Colt CZ Group SE: enter Synthesia Nitrocellulose (stays BUY)
Following Colt CZ’s (COLT) preliminary FY25 earnings release and recent CMD, we update our valuation model and earnings forecasts, reflecting the company’s recent entry into the energetics market via the acquisition of a 51% controlling stake in Synthesia Nitrocellullose (NCL). Our updated 12M price target (PT) of CZK 1,445/share is now 55% higher, reflecting the highly cash-generative nature of NCL (operating with fully booked capacity until 2030, via lucrative “take-or pay” contracts) and our higher target valuation multiples, reflecting COLT’s growing exposure (post the NCL deal and consecutive military firearms contract wins over the past year) to the defence space. We maintain our BUY on the stock.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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