CSG N.V. combines a €17 billion defense backlog, vertical ammunition integration, and 14% growth potential with a depressed 13.0x forward P/E.
Overview
Czechoslovak Group (CSG) is a diversified European defense manufacturer headquartered in Prague and listed on Euronext Amsterdam in January 2026 after raising €3.8 billion in the largest defense IPO on record. It operates 39 facilities across nine countries and serves sovereign defense customers and tier-one aerospace partners in more than 70 countries. Approximately 65% of sales come from NATO members and 27% from Ukraine-related supply lines. **The investment case combines unusually strong visibility with vertical control of critical energetic inputs**, evidenced by a €17 billion backlog and €27 billion pipeline. Q1 2026 revenue rose 13.8% year on year to €1,544 million, operating EBIT increased 8.7% to €372 million at a 24.1% margin, and net income jumped 83% to €299 million. Management reaffirmed 2026 revenue guidance of €7.4–€7.6 billion and a 24–25% operating EBIT margin. The shares trade around €14.71 and at a reported 13.0x forward P/E, versus analyst targets ranging from €25 to €34 and an average of approximately €31.05. Near-term catalysts are capacity additions, Iowa execution, and a planned 2027 dividend.