EARLYThesis forming — early stage, needs conviction
Investment Thesis
Rheinmetall is the marquee European defense story with 155mm artillery shell production scaling to 1.1 million units annually by 2027. KF41 Lynx IFV winning international competitions. Air defense Skyranger and Skynex orders surging. Vehicle Systems backlog at record. German Zeitenwende and EU defense fund both directly accretive.