(CSG) CSG - Overview
Sector: Industrials | Industry: Aerospace & Defense | Exchange: AS (Netherlands) | Market Cap: 19.580m EUR | Total Return: -43.3% in 12m
Avg Turnover: 24.8M
Rev. Trend: 99.0%
Warnings
Beneish M-Score -0.45 > -1.5 - likely earnings manipulation
Tailwinds
No distinct edge detected
CSG N.V. is a Czech Republic-based defense contractor specializing in the manufacturing and maintenance of military equipment and ammunition. The company operates across two primary segments: CSG Defence Systems, which produces land vehicles, heavy off-road trucks, large-caliber artillery ammunition (105-155mm), and aerospace electronics; and CSG Ammo +, which focuses on small-caliber ammunition for military, law enforcement, and civilian markets.
The defense sector often relies on long-term government contracts and high barriers to entry due to stringent regulatory requirements and specialized manufacturing infrastructure. CSG N.V. utilizes a global business model, leveraging joint ventures in Greece and India to secure supply chains for explosives and expand manufacturing capacity in high-growth regions.
The companys advanced systems portfolio includes specialized components such as turbojet engines for unmanned aerial vehicles (UAVs), a sub-sector currently seeing increased demand due to the modernization of global air defense strategies. Further details on these operational segments and valuation metrics are available on ValueRay.
- NATO defense spending increases drive demand for large-caliber artillery ammunition
- Global geopolitical instability accelerates orders for land systems and armored vehicles
- Small-caliber ammunition sales fluctuate based on United States civilian market demand
- Strategic joint ventures in Greece and India expand global manufacturing capacity
- Supply chain stability for explosive materials impacts production margins and delivery timelines
| Net Income: 803.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA -1.04 > 1.0 |
| NWC/Revenue: 36.83% < 20% (prev 24.11%; Δ 12.71% < -1%) |
| CFO/TA 0.06 > 3% & CFO 587.4m > Net Income 803.7m |
| Net Debt (3.48b) to EBITDA (2.39b): 1.46 < 3 |
| Current Ratio: 1.96 > 1.5 & < 3 |
| Outstanding Shares: last fiscal year (1.00b) vs prev 0.0% < -2% |
| Gross Margin: 49.82% > 18% (prev 0.50%; Δ 4.93k% > 0.5%) |
| Asset Turnover: 125.9% > 50% (prev 58.63%; Δ 67.22% > 0%) |
| Interest Coverage Ratio: 4.98 > 6 (EBITDA TTM 2.39b / Interest Expense TTM 438.3m) |
| A: 0.31 (Total Current Assets 6.15b - Total Current Liabilities 3.14b) / Total Assets 9.65b |
| B: 0.15 (Retained Earnings 1.40b / Total Assets 9.65b) |
| C: 0.34 (EBIT TTM 2.18b / Avg Total Assets 6.50b) |
| D: 0.19 (Book Value of Equity 1.48b / Total Liabilities 7.92b) |
| Altman-Z'' = 4.98 = AAA |
| DSRI: 1.40 (Receivables 1.36b/233.3m, Revenue 8.18b/1.97b) |
| GMI: 1.00 (GM 49.82% / 49.97%) |
| AQI: 0.92 (AQ_t 0.27 / AQ_t-1 0.29) |
| SGI: 4.16 (Revenue 8.18b / 1.97b) |
| TATA: 0.02 (NI 803.7m - CFO 587.4m) / TA 9.65b) |
| Beneish M = -0.45 (Cap -4..+1) = D |
As of May 26, 2026, the stock is trading at EUR 18.61 with a total of 563,028 shares traded.
Over the past week, the price has changed by +13.68%,
over one month by -6.19%,
over three months by -37.94% and
over the past year by -43.34%.
CSG has no consensus analysts rating.
P/E Trailing = 42.5652
P/S = 2.8257
P/B = 12.9901
Revenue TTM = 8.18b EUR
EBIT TTM = 2.18b EUR
EBITDA TTM = 2.39b EUR
Long Term Debt = 3.95b EUR (from longTermDebt, last quarter)
Short Term Debt = 359.6m EUR (from shortTermDebt, last quarter)
Debt = 4.31b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.48b EUR (calculated: Debt 4.31b - CCE 837.2m)
Enterprise Value = 23.1b EUR (19.6b + Debt 4.31b - CCE 837.2m)
Interest Coverage Ratio = 4.98 (Ebit TTM 2.18b / Interest Expense TTM 438.3m)
EV/FCF = 56.40x (Enterprise Value 23.1b / FCF TTM 408.8m)
FCF Yield = 1.77% (FCF TTM 408.8m / Enterprise Value 23.1b)
FCF Margin = 5.00% (FCF TTM 408.8m / Revenue TTM 8.18b)
Net Margin = 9.83% (Net Income TTM 803.7m / Revenue TTM 8.18b)
Gross Margin = 49.82% ((Revenue TTM 8.18b - Cost of Revenue TTM 4.10b) / Revenue TTM)
Gross Margin QoQ = 49.24% (prev 51.19%)
Tobins Q-Ratio = 2.39 (Enterprise Value 23.1b / Total Assets 9.65b)
Interest Expense / Debt = 10.16% (Interest Expense 438.3m / Debt 4.31b)
Taxrate = 32.48% (146.9m / 452.4m)
NOPAT = 1.47b (EBIT 2.18b * (1 - 32.48%))
Current Ratio = 1.96 (Total Current Assets 6.15b / Total Current Liabilities 3.14b)
Debt / Equity = 3.00 (Debt 4.31b / totalStockholderEquity, last quarter 1.44b)
Debt / EBITDA = 1.46 (Net Debt 3.48b / EBITDA 2.39b)
Debt / FCF = 8.50 (Net Debt 3.48b / FCF TTM 408.8m)
Total Stockholder Equity = 1.20b (last 4 quarters mean from totalStockholderEquity)
RoA = 12.37% (Net Income 803.7m / Total Assets 9.65b)
RoE = 66.85% (Net Income TTM 803.7m / Total Stockholder Equity 1.20b)
RoCE = 42.36% (EBIT 2.18b / Capital Employed (Equity 1.20b + L.T.Debt 3.95b))
RoIC = 24.46% (NOPAT 1.47b / Invested Capital 6.03b)
WACC = 2.49% (E(19.6b)/V(23.9b) * Re(1.53%) + D(4.31b)/V(23.9b) * Rd(10.16%) * (1-Tc(0.32)))
Discount Rate = 1.53% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 3.72%
Shares (yearly) Correlation: 0.0 | Cagr: 0.0%
[DCF] Terminal Value 77.97% ; FCFF base≈316.1m ; Y1≈362.4m ; Y5≈533.3m
[DCF] Fair Price = 4.55 (EV 8.03b - Net Debt 3.48b = Equity 4.55b / Shares 1.00b; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
Revenue Correlation: 98.98 | Revenue CAGR: 110.5% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=1.18 | Chg30d=+9.32% | Revisions=-20% | GrowthEPS=+0.0% | GrowthRev=+11.9%
EPS next Year (2027-12-31): EPS=1.42 | Chg30d=+0.02% | Revisions=+33% | GrowthEPS=+20.1% | GrowthRev=+16.1%
[Analyst] Revisions Ratio: +33%