H1 revenue grows to €34.2 million (+61.5%), Budget Committee approves third SMG lot
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) recently announced its preliminary H1 figures. These do not yet include the third batch of the large SMG (speaker sets with hearing protection) order, as this was only approved by the German Bundestag's Budget Committee on 3 December 2025. The final order from the German Armed Forces has not yet been placed, and there is no official information on the size of the order, although well-informed sources (hartpunkt.de) are reporting 50k units (which would be higher than previous batch sizes). European defence stocks have recently come under some pressure, which is reflected in the slight decline in peer ratings. However, with a 2025/26 EV/sales ratio of 2.0, CEOTRONICS remains attractively priced for a company with a high share in defence.
The equal weighting of our updated DCF and peer group analysis results in a fair value of €17.66.
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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