Third SmG lot contributes approximately €47 million to order backlog
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) was able to announce the SmG call-off ‘2026’ somewhat sooner than we had initially expected – the Bundestag's Budget Committee had only given its approval at the beginning of December. The order gives CEOTRONICS greater planning security but does not change our medium-term sales expectations. The call-offs for a total of 50k PTT buttons for officers and soldiers (CT-MultiPTT 3C and 1C, amongst others) will have an impact on sales in the 2027 calendar year and will therefore be included in the 2026/27 and 2027/28 financial years. With a quantity of 110k units called up, the binding minimum volume (60k) has already been significantly exceeded; this underlines the German Armed Forces' ambition to provide all branches of the armed forces with high-quality SmG systems and, in our opinion, increases the likelihood that reservists and conscripts will also be equipped with these systems in a future step. Based on DCF and peer analysis, CEOTRONICS shares remain a “BUY” despite the recent rise in price.
The equal weighting of our updated DCF and peer group analyses results in a fair value of €17.92.
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.