Why the new Astroscale agreement matters for OHB
OHB (XTRA:OHB) just signed a Memorandum of Understanding with Astroscale Holdings that targets joint work in space security, space domain awareness, and in-orbit servicing across Europe, the UK, and Japan.
The arrangement gives both partners a framework to identify future projects that rely on satellite engineering, mission operations, and space situational awareness, as demand for resilient and secure orbital infrastructure continues to build.
Despite the new Astroscale agreement, OHB's share price has been volatile, with a 7 day share price return down 14.6% but a 30 day share price return up 21.2%. Total shareholder return over the past year is 95.8% and roughly 4x over five years, so momentum has been choppy in the short term but very strong over longer horizons.
Scan other space and defense players riding similar demand for secure orbital infrastructure with our curated list of list of solid balance sheet and fundamentals (192 results) .
After a rapid rerating, fuelled by a 1 year total return of 95.8%, together with a new Astroscale tie up and an indicated intrinsic discount, does OHB still offer an attractive skew for fresh capital or has the easy money already been made?
Most Popular Narrative: 38% Undervalued
On the latest Simply Wall St narrative, OHB's fair value of €307 sits well above the current share price of €191.2, which puts the recent Astroscale agreement into a wider story about capacity, contracts, and capital spending.
Expansion of manufacturing capacity in Sweden and Saxony, including the new OHB Sweden facility and the TechniSat Vogtland acquisition, enables serial satellite production and more sovereign supply chains in Germany. This should structurally lower unit costs and support margin improvement as volumes scale.
See why 11 investors see OHB as 38% undervalued .
Result: Fair Value of €307 (UNDERVALUED)
Still, the OHB story can crack if European space budgets lose momentum, or if heavy capacity investments meet slower contract awards and underused facilities.
Find out about the key risks to this OHB narrative .
Another View: What OHB's High P/E Is Telling You
That €307 fair value and 26% intrinsic discount frame OHB as undervalued on cash flow and analyst forecasts. The P/E picture looks very different. The shares trade on 90.6x earnings versus 30.4x for the European Aerospace & Defense group and a fair ratio of 42.2x, which suggests a lot has to go right for today's price to hold. Is that a risk level you are comfortable underwriting?
To see how this valuation gap might close, and what the earnings profile would need to look like, See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
Mixed signals around OHB can either sharpen your thinking or blur it, so act while the details are fresh and carefully review the full picture for yourself with 4 key rewards and 1 important warning sign .
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This article is general in nature and was produced with the assistance of AI automation, based on data and analysis from Simply Wall St. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include OHB.DE .
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