$HAG (+0,25%)
$RHM (+1,4%) detached from any chart and fundamental analysis...

Ukraine is far from getting what it needs to win the war. The security situation for Germany/EU/Nato will continue to deteriorate over the next few years. In order to change the situation positively, considerably more weapons (including sensor technology etc.) would have to be supplied, which would lead to greater demand, as armaments technology does not have to be put out to tender throughout Europe, the majority of German orders will go to German companies.

If not enough weapons are supplied, Ukraine will lose further regions and in the medium term the security situation for Germany/EU/Nato will deteriorate, which will lead to increased investment in armaments. Contracts still do not have to be put out to tender across Europe, which means that the majority of German money will go to German companies.

There is hardly a scenario in which arms spending will not continue to rise. Even the death of Putin would not be synonymous with peace. There are also "uncertainty multipliers" such as a possible Trump election victory, which could make further arms spending necessary.

Ultimately, only a much better equipped NATO will lead to an improved security situation (better deterrence), which would then lead to a decline in arms spending in the future.

As the willingness of countries in NATO to spend more decreases proportionally with the distance to Russia's area of interest, Germany will (have to) make a much larger contribution in future, even if it is not a direct neighbor to Russia's area of interest, due to its historical political and ultimately also geographical responsibility.

I therefore see great potential in German armaments in the short/medium and long term.

In my view, there is also no need for an ethical discussion on this occasion.

How do you see the outlook for German defense stocks? Gladly in general or also specifically....