Original-Research: CEOTRONICS AG (von NuWays AG): BUY - T-Online

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INVISIO's 22%. SmG-related orders of c. EUR 103m have turned a longstanding

Bundeswehr relationship into business at scale. CT-ComLink helps protect

radios and headsets evolve. Backlog of EUR 77.6m covers 1.4x annual sales, the

strongest coverage among its direct peers. The next stage of growth comes at

The next SmG order alone could exceed last year's sales. Our base case is a

single call-off of the remaining 81k systems within the next six months. At

EUR 58-76m (eNuW), this would exceed FY 25/26 sales of EUR 56.3m and support

deliveries into FY 30/31, before any programme expansion. Phased call-offs

equipment needs. Its 191k systems broadly match today's active force.

additional requirements. Germany is already ordering for a larger force:

across other categories of personal equipment. We expect an expanded SmG

additional soldiers or reservists (total order potential: c. 644,000

The Bundeswehr is also a reference that travels. International sales grew at

a 41% CAGR from FY 23/24 to FY 25/26 to EUR 12.3m, nearly doubling in two

years. Broad Bundeswehr deployment should strengthen CEOTRONICS' credentials

in further European tenders. Its growing presence in air defence highlights

aircraft. The opportunity is expanding across both customers and

The valuation has room to catch up. At c. 7x EV/EBIT, CEOTRONICS trades

against 17x for INVISIO and 12x for Savox (2027e; eNuW calculated). Our

forecasts imply 13.5% annual EBIT growth to EUR 12m by FY 28/29. Strong order

A soft H1 could provide a misleading first impression. While H1 results are

SmG deliveries should drive a stronger H2. In fact, the FY 26/27 net profit

guidance looks conservative: our EUR 6.8m estimate is c. 10% above guidance of

EUR 6.2m, despite allowances for relocation and ramp-up costs. The

non-recurrence of last year's impairment charges provides further support.

INITIATE with BUY, with a PT of EUR 17, based on DCF.

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