Share revaluation underway, a further major order received
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's (ISIN DE0005407407, Basic Board, CEK GY) share price has risen significantly in recent days/weeks. The initial trigger was the forecast increase on April 8, 2025, and in our view the capital market has also revalued the CEOTRONICS share for several reasons (see below). The latest major order, which has a volume of at least €13.5m, should further fuel the euphoria, as the customer could be a European NATO partner, given the products to be supplied (including the CT-MultiPTT C3 ‘FührungsPTT’). This would reinforce our view that the major order from the German Armed Forces is a flagship project whose appeal will open doors for other NATO partners. With a 2024/25 EV/Sales of 2.6, the share has closed the gap to peers that develop and produce communication equipment for NATO armies - Bittium (2025e: 2.8) and Invisio (2025e: 8.5).
The equal weighting of our updated DCF and peer group analysis results in a fair value of € 13.89. With the current share price exceeding our Fair Value by 6.8%, our recommendation reads “Hold”.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.