Hensoldt Retained at Sell as Mwb Notes 'Clean' Order Backlog, Exposure to Armored Vehicles

11:03 AM EDT, 08/19/2026 (MT Newswires) -- Mwb Research retained its sell rating on Hensoldt (HAG.F), with an unchanged price target of 62 euros, as part of its sector study focusing on order backlogs at its covered German defense companies. "Order backlog has become the main anchor for European defense bulls and one of the main discussion points with investors, yet it remains one of the sector's least standardised metrics. Disclosure has improved in recent years, but there is still no common convention on what belongs in the figure. ... Hensoldt stays on the 'right' side with a conservative definition," analysts said Wednesday, noting that the company's backlog is "clean." "The EUR 10.3bn reported is contracted work only (coverage of 4.1x). The question at Hensoldt is therefore not what the backlog is worth but what it converts into. We remain cautious on the exposure to armoured vehicle programmes and on a software defined defense share guided at only 8% by 2030." The research firm expects Hensoldt to see a 6.4% compound annual growth rate in revenue over the 2026 to 2033 period.