European Defense Stocks Sink After Goldman Warns on Valuations [Yahoo! Finance]
RHEINMETALL AG UNSP/ADR (RNMBY)
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Source: Yahoo! Finance
the sector's recent scorching rally had left it trading at elevated price valuations. Most Read from Bloomberg Trumpism Is Emptying Churches Iran's Better, Stealthier Drones Are Remaking Global Warfare Blackstone Nears Buyout of Skin-Care Company L'Occitane Why India's South Rejects Modi — And Why It Matters Germany to Order Ships, Armored Vehicles Worth Up to €7 Billion Goldman analyst Victor Allard said shares in firms such as Rheinmetall AG, BAE Systems and Saab AB are now at “peak multiples” compared to history, raising the question of whether they have any further upside. On Tuesday, a defense shares index compiled by Goldman, slid much as 7.5%, the most since November 2022, impacted also by the possibility of a Gaza cease fire. But the index's setback looks minor in the context of its 42% surge so far in 2024, which came on top of a 39% gain last year and a 54% rise in 2022. Investors have piled into the sector on expectation that European governments will embark
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News
- France, Germany push on with 2040 joint tank project [Reuters]Reuters
- German armed forces buy up to €400 million from Rheinmetall [Yahoo! Finance]Yahoo! Finance
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- German company MC-Bauchemie to invest $1.6 million in building materials plant near Kyiv [Yahoo! Finance]Yahoo! Finance
- Defense Companies Are Luring Germany's Struggling Autoworkers [BNN Bloomberg (Canada)]BNN Bloomberg