Rheinmetall put out their annual presentation this month, selected highlights from a defence perspective. Home market remains signfiicant (34%) but MENA and Aus now a big slice (35%). Vehicles represent more of the backlog than revenue, with weapons/ammo bringing in the most $ 
Healthy order book and a lot of opportunites being pursued. Boxer and Lynx leading the new requirements push but dont forget the huge value of the global Leo2 fleet
Range of opportunities anticipated in Europe, East in particular remaining ripe ground for bringing Boxer into further users.
RBSL continues to be a valuable strategic move for Rheinmetall to capture UK market. MIV (secured with Boxer), potential CR2 LEP and successor MBT all high value. If WCSP were to be cancelled then Puma/Lynx would doubtless be positioned.
Whilst I doubt CR2 LEP will progress in current landscape, interesting to see a figure of 148 put against it. THe value of EUR800m to EUR1.2bn is by no means a cheap price and presents a replacement MBT buy as a tempting alternative tha tmay be a better option (Leopard 2A7?)
From a Leopard perspective continuing to develop all-new digital turret mounting 130 mm gun for delivery from 2025. Antiicpate >300 vehicles. Previous statements said this will be straight swap on Leo2 hull, very powerful upgrade and tempting for the large Leo2 user community.
Also expecting more Boxer orders, Algeria understood to be a few hundred vehicles to be manufactured locally and a number of opportunities in Eastern Europe. Boxer's success has been monumental and many users could look to it as they think about replacing older 1st gen 8x8s
Australia continues to represent a big market, moreso if they win Land 400 Phase 3 with Lynx. Don;t forget the huge value of the Land 121 trucks orders and their ongoing support revenues.
Anticipating a fair pile of further German acquisitions, including more Boxer and Puma. Other areas of the briefing point to more Boxer modules, as well as a potential Boxer SHORAD system here. /end
