Big win in the US

Weak, but moving closer to deal signings

Particularly weak Q2, mainly due to North America. We cut '24e-'26e sales by 2-3% on the Q2 miss. Large deal signings in H2e and easy Q3 comps, reiterate BUY.

Growth hampered by lack of orders

Q2e will be weak

No order news leads us to expect a weak Q2. We cut '24e-'26e sales by 6-4%. Negative R/R into Q2e, but better outlook in H2e, partly on easy comps.

We expect to see large orders ahead

Weak Q1 amid tough comps and no order announcements, but sales to improve with US defence budget now approved. We cut '24-'26e EBIT by 3-1 on slightly higher costs: keep BUY.

Soft Q1, but more positive wording

Military spending is rising, so should revenues

Quarterly setback, future promise

-17% org. growth y-o-y in Q1e due to US Army contract in Q1'23. '24e-'26e EBIT down 3-1% on slightly higher opex. 18% sales CAGR in '23-'26e at 16x '25e EV/EBIT - BUY.

New CEO announced

Good Q4 but uncertain H1'24

Ending 2023 on a good note, but with a soft near-term outlook. We reiterate BUY, but do not see any short-term triggers.

Walks the talk: strong sequential growth

Two reasons to BUY ahead of Q4e

Q4e: Earnings strike back

Solid order activity to drive strong q-o-q improvements. We make small estimate revisions. Reiterate BUY at 9x '25e EV/EBIT.

Too large a punishment for a volatile business

Weak Q3 results on soft sales and increased opex. 2023e EBIT wiped out, while we cut '24e-'25e EBIT by 49-38%. 4C's business model is volatile - growth to return in '24e: BUY.

Q3 PW: EBIT well below cons

Lower estimates on weaker near-term outlook

Soft Q2 - as expected. '23e-'25e adj. EBIT down 28-12% on longer sales cycles. We reiterate BUY, but Q3e will not be the trigger.

Q2 in line, Defence in the limelight

Solid Q1, but softer outlook for Q2e

13% org. growth in Q1 was solid, but we cut '23e EBIT by 6% on the softer Q2e outlook. We reiterate BUY at 17x-12x '23e-'24e EV/EBIT.

Adj. EBIT +36% y-o-y on 13% org. growth

Global military spending 2022: up 4% y-o-y