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CSG B.V.
(CSG)
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Rating:52Neutral
Price Target:
€14.00
▼(-24.97% Downside)
Action:Reiterated
Date:10/08/26
The score is held back primarily by weak cash-flow quality and higher leverage risk in the latest financials, despite strong profitability and renewed revenue momentum. Technicals are bearish (below key moving averages with negative MACD), which further limits the score. Offsetting these, the earnings call supported confidence via reaffirmed guidance, strong backlog, and strategic progress, while valuation (P/E 24.21) is acceptable but not clearly cheap without dividend support.
Positive Factors
Revenue and Profitability
Re-accelerating revenue growth alongside sustained double-digit net margins indicates strong underlying demand and operating scale. Although margins eased from 2024, the company remains highly profitable, supporting reinvestment, resilience, and continued execution over the coming quarters.
Negative Factors
Rising Leverage
Increasing leverage reduces balance-sheet flexibility and makes the business more sensitive to refinancing conditions and interest costs. It may constrain the ability to fund capacity expansion or absorb execution setbacks, particularly while the company is also investing heavily.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profitability
Re-accelerating revenue growth alongside sustained double-digit net margins indicates strong underlying demand and operating scale. Although margins eased from 2024, the company remains highly profitable, supporting reinvestment, resilience, and continued execution over the coming quarters.
Read all positive factors
CSG B.V. (CSG) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€13.91B
Dividend YieldN/A
Average Volume (3M)835.21K
Price to Earnings (P/E)27.8
Beta (1Y)1.13
Revenue GrowthN/A
EPS GrowthN/A
CountryNL
Employees11,550
SectorGeneral
Sector StrengthN/A
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.57
Shares Outstanding1,000,000,000
10 Day Avg. Volume729,881
30 Day Avg. Volume835,207
Financial Highlights & Ratios
PEG Ratio1.56
Price to Book (P/B)17.37
Price to Sales (P/S)3.71
P/FCF Ratio-92.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€23.02Price Target Upside23.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.11
Revenue Forecast (FY)€7.54B
CSG B.V. Business Overview & Revenue Model
Company Description
Established in 1995 and headquartered in Prague, Czech Republic, CSG N.V. is a defense manufacturer and distributor operating globally, with significant presence across Europe, the United States, and the Asia-Pacific region. The company organizes ...
CSG B.V. Earnings Call Summary
Earnings Call Date:Aug 07, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong growth, record backlog, improved margins, geographic diversification and material progress on vertical integration and capacity expansion. Short-term cash flow and a deliberate net working capital build create temporary headwinds and timing risks (backloaded revenue recognition and reliance on recommissioning). Overall, strategic initiatives (U.S. expansion, Land Systems scale, ammo vertical integration) and robust H1 operating performance outweigh the near-term liquidity and timing challenges.Positive Updates
Revenue Growth
Group revenue increased 17% year-on-year to EUR 3.3 billion in H1 2026.
Negative Updates
High Net Working Capital Build
Net working capital rose to ~EUR 2.9 billion, representing ~40% of LTM revenue at end-June; management attributes this to deliberate pre-stocking for ramp-up and expects reduction to below 20% by year-end, with an estimated ~EUR 1.5 billion to be released.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Group revenue increased 17% year-on-year to EUR 3.3 billion in H1 2026.
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 guidance: revenue EUR 7.4–7.6bn, operating EBIT margin 24–25%, CapEx intensity 8.5% of revenue, net working capital below 20% of LTM revenue at year‑end and net leverage below 1.3x — with free cash flow expected to be generated mainly via a c. EUR 1.5bn release of working capital in H2. They also reiterated mid‑term targets of mid‑teens organic CAGR, operating EBIT margin 26–28% and mid‑term CapEx intensity of 4–5%. H1 context supporting the guidance: revenue EUR 3.3bn (+17% y/y), operating EBIT EUR 784m (24.1% margin), total backlog EUR 17bn (total backlog + pipeline EUR 46bn), net leverage 1.6x and cash conversion roughly 80–86%.CSG B.V. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
52
Neutral
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.73B | 6.74B | 5.18B | 1.73B | 24.93B | 14.44B |
| Gross Profit | 3.70B | 3.04B | 2.55B | 775.15M | 10.32B | 6.60B |
| EBITDA | 2.03B | 1.74B | 1.47B | 429.62M | 5.95B | 2.83B |
| Net Income | 969.58M | 694.06M | 549.26M | 174.06M | 2.97B | 1.23B |
Balance Sheet | ||||||
| Total Assets | 11.17B | 9.65B | 8.03B | 3.35B | 2.54B | 1.10B |
| Cash, Cash Equivalents and Short-Term Investments | 1.73B | 837.23M | 1.25B | 563.87M | 241.65M | 104.01M |
| Total Debt | 4.42B | 4.31B | 3.02B | 1.14B | 881.24M | 366.69M |
| Total Liabilities | 7.82B | 7.92B | 6.54B | 2.67B | 2.04B | 730.15M |
| Stockholders Equity | 3.01B | 1.44B | 1.18B | 460.44M | 316.58M | 346.50M |
Cash Flow | ||||||
| Free Cash Flow | -233.32M | -269.75M | 739.25M | 124.88M | 5.59B | 2.21B |
| Operating Cash Flow | -8.41M | -44.52M | 856.06M | 199.13M | 7.19B | 3.30B |
| Investing Cash Flow | -433.79M | -715.63M | -2.08B | -70.46M | -14.34B | -1.37B |
| Financing Cash Flow | 1.17B | 1.02B | 1.92B | 190.71M | 10.37B | -1.03B |
CSG B.V. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | €576.64B | 43.64 | 63.91% | 0.51% | 22.54% | 44.56% | |
68 Neutral | €39.96B | 37.54 | 25.91% | 0.39% | 3.11% | 104.56% | |
66 Neutral | €2.16B | 16.55 | 14.22% | 2.53% | 9.11% | 101.67% | |
58 Neutral | €13.92B | 66.62 | 46.17% | 0.91% | 21.85% | 22.85% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | €13.91B | 27.76 | ― | ― | ― | ― | |
43 Neutral | €977.52M | 246.45 | 0.68% | 1.51% | 11.82% | -51.11% |
* General Sector Average
NL:CSG
CSG B.V.
14.16
-18.69
-56.91%
NL:AMG
AMG ADVANCED METALLURGICAL GROUP NV
26.42
-6.28
-19.21%
NL:ASM
ASM International NV
824.80
279.92
51.37%
NL:ASML
ASML Holding NV
1,528.20
660.87
76.20%
NL:BESI
BE Semiconductor
174.55
29.96
20.72%
NL:TWEKA
TKH Group N.V.
53.30
17.49
48.82%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.