H1 with strong growth and margin improvement – Third SmG lot arrived after the cut-off date
Note regarding MiFID II: This research report has been prepared by order of the issuer based on a contractual agreement and is being compensated for by the issuer. The research report has simultaneously been made publicly available to all interested persons. Hence, the receipt of this research report is to be regarded as a permitted insignificant non-monetary benefit according to § 64 para 7 sentence 2 No. 1 and 2 of the German Securities Trading Act (WpHG).CEOTRONICS AG (ISIN DE0005407407, Basic Board, CEK GY) has confirmed the preliminary KPIs (including revenue of €34.2 million: +61.6%) in its 2025/26 half-year report; H1 EBITDA (€6.77 million; +193.6%) and H1 EBIT (€5.81 million; +287.1%) showed strong scaling. The efficiency of production is also reflected in sales per employee, which rose by 51.1%. With regard to the order backlog (€39.6 million; -43.9%), the figure as of 30 November 2025 does not show the full picture, as the third SmG lot was not awarded until two weeks after the balance sheet date. The order backlog as of 16 January 2026 (€75.8 million; +13.3%) provides an indication of the financial volume of the order (50k SmG units). CEOTRONICS' structural growth remains intact, and sales are becoming more international – with a P/E ratio of around 24 (2025/26e), CEOTRONICS remains favourably priced compared to other defence sector stocks.
The equal weighting of our updated DCF and peer group analyses results in a fair value of €19.10.
Ceotronics is a holding company. Co. through its subsidiaries produces standard and custom-made electronic communication systems for ambient conditions. Co.'s products include headsets and communication systems for connecting to analog, digital radios and digital mini radio networks. Co.'s products for audio, video and data communication are used in industrial applications, by the military, at airports and emergency services applications. Fire crews, civil defense and other rescue services use Co.'s technology in the form of helmet or mask communication systems, headsets for two-way radios, mobile intercom systems, speaker/microphone systems and digital noise reduction technology.
Since 2007, BankM AG (Frankfurt am Main, Germany) is the partner of small and medium-sized enterprises and specializing in capital market financing with its experienced, interdisciplinary team. SME customers benefit from individual service and rapid access to selected investors that fit their needs. BankM's services include capital market advisory, arranging IPOs and capital increases for equity financing, debt advisory and debt capital mediation, designated sponsoring and research as well as M&A, hereby specializing in the identification of suitable strategic partners in China.
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