FRANKFURT (dpa-AFX) - Rheinmetall 's profit forecast for this year convinced investors on Thursday. Despite the already completed jump in the share price of around 50 percent in the still young year 2024, they continued to buy, sending the stock of the defense company and automotive supplier to another record high of just under 448 euros. Last year, the share price had risen by a total of just over 54%, making Rheinmetall the strongest share in the DAX as early as 2023 - and this after the share price had already doubled in 2022.

On Thursday afternoon, the share price rose by 5.6 percent to 445.10 euros, keeping it at the top of the DAX.

Analyst George McWhirter from Berenberg Bank spoke of a strong set of figures. According to him, both the profit and the cash flow (FCF) were above expectations. In addition, the order backlog in the defense sector had increased by almost 60 percent. McWhirter also called the medium-term sales targets for some product lines ambitious and the Group targets for operating profit and FCF in the current year were above the average analyst estimates, he praised. He had therefore already expected the positive share price reaction.

UBS expert Sven Weier had also expected the share price to rise in view of the figures and outlook. Although sales and the operating result (EBIT) fell short of expectations in the fourth quarter, the operating profit forecast for 2024 is slightly above expectations on average, he stated and also expects optimistic statements from the management during the conference call.

Analyst Alexander Wahl from the investment bank Stifel pointed out that expectations had only been missed due to delays in truck deliveries, which had now been postponed from the fourth quarter of 2023 to the first quarter of 2024./ck/niw/men