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Data-driven stock valuation

CSG N.V. (CSG) fair value: what the stock is really worth

As of Nov 5, 2026: fair value (intrinsic value) of CSG N.V. stock €14.58, price €13.55, upside +7.6%, quality 46 out of 100. Rating: fairly valued. Calculated from audited financials with 15 of our 26 valuation models and 37 quality factors, updated daily.

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Industrials NL · Based in Czechia · ISIN NL0015073TS8

CN CSG N.V. logo Some data Nov 4, 2026

CSG N.V.

CSG · AS
Low Priority

The stock costs about what our calculation considers fair.

Solidly profitable · 13.4% net margin (TTM)
Ranks above peers (9/12)
Revenue last quarter +18% vs. a year ago.
Fair value €14.58 · Fairly valued (+7.6%)
Quality 46/100
Wide moat 73/100 · thin data
Some data
Weak Growth (revenue 3y −35.3 %/yr in EUR)
High debt
Negative free cash flow
Downbeat coverage
⚠ Small free float

Risks from the AI analysis

🚩Minority shareholder lawsuit over subsidiaries

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€33.01 €12.35 Fair Value €14.58 Jan 2026 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

9‑month range €12.35 – €33.01 · fair‑value band €7.19 – €26.88 · the €13.55 price screens below the €14.58 fair value. As of Nov 4, 2026.

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Company profile

CSG N.V. manufactures and sells defence products in the Czech Republic, Europe, the United States, and the Asia Pacific. The company operates through CSG Defence Systems and CSG Ammo + segments.

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The CSG Defence Systems segment focuses on the production, sale, service, and maintenance of military and defence equipment to customers, including governments and private companies.

Its products include medium and large calibre ammunition (105-155mm and other artillery ammunition, as well as tank ammunition, rockets, mortar bombs and medium calibre ammunition); land systems include military-use vehicles, such as military, wheeled and tracked vehicles, heavy off-road trucks and weapon systems; Aero space and defence electronics, including military radars for land vehicles and air defence systems, surveillance radars, and systems for air traffic control; and advanced systems, focuses on turbojet engines for unmanned aerial vehicles (UAVs) and missiles.

The CSG Ammo + segment provides small calibre ammunicato products, including ammunition for pistols, revolvers, rifles and shotguns for civilian customers, law enforcement, and the military.

The company has a strategic collaboration with FNSS Savunma Sistemleri A.S. for the development of advanced armored platforms.

The company has strategic joint ventures with Hellenic Defence Systems S.A. in Greece to produce large-calibre ammunition and explosives supply security, and with partners in India to expand manufacturing capabilities and secure access to critical inputs for ammunition production.

The company was founded in 1995 and is based in Prague, the Czech Republic. CSG N.V. operates as a subsidiary of CSG FIN a.s.

Stock analysis

CSG N.V. (CSG) currently trades at €13.55, while our model-based Fair Value estimate is €14.58, so the stock looks roughly fairly valued today (gap 7.0%).

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Valuation

Bull case: the Growth Earnings group reads highest at a median of €31.77 per share, and 9 of the 15 models we run sit above the €13.55 price.

Bear case: the Economic Profit group reads lowest at €8.63, and 6 of the 15 models stay below the price. Data coverage for this calculation is medium.

Scenario range: €7.19 (bear) to €26.88 (bull), the price of €13.55 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 46/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

CSG N.V. reported revenue of €6.7B in FY2025 versus €14.4B in FY2021, a compound −17.3%/yr. Reported net income was €694M in FY2025, compounding −13.3%/yr from FY2021.

Key figures

Market cap €13.6B Large · P/E ratio 13.2 · P/S ratio 2.37 · EPS (TTM) €1.03 · Dividend yield 0.4% · Net margin 13.4% · Return on equity 44.4% · Return on assets (EBIT) 63.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 73 out of 100 (low confidence).

What moves the price

For context, the median of 10 Industrials peers we cover trades at −27% fair-value upside, at 8%, CSG screens cheaper than that median.

Fair Value models

Bear €7.19 Fair Value €14.58 Bull €26.88
Price €13.55 · Upside +7.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.8748 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EPV €7.22 €8.84 €10.26 73
EV/EBITDA €10.82 €15.35 €19.88 66
ROIC Compounder €10.83 €19.14 €26.13 65
All 15 models by family
DCF Models
Owner Earnings €7.19 €19.56 €45.53 63
Earnings-Based
Graham-Dodd €4.72 €32.91 €46.19 59
Lynch FV €17.00 €24.29 €31.58 57
PEG = 1.0 €17.00 €24.29 €31.58 54
EPV €7.22 €8.84 €10.26 73
Dividend Discount
Gordon GGM €0.3900 €0.8100 €1.28 62
DDM Multi-Stage €0.3900 €0.6800 €0.8500 63
Multiples
P/E Multiple €10.93 €14.58 €18.22 63
P/S Multiple €8.03 €10.70 €13.38 57
EV/EBIT €13.37 €18.74 €24.12 64
EV/EBITDA €10.82 €15.35 €19.88 66
EV/Revenue €3.98 €6.87 €9.76 51
Economic Profit
Residual Income €4.61 €8.63 €26.88 59
ROIC Compounder €10.83 €19.14 €26.13 65
Growth Earnings
Growth-Adj P/E €22.24 €31.77 €41.31 64

Open the full fair value analysis →

Quality Score breakdown

Overall quality 46/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 61
How much profit the company makes from its sales and capital
Quality Growth 49
Are margins and returns getting better?
Cashflow 8
Do the profits arrive as real cash?
Financial strength 31
Debt, balance sheet and risk of trouble
Investment 31
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Price momentum 20
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 3
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+30.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−35.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+63.7%
Start year 2020 (pandemic). Over 10 years: +44.1% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+44.1%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+69.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+69.0%
Dividend (yield on the price)0.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.69.0% vs 38.2%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10% → 24%
Pace: the 5-year rate starts in 2020 (pandemic)

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Earlier news

News mood ⓘNews mood, the average tone of recent news (4 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Very negative
Recent news coverage is unusually downbeat.
Note from the team Oct 30, 2026
AI conclusion: Expansion into space and autonomy via the MDA stake strengthens the defense business, yet thin public data leaves any moat unsupported alongside high leverage versus equity.
Main risk: A legal dispute with minority shareholder Petr Kratochvíl claiming exit from stakes in key subsidiaries could lead to large payouts, prolonged court proceedings or ownership instability that disrupts operations and partnerships.
Bull case: By settling the shareholder dispute on favourable terms and expanding its diversified NATO-focused order book in land systems and electronics, the company could secure long-term supply contracts and operational stability.
Bear case: If the litigation results in major liabilities or subsidiary disruptions, the company could face cash outflows, execution delays on its backlog and difficulties maintaining supplier and customer relationships.
CSG acquired a 9.5 percent stake in MDA Space in mid-October, becoming its largest shareholder while also signing a cooperation deal for adaptive autonomy and alternative navigation technologies. These steps extend the group's defense manufacturing into space and autonomy, yet the November trading update will reveal how much concrete business these initiatives actually generate. Will the new ventures deliver measurable earnings growth or remain peripheral to the established order book?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Aerospace & Defense · 241 stocks

Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 46 · Below median
Fair Value upside +7.6% · Top 25%
Profitability
Return on equity (12 months) 44.4% · Top 25%
Return on assets 9.1% · Top 25%
Net margin (12 months) 16.9% · Top 25%
Operating margin (12 months) 24.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 18.3% · Above median
Dividend yield (12 months) 0.4% · Bottom 25%
Balance sheet
Debt / equity 2.78× · Highest 25%

Valuation Multiplesvs Aerospace & Defense median · lower = cheaper

P/E (12 months) 13.2× · Cheapest 25%
P/B 9.42× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months) 2.37× · Cheaper than median
EV/EBITDA 11.4× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)43 · sector 0
FUTURE (revenue growth)92 · sector 64
PAST (return on equity)100 · sector 40
HEALTH (low debt)0 · sector 94
DIVIDEND (yield)8 · sector 18

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Weapons Defense

Similar stocks

10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Honeywell Aerospace Inc HONA $149.59 $172.03 +15% vs CSG
TransDigm Group TDG $1,189 $1,335 +12% vs CSG
General Dynamics Corporation GD $356.35 $274.19 −23% vs CSG
Lockheed Martin Corporation LMT $576.16 $439.21 −24% vs CSG
Northrop Grumman Corporation NOC $525.25 $382.98 −27% vs CSG
Airbus SE AIR €198.88 €112.14 −44% vs CSG
RTX Corporation RTX $191.88 $88.19 −54% vs CSG
Rheinmetall AG RHM €841.50 €313.19 −63% vs CSG
General Electric Company GE $314.73 $92.26 −71% vs CSG
Howmet Aerospace Inc HWM $200.90 $52.65 −74% vs CSG

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CSG N.V.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "CSG N.V. Fair Value". https://www.fairvalue-calculator.com/stock/CSG

Frequently asked questions

Is CSG N.V. (CSG) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of €14.58 versus a price of €13.55, about +8% upside (fairly valued).
What is the fair value of CSG?
Our model-based fair value for CSG N.V. is €14.58 (as of Nov 4, 2026), built from audited fundamentals. The current price: €13.55.
What is the quality score of CSG?
CSG N.V. has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CSG N.V. (CSG)?
Our model-based price target is the fair value of €14.58 (as of Nov 4, 2026) from 15 valuation models. Cautious scenario €7.19, optimistic scenario €26.88. It is a calculation from audited fundamentals, not an analyst target.
What is the CSG N.V. stock forecast for 2026?
Our models put fair value at €14.58, about +8% upside versus a price of €13.55 (fairly valued). Cautious scenario €7.19, optimistic scenario €26.88. The calculation is refreshed regularly with new filings.
What is the revenue of CSG N.V. (CSG)?
CSG N.V. reported trailing-twelve-month revenue of about €7.2B (latest available figure, as of Nov 4, 2026).
Does CSG N.V. pay a dividend?
CSG N.V. currently shows a dividend yield of 0.38% relative to its recent price (as of Nov 4, 2026).
What is the intrinsic value of CSG N.V. (CSG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CSG N.V. it is €14.58 per share (as of Nov 4, 2026), against a price of €13.55. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is CSG N.V. stock overvalued or undervalued in 2026?
As of Nov 4, 2026, CSG trades below its calculated fair value: price €13.55, fair value €14.58, a gap of about +8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CSG?
No. The price is what the market pays today (€13.55); the fair value is what the company's own numbers justify (€14.58). For CSG N.V. the two are €1.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is CSG N.V. worth?
The market values CSG N.V. at about €13.6B (market capitalisation, as of Nov 4, 2026). Per share that is €13.55; our models calculate a fair value of €14.58 per share.
What do the bullish and bearish scenarios say about CSG?
Our models span a range for CSG N.V.: cautious scenario €7.19, base €14.58, optimistic €26.88 per share (as of Nov 4, 2026, price €13.55). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CSG?
CSG N.V. trades at a price-to-earnings ratio of 13.2 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €14.58 is built from several models across several years. Other multiples: P/B 9.4, P/S 2.4, EV/EBITDA 11.4.
How solid is the balance sheet of CSG N.V. (CSG)?
Balance-sheet figures for CSG N.V. (as of Nov 4, 2026): return on equity 44.4%, debt of 2.78 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
Which stocks are comparable to CSG N.V.?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CSG N.V. stock attractive at the current price?
The data as of Nov 4, 2026: price €13.55, calculated fair value €14.58 (+8%), Quality Score 46/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CSG calculated?
We run CSG N.V. through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €14.58, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. CSG N.V. currently trades 7% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CSG N.V. (CSG)?
The closing price on Nov 5, 2026 was €13.55. Our model-based fair value is €14.58, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CSG N.V. right now?
The model range is unusually wide (€7.19 to €26.88). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Where does the earnings growth of CSG N.V. (CSG) come from?
Earnings per share at CSG N.V. grew +39.8 % a year from 2015 to 2025. Broken into its drivers: revenue per share +45.0 %, EBIT margin +1.4 %, tax rate −1.6 %, residual (interest, one-offs) −3.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of CSG N.V.

How large is the market capitalisation of CSG N.V. (CSG)?
The market capitalisation of CSG N.V. is €13.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CSG N.V. (CSG)?
The price-to-sales ratio of CSG N.V. is 2.37 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CSG N.V. (CSG)?
Earnings per share at CSG N.V. are €1.03 (price ÷ EPS = P/E 13.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CSG N.V. (CSG)?
The dividend yield of CSG N.V. is 0.4% (payout 5.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CSG N.V. (CSG)?
The net margin of CSG N.V. is 13.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CSG N.V. (CSG)?
The return on equity (ROE) of CSG N.V. is 44.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CSG N.V. (CSG)?
On an EBIT basis the return on assets of CSG N.V. is 63.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CSG N.V. (CSG)?
The operating margin of CSG N.V. is 24.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CSG N.V. (CSG)?
Revenue at CSG N.V. is growing +18.3% versus a year earlier (3y avg −35.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does CSG N.V. (CSG) generate?
The free cash flow of CSG N.V. is −€270M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does CSG N.V. (CSG) carry?
The net debt of CSG N.V. is €3.5B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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