Added to YB: 2026-09-16
Pitch date: 2026-09-13
THEON.AS [bullish]
Theon International Plc
-3.05%
current return
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 2.4B
Pitch Price
EUR 31.50
Price Target
43.00 (+37%)
Dividend
0.98%
EV/EBITDA
20.49
P/E
19.16
EV/Sales
5.25
Sector
Aerospace and Defense
Category
growth
Theon International Plc - H1 2026 Earnings Update
THEON.AS: The €43 target is 34.4% above €32. H1 revenue rose 35.4% to €248.7m, cash conversion recovered to 83.2%, and FY26 guidance moved to approximately €600m of revenue with adjusted EBIT margin above 26%. A €325m five-year facility finances HGH and Merio, while post-HGH leverage is expected to peak near 3.0x. Reported net income included a €37.2m unrealized Exosens gain, while board-representation and further ownership plans were paused.
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