It looks ok. I can't say I've ever seen one before but they aren't the most desireable in terms of collecting so the chances that anyone would've gone to the trouble of faking such a badge must be very slim. I had a quick search on the net and Lauer appear to be the only maker of these badges.
I think it's a warmblood badge, members of which bred European type horses for equestrian activities as opposed to working strains (coldblood) and Arabian strains (hotblood).
Looking for LDO marked EK2s and items relating to U-406.....
Thank you for your input Adrian.
They are rather nice looking and well detailed.
"It's not getting any smarter out there. You have to come to terms with stupidity & make it work for you."
I love the look of this badge. It does have very nice detail to it I agree Rudy.