Professional
Added to YB: 2026-05-21
Pitch date: 2026-05-18
CSG.AS [bearish]
CSG N.V.
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 16.4B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
11.19
P/E
N/A
EV/Sales
2.93
Sector
Aerospace and Defense
Category
special_situation
CSG: The Indonesia Problem
CSG.AS (short): $2.8B in 'Southeast Asian' contracts likely all Indonesia via single intermediary Republikorp (Norman Joesoef, son of ex-ambassador to Slovakia). CSG paid €17.9M to reacquire 24% stake in subsidiary from Singapore consultant Irwan Bin Omar (linked to Republikorp) 3yrs after selling for €410K. Past deals marred by alleged $55M kickback scandal on canceled $792M jet deal. Indonesia business ~20% of total backlog, ~50% of non-ammo backlog, raising concentration risk.
Read full article (12 min)