Added to YB: 2026-06-22
Pitch date: 2026-06-18
THEON.AS [neutral]
Theon International Plc
Author Info
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Company Info
Theon International Plc develops and manufactures customizable night vision, thermal imaging, and electro-optical ISR systems for military and security applications in Europe and internationally.
Market Cap
EUR 2.7B
Pitch Price
N/A
Price Target
N/A
Dividend
0.90%
EV/EBITDA
21.62
P/E
21.11
EV/Sales
5.40
Sector
Aerospace and Defense
Category
special_situation
Theon International (THEON Netherlands): Acquisition of HGH
THEON.AS (update): Entered exclusive talks w/ Carlyle to buy 100% of HGH (counter-drone SPYNEL sensors/CYCLOPE software, ITAR-free) for ~€300m via bridge financing, no equity. HGH: €40m rev 2025e, ~30% growth, 40%+ EBITDA margins, €70m order book, mid-SD EPS accretion by FY27. Synergies cut multiple to ~10x EBITDA in 2-3yrs. Risk: pro forma net debt/EBITDA >2.5x, modest near-term uplift vs leverage. Deepens France presence post-Exosens/Merio.
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