25.08 EUR (+81.7%)
14 analysts
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CSG N.V. is a Czech holding company that designs, manufactures, and sells land defense systems, including armored vehicles and artillery, primarily for government clients in Europe and NATO.
Listed on Euronext Ámsterdam · Symbol CSG.AS · AMS: CSG · Currency EUR
Key points
from its scores- ✓Strong growth8.0
- ✕Poor share-price trend0.3
- ✕Little or no dividend1.5
- ✕Unfavourable risk and backdrop4.5
AI analysis
bottom line, main risk, context and newsBusiness quality is high, but the lack of cash generation and poor momentum advise waiting for an improvement in financial execution before taking a position.
CSG N.V. shows exceptional profitability (ROE 44.39%, ROIC 22.12%) and revenue growth of 18.30%, but free cash flow conversion is negative (-24.57%) and momentum is very weak (-52.39% over 12 months), suggesting the market is discounting risks not captured by the fundamentals.
The inability to convert profits into free cash flow (conversion of -24.57%) is the main risk, as it may limit its investment capacity and shareholder returns in the medium term.
Context and risks
CSG N.V. is a Czech manufacturer of land defense systems, with a significant portion of its revenue dependent on demand from EU and NATO governments. The context of rising ECB rates does not materially affect its balance sheet (Net Debt/EBITDA of 1.58), but the sharp decline in momentum and its position in the 7th percentile of the 52-week range reflect market pressure that, combined with exposure to a cyclical defense sector, justifies a slight increase in risk.
Is CSG stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 44% below the Industrials median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 13.5 | 25.4 | −47% |
| EV / EBITDA | 8.5 | 14.5 | −41% |
| Price / book | 4.1 | 4.1 | +2% |
| Price / sales | 1.9 | 2.1 | −7% |
Sector: median of the 388 Industrials companies analysed. In bold, the multiples used for the comparison.
Valuation score: 6.4 out of 10 (median for Industrials: 5.0).
Average analyst target: 25.08 EUR, +81.7% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 6.9 (sector 6.4), Growth 8.0 (sector 6.6).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Industrials medianValuation
- P/E
- 13.5
- Forward P/E
- 10.1
- EV / EBITDA
- 8.5
- Price / book
- 4.1
- Price / sales
- 1.9
- Market cap
- 13.8B EUR
- Enterprise value
- 15.7B EUR
Profitability
- ROE
- 44.4%
- ROA
- 10.5%
- ROIC (approx.)
- 22.1%
- Gross margin
- 43.5%
- Operating margin
- 24.1%
- Net margin
- 13.4%
- Free cash flow
- −453.1M EUR
- FCF yield
- −3.3%
- Cash conversion
- −25%
Solvency
- Total debt
- 4.5B EUR
- Net debt
- 2.9B EUR
- Cash
- 1.6B EUR
- EBITDA
- 1.8B EUR
- Net debt / EBITDA
- 1.58
- Debt / equity
- 135.16
- Current ratio
- 2.36
- Quick ratio
- 0.95
Growth
- Revenue growth
- +18.3%
- EPS (TTM)
- 1.02 EUR
- EPS (forward)
- 1.37 EUR
Dividend
- Dividend yield
- 0.0%
- Payout
- 0.0%
Risk and market
- Analyst consensus
- Buy (14)
- Target price
- 25.08 EUR
- 52-week range
- 12.20 – 35.50
Recent news
All CSG.AS news →Compare it with its sector
All 388 in Industrials →Frequently asked questions about CSG
Is CSG stock cheap or expensive?
On P/E and EV / EBITDA, it trades 44% below the Industrials median on average. Valuation score: 6.4 out of 10 (median for Industrials: 5.0). Average analyst target: 25.08 EUR, +81.7% versus the price. This is not investment advice.
What score does CSG get on MeridIAn Screener?
It scores 5.4 out of 10, rank 1,462 of 2,130 (better than 29% of the companies analysed). Its strongest category is Growth (8.0) and its weakest, Momentum (0.3). Analysis of 08/10/2026.
What is CSG's P/E ratio?
Its P/E is 13.5: the share price equals 13.5 times earnings per share over the last 12 months. The Industrials median is 25.4. Based on the earnings analysts expect, the forward P/E is 10.1.
How much is CSG worth on the stock market?
Its market capitalisation is 13.8B EUR and its enterprise value, debt included, is 15.7B EUR.
How much debt does CSG have?
Its net debt (debt minus cash) is 2.9B EUR. That is 1.58 times its EBITDA; the Industrials median is 1.58.
Does CSG pay a dividend?
It pays no dividend, or almost none.
How has CSG stock performed over the last year?
It has fallen 58.0% over the last year, excluding dividends. Over the last 52 weeks it has traded between 12.20 and 35.50 EUR. Past performance does not guarantee future results.
What do analysts think of CSG?
14 analysts cover it; their average recommendation is “Buy” and their average target is 25.08 EUR (+81.7% versus the price). It is an estimate, not market data.