair value of €307 using a 6.05% discount rate, which implies a sizeable gap investors are being asked to judge.
Record order backlog of EUR 3.1 billion together with management guidance for strong revenue and EBITDA growth through 2026 indicates that current profitability is still absorbing upfront transformation and hiring costs. This leaves room for earnings and net margin expansion as efficiency programs and industrialization gains increasingly flow through the income statement.
Want to see what kind of revenue ramp and margin lift need to materialise for that valuation to hold. The narrative leans on compound growth, rising profitability and a future earnings multiple that assumes investors stay confident in OHB's space exposure and project pipeline. Curious how those moving parts fit together in the forecast years.
Result: Fair Value of €307 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, OHB investors still need to watch for softer European space or defense budgets, as well as any delay or cost issues on large, complex satellite contracts.
Find out about the key risks to this OHB narrative.
Another View On OHB Using Earnings Multiples
The most followed OHB narrative leans on a discounted cash flow fair value of €307. However, the current P/E of 92.3x looks high compared with the European Aerospace & Defense industry at 34.3x, the peer average at 53.9x, and a fair ratio of 67.5x that the market could move towards.
This gap suggests investors are paying a higher price for each euro of OHB earnings than both peers and the fair ratio imply. This raises the risk that any disappointment in execution or sentiment could have an outsized impact on the share price. The question is whether you are comfortable with that premium.
See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
With mixed signals around OHB’s valuation and growth story, it may be useful to act promptly, review the full data, and decide where you stand. To weigh up both sides of the argument in one place, start with the 4 key rewards and 1 important warning sign.
Looking For More Investment Ideas Beyond OHB?
If OHB has your attention, do not stop here. Fresh ideas from other high quality stocks could round out your watchlist and sharpen your decisions.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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