Rheinmetall (OTCPK:RNMBY) has a balanced business within the automotive and defense sectors. However, its defense segment has better growth prospects and a more solid business position than its automotive segment. This profile creates undervaluation because it is trickier to evaluate, leading to undervaluation compared to its closest peers. Moreover, given that synergies between the two segments dont exist, a business separation makes sense, a move that could unlock significant value for shareholders.
Company Description
Rheinmetall is an automotive, electronics, defense, and engineering group. The company is based in Germany and was founded in 1889. It produces automotive pumps and components to supply air, reduce emissions, and supply fuel, bearings for engines, weapons, and ammunitions among other products. It has a market capitalization of about $5 billion and trades in the U.S. on the over-the-counter market, but investors should be aware that its primary listing on the German Stock Exchange has much more liquidity.
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