Professional
Added to YB: 2026-05-07
Pitch date: 2026-05-04
CSG.AS [bearish]
CSG N.V.
-10.88%
current return
Author Info
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Company Info
CSG N.V. manufactures and sells defence products in the Czech Republic, Europe, the United States, and the Asia Pacific.
Market Cap
EUR 18.4B
Pitch Price
EUR 15.38
Price Target
N/A
Dividend
N/A
EV/EBITDA
12.35
P/E
N/A
EV/Sales
3.23
Sector
Aerospace and Defense
Category
special_situation
CSG: Why the Largest Military IPO in European History Is Combusting
CSG.AS (short): Largest EU military IPO pitched as next Rheinmetall but appears to be arms dealer marking up old ammo. In-house 155mm output estimated 100k-280k rounds vs implied 500k; 80% of €4.1B M/L ammo revenue likely from reselling depleting global stock. Key Spanish propellant plant FMG under indefinite NATO suspension. Minority shareholder w/ veto rights over 2/3 of revenue demanding €1.4B buyout (undisclosed in prospectus). €3B net debt, 3.8% op cash conversion vs €1.6B EBIT. Slovak €58B framework lacks country participation. Capex €205M vs Rheinmetall's billions. Related-party deals, political patronage, alleged Russia ties.
Read full article (41 min)