Added to YB: 2026-05-25
Pitch date: 2026-05-21
CSG.AS [neutral]
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 18.8B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
11.67
P/E
N/A
EV/Sales
3.03
Sector
Aerospace and Defense
Category
growth
Czechoslovak Group (CSG Netherlands): a solid Q1 and early steps toward rebuilding credibility
CSG.AS (update): Q1 rev €1.54bn (+13.8% YoY), pre-PPA EBIT €372m (24.1% margin, -120bp). Defence Systems +26.5%, M/L Ammo +22% (32% margin) on 800k annualized in-house capacity (1.1M target). Ammo+ -20.5% (4.3% margin) on US civil weakness, but Q1 orders +50% late-Feb; €250M recovery targeted via pricing/demand normalization. Order book €17bn, BTB >1.5x. 2026 guide: €7.4-7.6bn rev, 24-25% EBIT margin. Mgmt addressed minority interest (€150M profit) & short-seller concerns post-40% IPO decline.
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