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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CSG N.V.
CSG · ASThe stock costs about what our calculation considers fair.
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Price vs Fair Value
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
All 15 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
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Earlier news
- CSG enters the space sector through investment in MDA Space
- Rating Agencies Update for CSG: Moody’s Upgrades to Baa3 and Fitch Affirms BBB-
Compare CSG N.V. with another stock
Price, fair value, quality and upside side by side.
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
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
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- P/E, EV/EBITDA and margins by industry (reference tables)
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Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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 | $156.39 | $172.03 | +10% | vs CSG |
| TransDigm Group TDG | $1,217 | $1,335 | +10% | vs CSG |
| General Dynamics Corporation GD | $364.87 | $274.19 | −25% | vs CSG |
| Lockheed Martin Corporation LMT | $595.04 | $439.21 | −26% | vs CSG |
| Northrop Grumman Corporation NOC | $525.35 | $382.98 | −27% | vs CSG |
| Airbus SE AIR | €198.88 | €112.14 | −44% | vs CSG |
| RTX Corporation RTX | $198.43 | $88.19 | −56% | vs CSG |
| Rheinmetall AG RHM | €841.50 | €313.19 | −63% | vs CSG |
| General Electric Company GE | $329.45 | $92.26 | −72% | vs CSG |
| Howmet Aerospace Inc HWM | $213.56 | $52.65 | −75% | vs CSG |
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