Tank Builder’s Stock Hotter Than LVMH in New European Order
This article is for subscribers only.
A rush by European governments to boost military spending has unleashed a rally in defense stocks so strong that they’re now as richly valued as the region’s high-flying luxury names.
Shares in German tanks and ammunition producer Rheinmetall AG have jumped more than 90% this year. That’s pushed its valuation multiple to a record, somewhere between Dior owner LVMH and Birkin bag maker Hermès International SCA.