{"id":11379,"date":"2026-05-27T08:01:00","date_gmt":"2026-05-27T08:01:00","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=11379"},"modified":"2026-06-05T08:21:17","modified_gmt":"2026-06-05T08:21:17","slug":"rheinmetall-reszveny-73-milliard-eur-os-backlog-40-arfolyam","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/rheinmetall-reszveny-73-milliard-eur-os-backlog-40-arfolyam\/","title":{"rendered":"Rheinmetall r\u00e9szv\u00e9ny: 73 milli\u00e1rd EUR-os backlog, -40% \u00e1rfolyam","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">\ud83e\udd14 Mir\u0151l sz\u00f3l a Piaci Impulzus rovat? \ud83e\udd14<\/h2>\n\n\n\n<p>A Rheinmetall r\u00e9szv\u00e9ny \u00e1rfolyama az elm\u00falt n\u00e9gy \u00e9vben k\u00f6zel <strong>2000%-ot emelkedett<\/strong>, \u00e9s most, 2026-ban kereszt\u00fat el\u0151tt \u00e1ll: az eur\u00f3pai \u00fajrafegyverkez\u00e9si hull\u00e1m messze nem \u00e9rt v\u00e9get, a c\u00e9g rendel\u00e9si \u00e1llom\u00e1nya rekordm\u00e9ret\u0171, a Rheinmetall m\u00e9gis elmaradt a negyed\u00e9ves bev\u00e9teli v\u00e1rakoz\u00e1sokt\u00f3l, az \u00e1rfolyam pedig k\u00f6zel 40%-ot korrig\u00e1lt a 2025 nyar\u00e1n el\u00e9rt cs\u00facshoz k\u00e9pest. Ez el\u00e9g ahhoz, hogy meg\u00e9rjen egy r\u00e1pillant\u00e1st a r\u00e9szv\u00e9ny.<\/p>\n\n\n\n<p>Nem tudom, tiszt\u00e1ban vagytok-e vele, de egy alapos fundament\u00e1lis m\u00e9lyelemz\u00e9s elk\u00e9sz\u00edt\u00e9se 40\u201350 \u00f3r\u00e1t is ig\u00e9nybe vehet. <strong>Ez\u00e9rt hoztam l\u00e9tre a Piaci Impulzus rovatot: gyors, l\u00e9nyegre t\u00f6r\u0151 fundament\u00e1lis minielemz\u00e9sek, amelyek seg\u00edtenek az el\u0151sz\u0171r\u00e9sben.<\/strong> Most \u00e9ppen a Rheinmetall ker\u00fcl ter\u00edt\u00e9kre. Nem m\u00e9lyelemz\u00e9s, ink\u00e1bb gondolat\u00e9breszt\u0151 a pillanatnyi \u00e1llapot alapj\u00e1n.<\/p>\n\n\n\n<p>A r\u00e9szv\u00e9ny aloldal\u00e1t r\u00e9szletes adatokkal itt tal\u00e1lj\u00e1tok: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/RHM.F\">A Rheinmetall r\u00e9szv\u00e9ny oldala<\/a><br>Ha az oldal m\u00e9lyelemz\u00e9seit keresitek, akkor az al\u00e1bbi linkre nyomjatok: <a href=\"https:\/\/iocharts.io\/blog\/category\/reszvenyelemzes\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts r\u00e9szv\u00e9nyelemz\u00e9sek<\/a><\/p>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/?aff_id=155122\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">A Rheinmetall r\u00e9szv\u00e9ny \u00e1rfolyama a TradingView fel\u00fclet\u00e9n<\/span><\/a><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-symbol-overview.js\" async>\n  {\n  \"lineWidth\": 2,\n  \"lineType\": 0,\n  \"chartType\": \"area\",\n  \"fontColor\": \"rgb(106, 109, 120)\",\n  \"gridLineColor\": \"rgba(46, 46, 46, 0.06)\",\n  \"volumeUpColor\": \"rgba(34, 171, 148, 0.5)\",\n  \"volumeDownColor\": \"rgba(247, 82, 95, 0.5)\",\n  \"backgroundColor\": \"#ffffff\",\n  \"widgetFontColor\": \"#0F0F0F\",\n  \"upColor\": \"#22ab94\",\n  \"downColor\": \"#f7525f\",\n  \"borderUpColor\": \"#22ab94\",\n  \"borderDownColor\": \"#f7525f\",\n  \"wickUpColor\": \"#22ab94\",\n  \"wickDownColor\": \"#f7525f\",\n  \"colorTheme\": \"light\",\n  \"isTransparent\": false,\n  \"locale\": \"en\",\n  \"chartOnly\": false,\n  \"scalePosition\": \"right\",\n  \"scaleMode\": \"Normal\",\n  \"fontFamily\": \"-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif\",\n  \"valuesTracking\": \"1\",\n  \"changeMode\": \"price-and-percent\",\n  \"symbols\": [\n    [\n      \"XETR:RHM|60M\"\n    ]\n  ],\n  \"dateRanges\": [\n    \"1d|1\",\n    \"1m|30\",\n    \"3m|60\",\n    \"12m|1D\",\n    \"60m|1W\",\n    \"all|1M\"\n  ],\n  \"fontSize\": \"10\",\n  \"headerFontSize\": \"medium\",\n  \"autosize\": false,\n  \"width\": \"100%\",\n  \"height\": 400,\n  \"noTimeScale\": false,\n  \"hideDateRanges\": false,\n  \"hideMarketStatus\": false,\n  \"hideSymbolLogo\": false\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udcd2 Tartalomjegyz\u00e9k \ud83d\udcd2<\/h2>\n\n\n\n<p>L\u00e9trehoztam egy tartalomjegyz\u00e9ket, hogy k\u00f6nnyebben tudjatok navig\u00e1lni a tartalmakban:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#mitcsinal\">\ud83c\udfed Mit csin\u00e1l a Rheinmetall (RHM)?<\/a><\/li>\n\n\n\n<li><a href=\"#helyzete\">\ud83c\udfc6 A Rheinmetall helyzete \u00e9s vet\u00e9lyt\u00e1rsai<\/a><\/li>\n\n\n\n<li><a href=\"#metrikai\">\ud83c\udfa2 A Rheinmetall r\u00e9szv\u00e9ny metrik\u00e1i<\/a><\/li>\n\n\n\n<li><a href=\"#megszoksz\">\u2705 Rheinmetall r\u00e9szv\u00e9ny: megszoksz vagy megsz\u00f6ksz?<\/a><\/li>\n\n\n\n<li><a href=\"#osszegzese\">\ud83d\udcdd A t\u00e9zis \u00f6sszegz\u00e9se<\/a><\/li>\n\n\n\n<li><a href=\"#gyik\">\u2753 Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"mitcsinal\">\ud83c\udfed Mit csin\u00e1l a Rheinmetall (RHM)? \ud83c\udfed<\/h2>\n\n\n\n<p>A Rheinmetall AG (RHM) egy 1889-ben alap\u00edtott, d\u00fcsseldorfi sz\u00e9khely\u0171 hadiipari konglomer\u00e1tum, amelynek r\u00e9szv\u00e9nyei a frankfurti t\u0151zsd\u00e9n XETR:RHM ticker alatt forognak, \u00e9s 2023 m\u00e1rciusa \u00f3ta a DAX 40 index tagja a v\u00e1llalat. Ez sokat elmond az \u00e1talakul\u00e1s\u00e1r\u00f3l: egy \u00e9vtizede m\u00e9g f\u0151k\u00e9nt aut\u00f3ipari alkatr\u00e9szgy\u00e1rt\u00f3k\u00e9nt tartott\u00e1k sz\u00e1mon, ma viszont Eur\u00f3pa legnagyobb sz\u00e1razf\u00f6ldi v\u00e9delmi ipari v\u00e1llalata.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"368\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall-Lynx-1024x368.jpg.webp\" alt=\"Rheinmetall, Lynx harckocsik a k\u00e9pen\" class=\"wp-image-11393 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/368;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall-Lynx-1024x368.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall-Lynx-414x149.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall-Lynx-768x276.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall-Lynx-1536x552.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall-Lynx-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/www.rheinmetall.com\/en\/media\/news-watch\/news\/2024\/07\/2024-07-26-rheinmetall-hands-over-the-first-lynx-from-hungarian-production\" target=\"_blank\" rel=\"noreferrer noopener\">Rheinmetall<\/a>, Lynx harckocsik a k\u00e9pen<\/figcaption><\/figure>\n\n\n\n<p>A c\u00e9g k\u00e9t f\u0151 szegmensben m\u0171k\u00f6dik:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\udd27 Power Systems div\u00edzi\u00f3 (aut\u00f3ipar, ~15%):<\/strong> h\u0151kezel\u00e9si \u00e9s h\u0171t\u00e9si rendszerek bels\u0151 \u00e9g\u00e9s\u0171 motorokhoz. Ez a szegmens struktur\u00e1lisan zsugorodik, \u00e9s a c\u00e9g tudatosan cs\u00f6kkenti s\u00faly\u00e1t, egyes \u00fczlet\u00e1gakat \u00e9rt\u00e9kes\u00edtve.<\/li>\n\n\n\n<li><strong>\u2699\ufe0f Defence div\u00edzi\u00f3 (~85% a bev\u00e9telb\u0151l):<\/strong> p\u00e1nc\u00e9lozott harcij\u00e1rm\u0171vek (Lynx IFV, Boxer, Leopard 2-moderniz\u00e1ci\u00f3), t\u00fcz\u00e9rs\u00e9gi l\u0151szer (155 mm-es gr\u00e1n\u00e1tok, amelyekb\u0151l Ukrajna gigantikus mennyis\u00e9get fogyaszt), l\u00e9gv\u00e9delmi rendszerek (Oerlikon Skyshield, Skyranger 30), elektronikai hadvisel\u00e9s \u00e9s katonai szimul\u00e1ci\u00f3s szoftverek. A Rheinmetall Rh-120-as sima cs\u00f6v\u0171 \u00e1gy\u00fa szinte minden NATO harckocsi standard fegyverzete.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"419\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/image-13-1024x419.png.webp\" alt=\"a Rheinmetall r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1nak v\u00e1ltoz\u00e1sa, mintegy 2000% az emelked\u00e9s\" class=\"wp-image-11394 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/419;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/image-13-1024x419.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/image-13-414x169.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/image-13-768x314.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/image-13-1536x629.png.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/image-13-2048x838.png.webp 2048w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a Rheinmetall r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1nak v\u00e1ltoz\u00e1sa, mintegy 2000% az emelked\u00e9s<\/figcaption><\/figure>\n\n\n\n<p><strong>\ud83d\udccc Gyakorlatban:<\/strong> a Rheinmetall igazi sztorija az, hogy a menedzsment, \u00e9l\u00e9n Armin Papperger vez\u00e9rigazgat\u00f3val, pontosan akkor hajtotta v\u00e9gre a v\u00e9delmi f\u00f3kuszv\u00e1lt\u00e1st, amikor a geopolitikai esem\u00e9nyek a lehet\u0151 legjobb h\u00e1tteret biztos\u00edtott\u00e1k. A 2022 febru\u00e1rj\u00e1ban kit\u00f6rt orosz-ukr\u00e1n h\u00e1bor\u00fa \u00e9s az \u00e1ltala gener\u00e1lt l\u0151szer- \u00e9s p\u00e1nc\u00e9losig\u00e9ny azt hozta, ami a v\u00e9delmi iparban egzisztenci\u00e1lis k\u00e9rd\u00e9s: val\u00f3di, fizet\u0151k\u00e9pes kereslet. Ez m\u00e1ra egy meglehet\u0151sen brut\u00e1lis rendel\u00e9s\u00e1llom\u00e1nny\u00e1 h\u00edzott, amit a Rheinmetall (RHM) alig b\u00edr kiel\u00e9g\u00edteni.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"helyzete\">\ud83c\udfc6 A Rheinmetall helyzete \u00e9s vet\u00e9lyt\u00e1rsai \ud83c\udfc6<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">A Zeitenwende \u00e9s ami ut\u00e1na j\u00f6n<\/h3>\n\n\n\n<p>A <strong>Zeitenwende<\/strong> egy n\u00e9met sz\u00f3, sz\u00f3 szerint &#8222;korszakv\u00e1lt\u00e1st&#8221; jelent. Olaf Scholz n\u00e9met kancell\u00e1r haszn\u00e1lta el\u0151sz\u00f6r 2022 febru\u00e1rj\u00e1ban, k\u00f6zvetlen\u00fcl az orosz\u2013ukr\u00e1n h\u00e1bor\u00fa kit\u00f6r\u00e9se ut\u00e1n, amikor bejelentette a 100 milli\u00e1rd EUR-s k\u00fcl\u00f6nleges v\u00e9delmi alapot \u00e9s N\u00e9metorsz\u00e1g gy\u00f6keres v\u00e9delempolitikai fordulat\u00e1t. Az\u00f3ta az eg\u00e9sz eur\u00f3pai \u00fajrafegyverkez\u00e9si hull\u00e1m szimbolikus jelszav\u00e1v\u00e1 v\u00e1lt. Azt fejezi ki, hogy 2022 el\u0151tt \u00e9s ut\u00e1n alapvet\u0151en m\u00e1s a vil\u00e1g Eur\u00f3p\u00e1ban, biztons\u00e1gi szempontb\u00f3l.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-1024x576.jpg.webp\" alt=\"a Rheinmetall \u00e1rfolyam mozg\u00e1s\u00e1t a bev\u00e9telemelked\u00e9se \u00e9s profitemelked\u00e9se is hajtja\" class=\"wp-image-11396 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a Rheinmetall \u00e1rfolyam mozg\u00e1s\u00e1t a bev\u00e9telemelked\u00e9se \u00e9s profitemelked\u00e9se is hajtja<\/figcaption><\/figure>\n\n\n\n<p>A Rheinmetall r\u00e9szv\u00e9ny m\u00f6g\u00f6tti struktur\u00e1lis ok egy mondatban le\u00edrhat\u00f3: <strong>az eur\u00f3pai v\u00e9delmi kiad\u00e1sok Ukrajna \u00f3ta tart\u00f3san, szisztematikusan n\u00f6vekednek<\/strong>, \u00e9s ez konkr\u00e9t megrendel\u00e9seket jelent. A NATO 2%-os GDP-ar\u00e1nyos kiad\u00e1si c\u00e9lj\u00e1t ma m\u00e1r ink\u00e1bb padl\u00f3nak, mint plafonnak tekintik. Kontinensszerte 3\u20133.5%-os k\u00fcsz\u00f6br\u0151l folyik a vita, amelyet az USA is politikai nyom\u00e1sgyakorl\u00e1ssal &#8222;serkent&#8221;. N\u00e9metorsz\u00e1g 100 milli\u00e1rd EUR-s k\u00fcl\u00f6nleges v\u00e9delmi alapj\u00e1b\u00f3l a Rheinmetall a legnagyobb haszon\u00e9lvez\u0151.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-megosztasa-1024x576.jpg.webp\" alt=\"a Rheinmetall \u00e1rfolyama m\u00f6g\u00f6tti bev\u00e9teln\u00f6veked\u00e9s, kateg\u00f3ri\u00e1kra bontva\" class=\"wp-image-11397 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-megosztasa-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-megosztasa-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-megosztasa-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-megosztasa-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-megosztasa-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-bevetel-megosztasa-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a Rheinmetall \u00e1rfolyama m\u00f6g\u00f6tti bev\u00e9teln\u00f6veked\u00e9s, kateg\u00f3ri\u00e1kra bontva<\/figcaption><\/figure>\n\n\n\n<p>A v\u00e1llalat 2025 v\u00e9gi rendel\u00e9s\u00e1llom\u00e1ny <strong>63.76 milli\u00e1rd EUR<\/strong> (+35.83% YoY), ami az \u00e9ves bev\u00e9tel t\u00f6bb mint hatszorosa. 2026 Q1-re ez tov\u00e1bb n\u0151tt ~73 milli\u00e1rd EUR-ra. Ez azt jelenti, hogy ha a c\u00e9g holnap le\u00e1ll\u00edt minden \u00faj aj\u00e1nlatot, akkor is <strong>6+ \u00e9vig<\/strong> el van l\u00e1tva munk\u00e1val. Az ilyen order book nagyon ritka, olyan v\u00e1llalatokn\u00e1l l\u00e1tni hasonl\u00f3t, akik nem tudj\u00e1k kiszolg\u00e1lni a megrendel\u0151k ig\u00e9nyeit. M\u00e1sk\u00e9nt fogalmazva: kereslet oldali nyom\u00e1s van, mert a k\u00edn\u00e1lat a sz\u0171k\u00f6s, ami k\u00fcl\u00f6n\u00f6sen magas \u00e1raz\u00e1si er\u0151t ad a Rheinmetall AG (RHM) kez\u00e9be.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-marzsok-1024x576.jpg.webp\" alt=\"a Rheinmetall marzsai\" class=\"wp-image-11398 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-marzsok-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-marzsok-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-marzsok-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-marzsok-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-marzsok-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-marzsok-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a Rheinmetall marzsai<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">A Rheinmetall vet\u00e9lyt\u00e1rsai<\/h3>\n\n\n\n<p>A hadiipari verseny nem \u00fagy m\u0171k\u00f6dik, mint m\u00e1s szektorokban: a megrendel\u0151k szinte kiz\u00e1r\u00f3lag korm\u00e1nyok, a term\u00e9kek \u00e9vtizedes ciklusokban \u00e9rnek be, \u00e9s a programok t\u00f6bbs\u00e9ge konzorciumban zajlik.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83c\uddec\ud83c\udde7 BAE Systems<\/strong>: Eur\u00f3pa legnagyobb v\u00e9delmi v\u00e1llalata \u00f6sszes\u00edtett bev\u00e9tel alapj\u00e1n. \u00c9rdekes m\u00f3don egyszerre versenyt\u00e1rs \u00e9s partner: a Rheinmetall BAE Systems Land Limited (RBSL) k\u00f6z\u00f6s joint-venture v\u00e1llalata moderniz\u00e1lja a brit Challenger 2 harckocsikat.<\/li>\n\n\n\n<li><strong>\ud83c\uddee\ud83c\uddf9 Leonardo<\/strong>: helikopterek, radar- \u00e9s rak\u00e9taelh\u00e1r\u00edt\u00e1si rendszerek ter\u00fclet\u00e9n er\u0151s. 2024-es bev\u00e9tele ~20.9 milli\u00e1rd EUR. Van k\u00f6z\u00f6s projektje is a Rheinmetallal: a Leonardo Rheinmetall Military Vehicles S.r.l.<\/li>\n\n\n\n<li><strong>\ud83c\uddeb\ud83c\uddf7 Thales<\/strong>: elektronika, kiberv\u00e9delem \u00e9s \u00e9rz\u00e9kel\u0151rendszerek ter\u00e9n kiemelked\u0151. A Rheinmetall ink\u00e1bb a fizikai platformokban (tank, l\u0151szer, j\u00e1rm\u0171) er\u0151s, a Thales a digit\u00e1lis hadvisel\u00e9sben jobb, \u00edgy ink\u00e1bb egym\u00e1st kieg\u00e9sz\u00edt\u0151 c\u00e9gek, mint direkt riv\u00e1lisok.<\/li>\n\n\n\n<li><strong>\ud83c\uddf8\ud83c\uddea SAAB<\/strong>: a Gripen \u00e9s az AT4 r\u00e9v\u00e9n ismert; bizonyos szegmensekben (hordozhat\u00f3 l\u00e9gv\u00e9delem) k\u00f6zvetlen verseny folyik a v\u00e1llalatok k\u00f6z\u00f6tt.<\/li>\n\n\n\n<li><strong>\ud83c\uddf0\ud83c\uddf7 Hanwha Aerospace<\/strong>: a koreai c\u00e9g eur\u00f3pai terjeszked\u00e9se (K2 harckocsi, K9 \u00f6nj\u00e1r\u00f3 tarack Lengyelorsz\u00e1gban, Rom\u00e1ni\u00e1ban) k\u00f6zvetlen versenyt jelent Rheinmetall p\u00e1nc\u00e9los- \u00e9s t\u00fcz\u00e9rs\u00e9gi portf\u00f3li\u00f3j\u00e1val.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-ROIC-ROCE-1024x576.jpg.webp\" alt=\"a Rheinmetall ROIC, ROCE \u00e9s egy\u00e9b \u00e9rt\u00e9kei\" class=\"wp-image-11399 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-ROIC-ROCE-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-ROIC-ROCE-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-ROIC-ROCE-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-ROIC-ROCE-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-ROIC-ROCE-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-ROIC-ROCE-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a Rheinmetall ROIC, ROCE \u00e9s egy\u00e9b \u00e9rt\u00e9kei<\/figcaption><\/figure>\n\n\n\n<p>L\u00e9nyeges, hogy minden hadipari v\u00e1llalat els\u0151sorban \u00e1llami megrendel\u00e9sekre dolgozik, aminek term\u00e9szete, hogy az \u00e1llam szab\u00e1lyozza az \u00e1rat \u00e9s az el\u00e9rhet\u0151 nyeres\u00e9get is. Ez az ipar\u00e1g egy\u00e1ltal\u00e1n nem virulens, nincs h\u00e1l\u00f3zathat\u00e1s, cser\u00e9be az \u00e1llam zsebe k\u00f6zel v\u00e9gtelen\u00fcl m\u00e9ly, vagyis nem nagyon helyettes\u00edthet\u0151 a hadiipar semmivel. Cser\u00e9be b\u00e9ke idej\u00e9n a kereslet jelent\u0151sen visszaesik, hiszen ez egy ciklikus ipar\u00e1g, de nem a hagyom\u00e1nyos \u00e9rtelemben.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83c\udded\ud83c\uddfaMagyar vonatkoz\u00e1s<\/h3>\n\n\n\n<p>A Rheinmetall \u00e9s Magyarorsz\u00e1g kapcsolata messze er\u0151sebb, mint a legt\u00f6bben gondoln\u00e1k. A c\u00e9g t\u00f6bb hazai le\u00e1nyv\u00e1llalatot is m\u0171k\u00f6dtet:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcbb <strong>Rheinmetall Electronics Hungary Kft.<\/strong> (Budapest, 2022 \u00f3ta): katonai szimul\u00e1ci\u00f3s szoftvereket \u00e9s misszi\u00f3s rendszereket fejleszt. <\/li>\n\n\n\n<li>\ud83d\udd2b <strong>Rheinmetall Hungary Munitions Zrt.<\/strong>: l\u0151szergy\u00e1rt\u00e1s, a hazai katonai kapacit\u00e1s\u00e9p\u00edt\u00e9s r\u00e9szek\u00e9nt. <\/li>\n\n\n\n<li>\ud83d\udca5 <strong>Rheinmetall Polycharge Hungary Kft.<\/strong>: t\u00f6ltettechnol\u00f3gia \u00e9s robban\u00f3anyag ter\u00fcleten. <\/li>\n\n\n\n<li>\ud83c\udfed<strong>Rheinmetall Hungary Zrt.<\/strong>: a zalaegerszegi gy\u00e1rban gy\u00e1rtj\u00e1k a Lynx KF41 \u201eHi\u00faz&#8221; gyalogs\u00e1gi harcj\u00e1rm\u0171veket<\/li>\n<\/ul>\n\n\n\n<p><strong>A magyar R\u00e1ba k\u00f6t\u0151d\u00e9se szint\u00e9n aktu\u00e1lis:<\/strong> a gy\u0151ri holding a 4iG v\u00e9delmi portf\u00f3li\u00f3j\u00e1ba ker\u00fclve kifejezetten honv\u00e9ds\u00e9gi j\u00e1rm\u0171gy\u00e1rt\u00e1sra rendezkedett be, mik\u00f6zben a Rheinmetall gy\u00e1rt\u00e1si infrastrukt\u00far\u00e1val \u00e9s l\u0151szerkapacit\u00e1ssal is jelen van az orsz\u00e1gban. A k\u00e9t c\u00e9g egyel\u0151re nem k\u00f6zvetlen t\u0151zsdei \u00f6sszehasonl\u00edt\u00e1si alap (a R\u00e1ba a B\u00c9T-en forog kis kapitaliz\u00e1ci\u00f3val), de ipar\u00e1gi szinten a R\u00e1ba potenci\u00e1lis hazai alv\u00e1llalkoz\u00f3 lehet a Rheinmetall magyarorsz\u00e1gi programjaihoz.<\/p>\n\n\n\n<p><strong>\ud83d\udccc Gyakorlatban:<\/strong> az igazi hadiipari verseny ma a kapacit\u00e1s\u00e9p\u00edt\u00e9sr\u0151l sz\u00f3l, nem az \u00e1rakr\u00f3l. A Rheinmetall \u00e9pp ez\u00e9rt nyit gy\u00e1rakat Ukrajna, Litv\u00e1nia, Rom\u00e1nia \u00e9s Magyarorsz\u00e1g ter\u00fclet\u00e9n, nem a munkaer\u0151k\u00f6lts\u00e9g, hanem a NATO-elv\u00e1r\u00e1sok miatt. Vagyis, ez a piac m\u00e9g j\u00f3 es\u00e9llyel felfele fog \u00edvelni, hiszen az orosz fenyegetetts\u00e9g nem fog elm\u00falni 1-2 h\u00f3nap alatt, \u00e9s ez a c\u00e9gek backlogj\u00e1n is l\u00e1tszik.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"metrikai\">\ud83c\udfa2 A Rheinmetall r\u00e9szv\u00e9ny metrik\u00e1i \ud83c\udfa2<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Mutat\u00f3<\/th><th>\u00c9rt\u00e9ke (fiscal.ai, 2026 m\u00e1jus)<\/th><\/tr><\/thead><tbody><tr><td>R\u00e9szv\u00e9ny\u00e1rfolyam<\/td><td><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">~1.231 EUR<\/mark><\/strong><\/td><\/tr><tr><td>Piaci kapitaliz\u00e1ci\u00f3 (LTM)<\/td><td>~56.8 milli\u00e1rd EUR<\/td><\/tr><tr><td>\u00c1rbev\u00e9tel (2025 t\u00e9nyleges)<\/td><td>9.935 milli\u00e1rd EUR (+28.78% YoY)<\/td><\/tr><tr><td>\u00c1rbev\u00e9tel (2026E konszenzus)<\/td><td>~14.16 milli\u00e1rd EUR (+42.5%)<\/td><\/tr><tr><td>Operat\u00edv profit (2025)<\/td><td>1.684 milli\u00e1rd EUR (16.95% marzs)<\/td><\/tr><tr><td>Adjusted EBIT (2025)<\/td><td>1.841 milli\u00e1rd EUR (18.5% marzs)<\/td><\/tr><tr><td>Adjusted EBIT (2026E)<\/td><td>~2.593 milli\u00e1rd EUR (18.31% marzs)<\/td><\/tr><tr><td>EBITDA (2025)<\/td><td>2.185 milli\u00e1rd EUR (21.99% marzs)<\/td><\/tr><tr><td>Nett\u00f3 profit (2025)<\/td><td>696 milli\u00f3 EUR<\/td><\/tr><tr><td>Adjusted nett\u00f3 profit (2026E)<\/td><td>~1.718 milli\u00e1rd EUR (+146.87%)<\/td><\/tr><tr><td>Alap EPS (2025)<\/td><td>15.38 EUR<\/td><\/tr><tr><td>Adjusted EPS (2025 \/ 2026E)<\/td><td>25.28 EUR \/ 37.26 EUR<\/td><\/tr><tr><td>Szabad cash flow (2025)<\/td><td>1.415 milli\u00e1rd EUR (14.24% FCF marzs)<\/td><\/tr><tr><td>Rendel\u00e9s\u00e1llom\u00e1ny (2025 v\u00e9ge)<\/td><td>63.76 milli\u00e1rd EUR (+35.83% YoY)<\/td><\/tr><tr><td>Rendel\u00e9sbe\u00e1raml\u00e1s (2025)<\/td><td>19.87 milli\u00e1rd EUR (+20% YoY)<\/td><\/tr><tr><td>P\/E (TTM)<\/td><td>~78.78x<\/td><\/tr><tr><td>Forward P\/E (NTM)<\/td><td>~29.46x<\/td><\/tr><tr><td>Forward P\/E (FY2027E)<\/td><td>~22.47x<\/td><\/tr><tr><td>EV\/EBITDA (LTM)<\/td><td>~25.97x<\/td><\/tr><tr><td>Osztal\u00e9k\/r\u00e9szv\u00e9ny (2025)<\/td><td>8.16 EUR (hozam: ~0.33%)<\/td><\/tr><tr><td>Legnagyobb r\u00e9szv\u00e9nyes<\/td><td>BlackRock 7.17%, Vanguard 4.26%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Ami azonnal szembet\u0171nik a t\u00e1bl\u00e1zatb\u00f3l:<\/strong> a ~79x TTM P\/E ijeszt\u0151nek l\u00e1tszik, de a hadiipari r\u00e9szv\u00e9nyeket hagyom\u00e1nyosan nem visszatekint\u0151 mutat\u00f3val, hanem a rendel\u00e9s\u00e1llom\u00e1ny alapj\u00e1n \u00e9rt\u00e9kelik. A l\u00e9nyegesebb sz\u00e1m az NTM forward P\/E ~29.46x, ami m\u00e1r sokkal bar\u00e1ts\u00e1gosabb, k\u00fcl\u00f6n\u00f6sen annak f\u00e9ny\u00e9ben, hogy a korrig\u00e1lt nett\u00f3 profit 2026-ban k\u00f6zel megh\u00e1romszoroz\u00f3dhat. A korrig\u00e1lt EPS-p\u00e1lya (25 \u2192 37 \u2192 55 EUR\/r\u00e9szv\u00e9ny 2025\u20132027 k\u00f6z\u00f6tt) \u00f6nmag\u00e1ban megmutatja, mi\u00e9rt l\u00e1tja a Morningstar 5 csillagosnak a pap\u00edrt a jelenlegi ~1.231 EUR-os \u00e1rfolyamon.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"499\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/image-12-1024x499.png.webp\" alt=\"a Morningstar report szerint a Rheinmetall r\u00e9szv\u00e9ny \u00e1rfolyama m\u00e9g mindig alacsony, k\u00f6sz\u00f6nhet\u0151en a m\u00e9g nem teljes\u00edtett szerz\u0151d\u00e9seknek\" class=\"wp-image-11382 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/499;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/image-12-1024x499.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/image-12-414x202.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/image-12-768x375.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/image-12.png.webp 1431w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: fiscal.ai, a Morningstar report szerint a Rheinmetall r\u00e9szv\u00e9ny \u00e1rfolyama m\u00e9g mindig alacsony, k\u00f6sz\u00f6nhet\u0151en a m\u00e9g nem teljes\u00edtett szerz\u0151d\u00e9seknek<\/figcaption><\/figure>\n\n\n\n<p>A k\u00e9rd\u00e9s az, hogy mi van be\u00e1razva a r\u00e9szv\u00e9nybe, hiszen az brut\u00e1lis emelked\u00e9sen van t\u00fal, ahogyan a Rheinmetall r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1n is l\u00e1tszik, ami 90 EUR-r\u00f3l 1980 EUR-ig sz\u00e1rnyalt, majd onnan korrig\u00e1lt vissza a jelenlegi \u00e1rszintre. Viszont, a magas rendel\u00e9s\u00e1llom\u00e1nnyal rendelkez\u0151 v\u00e1llalatok eset\u00e9ben el\u0151fordul, hogy az \u00e1rfolyamot a fundamentumok sz\u00e9p csendben utol\u00e9rik, \u00e9s b\u00e1r az \u00e1rfolyam magas, de k\u00f6zben a metrik\u00e1k is sokat javulnak, \u00edgy a r\u00e9szv\u00e9ny \u00fajra olcs\u00f3v\u00e1 v\u00e1lik.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-order-backlog-1024x576.jpg.webp\" alt=\"A Rheinmetall megrendel\u00e9s\u00e1llom\u00e1nya\" class=\"wp-image-11400 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-order-backlog-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-order-backlog-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-order-backlog-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-order-backlog-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-order-backlog-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-order-backlog-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a Rheinmetall megrendel\u00e9s\u00e1llom\u00e1nya kateg\u00f3ri\u00e1kra lebontva<\/figcaption><\/figure>\n\n\n\n<p>\ud83d\udccc<strong>Gyakorlatban:<\/strong> a 63.76 milli\u00e1rd EUR-os rendel\u00e9s\u00e1llom\u00e1ny az \u00e9ves bev\u00e9tel k\u00f6zel 6.5-sz\u00f6r\u00f6se. Az igaz\u00e1n relev\u00e1ns k\u00e9rd\u00e9s nem az, hogy dr\u00e1ga-e most a r\u00e9szv\u00e9ny, hanem hogy a c\u00e9g le tudja-e gy\u00e1rtani ezeket a megrendel\u00e9seket id\u0151ben, \u00e9s az emelked\u0151 capex ut\u00e1n mikor normaliz\u00e1l\u00f3dik a szabad cash flow. Viszont, ez egy ide\u00e1lis \u00e1llapot, hiszen lehet l\u00e1tni a bev\u00e9telek alakul\u00e1s\u00e1t is a j\u00f6v\u0151ben, \u00edgy viszonylag k\u00f6nnyen elemezhet\u0151 a Rheinmetall AG, ellent\u00e9tben mondjuk egy bankkal, egy biztos\u00edt\u00f3val vagy egy bonyolult sorozatfelv\u00e1s\u00e1rl\u00f3 v\u00e1llalattal.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"megszoksz\">\u2705 Rheinmetall r\u00e9szv\u00e9ny: megszoksz vagy megsz\u00f6ksz? \u2705<\/h2>\n\n\n\n<p>B\u00e1r ez a cikk nem taglalja, nemcsak Eur\u00f3p\u00e1ban vannak hadiipari c\u00e9gek, hanem az USA-ban is, s\u0151t ha a piaci kapitaliz\u00e1ci\u00f3t n\u00e9zitek, az amerikai v\u00e1llalatok a nagyobbak. Viszont szinte az \u00f6sszes eur\u00f3pai \u00e9s Eur\u00f3p\u00e1n k\u00edv\u00fcli hadiipari v\u00e1llalatra ugyanazok a korl\u00e1toz\u00e1sok az igazak: szab\u00e1lyzott ipar, \u00e1llami forr\u00e1sokkal, ami a nemzetk\u00f6zi politikai hangulat szerint hull\u00e1mzik, vagyis ciklikus. Az egyedi sztorija viszont mindegyiknek m\u00e1s, l\u00e1ssuk, hogy a Rheinmetall (RHM) eset\u00e9ben mi az, ami a befektet\u00e9s mellett \u00e9s mi az, ami ellene sz\u00f3l.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ami a Rheinmetall r\u00e9szv\u00e9ny mellett sz\u00f3l \ud83d\udfe2<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udee1\ufe0f <strong>P\u00e1ratlan rendel\u00e9s\u00e1llom\u00e1ny.<\/strong> 63.76 milli\u00e1rd EUR (2025 v\u00e9ge), ~73 milli\u00e1rd EUR Q1 2026-ban, ez 6+ \u00e9ves bev\u00e9teli lefedetts\u00e9g. Egy recesszi\u00f3 nem bor\u00edtja fel a p\u00e1ly\u00e1t, az \u00e1llami katonai kiad\u00e1sok ciklusokon \u00e1t\u00edvelnek.<\/li>\n\n\n\n<li>\ud83d\udcc8 <strong>Az eur\u00f3pai \u00fajrafegyverkez\u00e9s struktur\u00e1lis, nem ciklikus.<\/strong> A 2%-os NATO-k\u00fcsz\u00f6b ma m\u00e1r padl\u00f3: a 3%-ot egyre t\u00f6bb tag\u00e1llam t\u0171zi ki c\u00e9lul. Ez tart\u00f3s keresletet jelent l\u0151szer, j\u00e1rm\u0171 \u00e9s l\u00e9gv\u00e9delem ter\u00e9n.<\/li>\n\n\n\n<li>\ud83c\udfed <strong>Vertik\u00e1lis integr\u00e1ci\u00f3 versenyel\u0151nyk\u00e9nt.<\/strong> A Rheinmetall az egyetlen eur\u00f3pai v\u00e1llalat, amely egyszerre gy\u00e1rt p\u00e1nc\u00e9lost, az abba ker\u00fcl\u0151 \u00e1gy\u00fat, a hozz\u00e1 val\u00f3 l\u0151szert \u00e9s a kik\u00e9pz\u0151 szimul\u00e1tort. Ez a &#8222;platform-to-training&#8221; k\u00e9pess\u00e9g megism\u00e9telhetetlen.<\/li>\n\n\n\n<li>\ud83d\udcb8 <strong>Er\u0151s\u00f6d\u0151 szabad cash flow.<\/strong> 2025-ben 1.415 milli\u00e1rd EUR FCF, 2026E-re ~2.41 milli\u00e1rd EUR a konszenzus, ez azt jelenti, hogy a capex-intenz\u00edv kapacit\u00e1sb\u0151v\u00edt\u00e9si f\u00e1zis lassan normaliz\u00e1l\u00f3dik.<\/li>\n\n\n\n<li>\ud83c\udf0d <strong>Globaliz\u00e1l\u00f3d\u00f3 portf\u00f3li\u00f3.<\/strong> Virginiai iroda, ausztr\u00e1liai Lynx-megrendel\u00e9sek, rom\u00e1niai-litv\u00e1niai-magyarorsz\u00e1gi gy\u00e1rak mind azt mutatj\u00e1k, hogy a Rheinmetall nem kiz\u00e1r\u00f3lag a Bundeswehr kiszolg\u00e1l\u00f3ja.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-total-backlog-1024x576.jpg.webp\" alt=\"A Rheinmetall teljes megrendel\u00e9s\u00e1llom\u00e1nya\" class=\"wp-image-11401 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-total-backlog-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-total-backlog-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-total-backlog-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-total-backlog-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-total-backlog-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Rheinmetall_AG_RHM-total-backlog-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a Rheinmetall teljes megrendel\u00e9s\u00e1llom\u00e1nya<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Ami a Rheinmetall r\u00e9szv\u00e9ny ellen sz\u00f3l\ud83d\udd34<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcb8 <strong>A ~79x TTM P\/E be\u00e1razott t\u00f6k\u00e9letess\u00e9get v\u00e1r el.<\/strong> B\u00e1rmilyen kivitelez\u00e9si cs\u00fasz\u00e1s azonnal b\u00fcnteti az \u00e1rfolyamot. Ez t\u00f6rt\u00e9nt a Q1 2026-os jelent\u00e9s ut\u00e1n, amiben az el\u0151rejelz\u00e9seket alulm\u00fal\u00f3 bev\u00e9tel (1.94 vs. 2.3 milli\u00e1rd EUR v\u00e1rakoz\u00e1s) egyb\u0151l \u00e1rfolyames\u00e9st okozott.<\/li>\n\n\n\n<li>\u262e\ufe0f <strong>A geopolitikai kock\u00e1zat k\u00e9tir\u00e1ny\u00fa.<\/strong> Egy meglepet\u00e9sszer\u0171 t\u0171zsz\u00fcnet Ukrajna\u2013Oroszorsz\u00e1g k\u00f6z\u00f6tt r\u00f6vid t\u00e1von azonnal be\u00e1razza a keresletcs\u00f6kkent\u00e9st, m\u00e9g akkor is, ha a NATO \u00fajrak\u00e9szletez\u00e9si ig\u00e9nye hosszabb t\u00e1von fenn\u00e1ll.<\/li>\n\n\n\n<li>\ud83d\udd27 <strong>Kapacit\u00e1sb\u0151v\u00edt\u00e9s \u00e9s kivitelez\u00e9si kock\u00e1zat.<\/strong> Egyszerre t\u00f6bb orsz\u00e1gban \u00e9p\u00edt gy\u00e1rakat, integr\u00e1l felv\u00e1s\u00e1rl\u00e1sokat \u00e9s teljes\u00edti a rekordm\u00e9ret\u0171 backlogot. A projektek menedzsel\u00e9se meglehet\u0151sen nagy kih\u00edv\u00e1s, amelyre az eddigi negyed\u00e9ves cs\u00fasz\u00e1sok is felh\u00edvt\u00e1k a figyelmet.<\/li>\n\n\n\n<li>\ud83d\ude97 <strong>Az Automotive szegmens struktur\u00e1lisan zsugorodik.<\/strong> A Power Systems div\u00edzi\u00f3 le\u00e9p\u00edt\u00e9se m\u00e9g nem fejez\u0151d\u00f6tt be, \u00e9s az \u00e1tmeneti id\u0151szakban rontja a konszolid\u00e1lt marzsokat.<\/li>\n\n\n\n<li>\ud83c\udf10 <strong>Exportkorl\u00e1toz\u00e1sok \u00e9s politikai szenzitivit\u00e1s.<\/strong> Egy telefon-h\u00edv\u00e1s egy korm\u00e1nyt\u00f3l bez\u00e1rhat piacokat, ez egy olyan ipar\u00e1g, ahol a szab\u00e1lyoz\u00f3i \u00e9s geopolitikai kock\u00e1zat soha nem nulla.<\/li>\n<\/ul>\n\n\n\n<p><strong>\ud83d\udccc Gyakorlatban:<\/strong> a legnagyobb kock\u00e1zat nem a fundamentumokn\u00e1l van, a rendel\u00e9si k\u00f6nyv val\u00f3ban p\u00e1ratlan, hanem az \u00e9rt\u00e9kelts\u00e9g m\u00e1r egy ide\u00e1lis forgat\u00f3k\u00f6nyvet \u00e1raz. Nem az a k\u00e9rd\u00e9s, hogy j\u00f3 c\u00e9g-e az RHM, hanem az, hogy enn\u00e9l az \u00e1rszintn\u00e9l mekkora a biztons\u00e1gi r\u00e1hagy\u00e1s a Rheinmetall r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1ban.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"osszegzese\">\ud83d\udcdd A t\u00e9zis \u00f6sszegz\u00e9se \ud83d\udcdd<\/h2>\n\n\n\n<p>A Rheinmetall az eur\u00f3pai sz\u00e1razf\u00f6ldi v\u00e9delmi ipar megker\u00fclhetetlen neve: Lynx-t\u0151l a l\u0151szerig, l\u00e9gv\u00e9delemt\u0151l a szimul\u00e1ci\u00f3ig lefedi azt az \u00e9rt\u00e9kl\u00e1ncot, amelyre a NATO-tag\u00e1llamoknak sz\u00fcks\u00e9ge van. A 63.76 milli\u00e1rd EUR-os rendel\u00e9s\u00e1llom\u00e1ny \u00e9s a 2026-ra v\u00e1rt ~42%-os bev\u00e9teln\u00f6veked\u00e9s struktur\u00e1lis, hossz\u00fa t\u00e1v\u00fa keresletet t\u00fckr\u00f6z.<\/p>\n\n\n\n<p>A jelenlegi \u00e9rt\u00e9kelts\u00e9g (TTM P\/E ~79x, de NTM forward P\/E ~29x) ambivalens k\u00e9pet fest: az \u00e1rfolyam az 1980 EUR-os cs\u00facshoz k\u00e9pest k\u00f6zel 40%-ot korrig\u00e1lt, a Morningstar 5 csillagot ad az \u00e9rt\u00e9kelts\u00e9gre, a korrig\u00e1lt EPS-p\u00e1lya (25 \u2192 37 \u2192 55 EUR) pedig l\u00e1that\u00f3an felfel\u00e9 mutat. Aki 5\u201310 \u00e9ves id\u0151t\u00e1von gondolkodik \u00e9s elfogadja a kivitelez\u00e9si \u00e9s geopolitikai kock\u00e1zatot, annak \u00e9rdemes a figyel\u0151list\u00e1n tartani ezt a pap\u00edrt. <strong>De a piaci hangulat minden hadipari v\u00e1llalatn\u00e1l sokat nyom a latba, teh\u00e1t nem vagyok abban biztos, hogy a fundament\u00e1lis hat\u00e1s er\u0151sebb lesz a szentiment hat\u00e1sn\u00e1l.<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Ha pedig tov\u00e1bb akartok elemezni, haszn\u00e1lj\u00e1tok az iO Charts r\u00e9szv\u00e9nykeres\u0151j\u00e9t \u00e9s portf\u00f3li\u00f3 kezel\u0151j\u00e9t, amit itt \u00e9rtek el: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts<\/a>.<\/strong><\/mark><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"gyik\">\u2753Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek\u2753<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Mi\u00e9rt emelkedett annyit a Rheinmetall r\u00e9szv\u00e9ny \u00e1rfolyama az ut\u00f3bbi \u00e9vekben?<\/h3>\n\n\n\n<p>A Rheinmetall r\u00e9szv\u00e9ny k\u00f6zel 2000%-os emelked\u00e9se 2022 febru\u00e1rja \u00f3ta egyetlen mondatban \u00f6sszefoglalhat\u00f3: a c\u00e9g pont azokat a term\u00e9keket gy\u00e1rtja, l\u0151szert, p\u00e1nc\u00e9lozott j\u00e1rm\u0171vet, l\u00e9gv\u00e9delmi rendszert, amelyekb\u0151l a NATO-tag\u00e1llamok s\u00falyos hi\u00e1nyt mutattak ki az orosz\u2013ukr\u00e1n h\u00e1bor\u00fa hat\u00e1s\u00e1ra. A 63.76 milli\u00e1rd EUR-os rendel\u00e9s\u00e1llom\u00e1ny \u00e9s az \u00e9vi ~20 milli\u00e1rd EUR-os rendel\u00e9sbe\u00e1raml\u00e1s al\u00e1t\u00e1masztja, hogy ez nem \u00e1tmeneti fellend\u00fcl\u00e9s.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mit takar a Rheinmetall \u00fczleti modellje, \u00e9s mit\u0151l k\u00fcl\u00f6nleges a hadiipari r\u00e9szv\u00e9nyek k\u00f6z\u00f6tt?<\/h3>\n\n\n\n<p>A Rheinmetall a sz\u00e1razf\u00f6ldi hadvisel\u00e9s teljes vertikum\u00e1t lefedi: p\u00e1nc\u00e9los, \u00e1gy\u00fa, l\u0151szer, l\u00e9gv\u00e9delem \u00e9s kik\u00e9pz\u00e9si szimul\u00e1tor egyar\u00e1nt a portf\u00f3li\u00f3j\u00e1ban van. Ez az integr\u00e1lt &#8222;platform + l\u0151szer + kik\u00e9pz\u00e9s&#8221;&#8221;&#8221; modell a t\u00f6bbi hadiipari r\u00e9szv\u00e9nyt kibocs\u00e1t\u00f3 v\u00e1llalatt\u00f3l megk\u00fcl\u00f6nb\u00f6zteti, azok \u00e1ltal\u00e1ban egy-egy szegmensre (rep\u00fcl\u00e9s, tenger\u00e9szet, elektronika) specializ\u00e1l\u00f3dnak.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Van-e magyar vonatkoz\u00e1sa a Rheinmetall befektet\u00e9si sztorinak?<\/h3>\n\n\n\n<p>Igen, \u00e9s er\u0151sebb, mint sokan gondoln\u00e1k. A c\u00e9g t\u00f6bb hazai le\u00e1nyv\u00e1llalatot is m\u0171k\u00f6dtet: Rheinmetall Electronics Hungary Kft. (szimul\u00e1ci\u00f3s szoftver, Budapest), Rheinmetall Hungary Munitions Zrt. (l\u0151szergy\u00e1rt\u00e1s), Rheinmetall Polycharge Hungary Kft. (t\u00f6ltettechnol\u00f3gia), valamint a Rheinmetall Hungary Zrt. zalaegerszegi gy\u00e1r\u00e1ban gy\u00e1rtj\u00e1k a Lynx KF41 \u201eHi\u00faz&#8221; gyalogs\u00e1gi harcj\u00e1rm\u0171veket. A B\u00c9T-en is el\u00e9rhet\u0151 R\u00e1ba r\u00e9szv\u00e9ny (RABA.BUD) potenci\u00e1lis alv\u00e1llalkoz\u00f3i kapcsolatba ker\u00fclhet ezekkel a programokkal. A R\u00e1ba k\u00f6t\u0151d\u00e9se t\u00f6rt\u00e9nelmileg is adott: a gy\u0151ri holding kor\u00e1bban Rheinmetall MAN Military Vehicles alkatr\u00e9szeib\u0151l szerelt \u00f6ssze katonai sz\u00e1ll\u00edt\u00f3j\u00e1rm\u0171veket a Honv\u00e9ds\u00e9gnek, \u00e9s hadiipari fut\u00f3m\u0171-gy\u00e1rt\u00e1si kompetenci\u00e1ja ma is megvan, \u00edgy a 4iG v\u00e9delmi portf\u00f3li\u00f3j\u00e1ba ker\u00fcl\u0151 R\u00e1ba potenci\u00e1lis alv\u00e1llalkoz\u00f3ja lehet a Rheinmetall magyarorsz\u00e1gi programjaiban.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mennyire dr\u00e1ga jelenleg a Rheinmetall r\u00e9szv\u00e9ny?<\/h3>\n\n\n\n<p>A ~79x TTM P\/E magasnak l\u00e1tszik, de a hadiipari r\u00e9szv\u00e9nyeket hagyom\u00e1nyosan az el\u0151remutat\u00f3 rendel\u00e9s\u00e1llom\u00e1ny \u00e9s a backlog alapj\u00e1n \u00e9rt\u00e9kelik. A relev\u00e1nsabb sz\u00e1m a NTM forward P\/E ~29.46x, amely a 2026-ra v\u00e1rt ~147%-os nett\u00f3 profitn\u00f6veked\u00e9st t\u00fckr\u00f6zi. A Morningstar 2026 tavasz\u00e1n 5 csillagos (er\u0151sen alul\u00e9rt\u00e9kelt) besorol\u00e1st adott a pap\u00edrnak az ~1.200\u20131.400 EUR-os s\u00e1vban.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hogyan hatna egy orosz\u2013ukr\u00e1n t\u0171zsz\u00fcnet a Rheinmetall r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1ra?<\/h3>\n\n\n\n<p>R\u00f6vid t\u00e1von val\u00f3sz\u00edn\u0171leg gyors \u00e9s \u00e9les elad\u00e1si hull\u00e1mot v\u00e1ltana ki, mivel a piac az azonnali keresleti hat\u00e1st \u00e1razza be. Hosszabb t\u00e1von azonban az eur\u00f3pai \u00fajrafegyverkez\u00e9s nem kiz\u00e1r\u00f3lag az ukr\u00e1n h\u00e1bor\u00far\u00f3l sz\u00f3l: a NATO-tag\u00e1llamok struktur\u00e1lisan el\u00e9gtelen k\u00e9szleteinek p\u00f3tl\u00e1sa m\u00e9g tart\u00f3s t\u0171zsz\u00fcnet eset\u00e9n is \u00e9vtizedes ig\u00e9nyt jelent. A 63.76 milli\u00e1rd EUR-os backlog d\u00f6nt\u0151 r\u00e9sze korm\u00e1nyk\u00f6zi meg\u00e1llapod\u00e1son alapul\u00f3, hossz\u00fa futamidej\u0171 szerz\u0151d\u00e9s.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<p><strong><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozat (aka. disclaimer)<\/mark>:<\/em><\/strong><em> a cikkeim mag\u00e1nv\u00e9lem\u00e9nyt tartalmaznak, kiz\u00e1r\u00f3lag a saj\u00e1t \u00e9s az olvas\u00f3k\u00f6z\u00f6ns\u00e9g sz\u00f3rakoztat\u00e1s\u00e1ra \u00edrom \u0151ket.&nbsp;Az&nbsp;itt megjelen\u0151 cikkek semmilyen form\u00e1ban&nbsp;NEM&nbsp;mer\u00edtik ki a befektet\u00e9si tan\u00e1csad\u00e1s t\u00e9mak\u00f6r\u00e9t. Soha nem akartam, nem is akarok \u00e9s a j\u00f6v\u0151ben sem val\u00f3sz\u00edn\u0171, hogy fogok ilyet adni.&nbsp;Az itt le\u00edrtak kiz\u00e1r\u00f3lag inform\u00e1ci\u00f3s tartalomnak tekinthet\u0151k, \u00e9s&nbsp;NEM&nbsp;\u00e9rtelmezhet\u0151ek aj\u00e1nlatt\u00e9telnek. A v\u00e9lem\u00e9nynyilv\u00e1n\u00edt\u00e1s semmilyen form\u00e1ban&nbsp;NEM&nbsp;tekinthet\u0151 biztos\u00edt\u00e9knak p\u00e9nz\u00fcgyi instrumentumok elad\u00e1s\u00e1ra vagy v\u00e1s\u00e1rl\u00e1s\u00e1ra.&nbsp;A meghozott d\u00f6nt\u00e9seitek\u00e9rt&nbsp;KIZ\u00c1R\u00d3LAG TI&nbsp;vagytok a felel\u0151sek, ennek kock\u00e1zat\u00e1t senki m\u00e1s, \u00edgy \u00e9rtelemszer\u0171en \u00e9n sem, v\u00e1llalom magamra.<\/em><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>\ud83e\udd14 Mir\u0151l sz\u00f3l a Piaci Impulzus rovat? \ud83e\udd14 A Rheinmetall r\u00e9szv\u00e9ny \u00e1rfolyama az elm\u00falt n\u00e9gy \u00e9vben k\u00f6zel 2000%-ot emelkedett, \u00e9s most, 2026-ban kereszt\u00fat el\u0151tt \u00e1ll: az eur\u00f3pai \u00fajrafegyverkez\u00e9si hull\u00e1m messze nem \u00e9rt v\u00e9get, a c\u00e9g rendel\u00e9si \u00e1llom\u00e1nya rekordm\u00e9ret\u0171, a Rheinmetall m\u00e9gis elmaradt a negyed\u00e9ves bev\u00e9teli v\u00e1rakoz\u00e1sokt\u00f3l, az \u00e1rfolyam pedig k\u00f6zel 40%-ot korrig\u00e1lt a 2025 nyar\u00e1n [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/rheinmetall-reszveny-73-milliard-eur-os-backlog-40-arfolyam\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":11387,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[272,153,31],"tags":[395,392,129,275,74,4,115,394],"class_list":["post-11379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-impulse","category-nemet-reszvenyek","category-reszvenyelemzes","tag-hadiipar","tag-hadipar","tag-iocharts","tag-market-impulse","tag-portfolioblogger","tag-reszveny","tag-reszvenyelemzes","tag-rheinmetall"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rheinmetall r\u00e9szv\u00e9ny: 73 milli\u00e1rd EUR-os backlog, -40% \u00e1rfolyam -<\/title>\n<meta name=\"description\" content=\"A Rheinmetall r\u00e9szv\u00e9ny \u00e1rfolyama majdnem h\u00faszszorozott, az\u00f3ta viszont 40%-ot korrig\u00e1lt a hadiipari gy\u00e1rt\u00f3. 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