Theon International: Noctis in Dies* (BUY - initiation of coverage)
We initiate coverage of Amsterdam-listed Greek optronics company, Theon International Plc. (Theon) with a BUY and a 12M price target (PT) of EUR 37.60/share. Established in 1997, as a local supplier for the Greek defence market, Theon has evolved into the European market leader in military grade night vision (NV) and thermal imaging (TI) technologies, under the vision of its founder, Mr. Christianos Hadjiminas. As of 1Q25, the cumulative number of Theon’s optronic systems, delivered to 71 countries, stood at 200k. The company operates six plants in five countries and has offices/subsidiaries in eight countries (including a JV with Hensoldt). In FY22-24, Theon secured c.EUR 1.3bn of new contracts, mainly in Europe and the US, thanks to the rising importance of night fighting capabilities for the world’s militaries post the Ukraine war. Going forward, as Europe’s leading supplier in the dismounted optronics segment and one of the most prominent global players, we expect Theon to benefit strongly from accelerated growth in the man-portable defence optronics market and the adjacent platform-based optronics segment, while expanding its product portfolio and geographic reach.
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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