From Morningstar:

Shares in German defence company Rheinmetall have almost tripled in value since Russia re-invaded Ukraine in February 2022. At a current price of €284, it is in undervalued 4-star territory. The company has secured contracts worth almost €47 billion. Projects include ammunition orders for the Ukrainian armed forces and a €140 million NATO order. The weapons and ammunition division presents the highest divisional adjusted EBIT at 25%, and is expected to triple sales from €1 billion to €3 billion. Its electronics division and participation in the European Sky Shield Initiative and F-35 jet fighter program are projected to bring in substantial revenue.



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