Rheinmetall has hosted an impressive CMD with strong long-term prospects. It has now finally disposed of its Piston unit and can focus on its core Defense activities and some niche EV applications. NATO budgets are still ramping up and ammunition has become a scarce commodity in the current war. Rheinmetall has decided to grow externally to accelerate the ramp up of production, which should enable it to benefit fully from the strong current momentum.