OHB offers rare pure-play exposure to Europe’s sovereign space buildout, but its premium valuation leaves little room for launch delays, cash burn, or competitive disruption.
Overview
OHB SE is Europe’s largest independent pure-play space systems integrator, serving ESA, national agencies, defense ministries, and commercial operators through Space Systems, Access to Space, and Digital divisions. It builds satellites, scientific payloads, Ariane 6 structures, micro-launch systems, and downstream space software. Its independence differentiates it from diversified defense primes, reducing supplier conflicts and enabling flexible mission architecture. OHB benefits from sovereign demand, complex mission expertise, and modular, cost-effective satellite platforms across European institutional space infrastructure.