Rheinmetall has become the popular way to play the European rearmament trend. Perhaps too popular. Following a 23% increase in a week, Rheinmetall’s market capitalization has now risen above that of any other European pure-play military contractor,

Since the start of the war in Ukraine, the company moved quickly to meet Europe’s growing need for military spending.

Rheinmetall AG is projecting sales at its main defense business will grow as much as 40% this year as Europe ramps up spending on the military.