Original-Research: CEOTRONICS AG (von NuWays AG): BUY - T-Online
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INVISIO's 22%. SmG-related orders of c. EUR 103m have turned a longstanding
Bundeswehr relationship into business at scale. CT-ComLink helps protect
radios and headsets evolve. Backlog of EUR 77.6m covers 1.4x annual sales, the
strongest coverage among its direct peers. The next stage of growth comes at
The next SmG order alone could exceed last year's sales. Our base case is a
single call-off of the remaining 81k systems within the next six months. At
EUR 58-76m (eNuW), this would exceed FY 25/26 sales of EUR 56.3m and support
deliveries into FY 30/31, before any programme expansion. Phased call-offs
equipment needs. Its 191k systems broadly match today's active force.
additional requirements. Germany is already ordering for a larger force:
across other categories of personal equipment. We expect an expanded SmG
additional soldiers or reservists (total order potential: c. 644,000
The Bundeswehr is also a reference that travels. International sales grew at
a 41% CAGR from FY 23/24 to FY 25/26 to EUR 12.3m, nearly doubling in two
years. Broad Bundeswehr deployment should strengthen CEOTRONICS' credentials
in further European tenders. Its growing presence in air defence highlights
aircraft. The opportunity is expanding across both customers and
The valuation has room to catch up. At c. 7x EV/EBIT, CEOTRONICS trades
against 17x for INVISIO and 12x for Savox (2027e; eNuW calculated). Our
forecasts imply 13.5% annual EBIT growth to EUR 12m by FY 28/29. Strong order
A soft H1 could provide a misleading first impression. While H1 results are
SmG deliveries should drive a stronger H2. In fact, the FY 26/27 net profit
guidance looks conservative: our EUR 6.8m estimate is c. 10% above guidance of
EUR 6.2m, despite allowances for relocation and ramp-up costs. The
non-recurrence of last year's impairment charges provides further support.
INITIATE with BUY, with a PT of EUR 17, based on DCF.
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