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

We calculate from audited financials what CSG N.V. is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · NL · ISIN NL0015073TS8

CN Some data Sep 18, 2026

CSG N.V.

CSG · AS

Low PriorityFair Value upside is limited and quality is weak.

·Fair value €14.18 · Fairly valued (−7%)
!Quality 46/100
!Weak Growth (revenue 5y +63.7 %/yr)
✓Solidly profitable · 12.1% net margin (TTM)
!Moderate debt · negative free cash flow
✓Ranks above peers (9/13)
✓Wide moat 74/100
!Insider activity 45/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range €7.49 to €31.58
!Weak on valuation: 24 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

€33.01 €12.35 Fair Value €14.18 Jan 2026 Sep 2026

White line = price, green steps = our fair value per fiscal year. As of Sep 18, 2026.

How to read this chart

8‑month range €12.35 – €33.01 · fair‑value band €7.49 – €31.58 · the €15.21 price screens above the €14.18 fair value. As of Sep 18, 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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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. 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 €15.21, while our model-based Fair Value estimate is €14.18, implying the stock looks roughly 7.3% fairly valued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of €31.77 per share, and 8 of the 17 models we run sit above the €15.21 price.

Bear case: the Multiples group reads lowest at €11.80, and 9 of the 17 models stay below the price. Evidence for this calculation is medium.

Scenario range: €7.49 (bear) to €31.58 (bull), the price of €15.21 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 €15.2B · P/E ratio 46.1 · P/S ratio 4.75 · EPS (TTM) €0.3300 · Dividend yield 0.3% · Net margin 10.3% · Return on equity 41.8% · Return on assets (EBIT) 63.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).

What moves the price

The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.

The share trades about 57% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −29% fair-value upside, at −7%, CSG screens cheaper than that median.

Fair Value models

Bear €7.49 Fair Value €14.18 Bull €31.58
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.3182 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. Evidence ⓘEvidence = 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.
Highest evidence
EPV €10.95 €12.99 €14.78 74
EV/EBITDA €15.80 €21.50 €27.21 67
EV/EBIT €19.01 €25.78 €32.55 66
All 17 models by family
DCF Models
Owner Earnings €8.59 €21.20 €47.69 65
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 €10.95 €12.99 €14.78 74
Dividend Discount
Gordon GGM €0.4900 €1.02 €1.61 62
DDM Multi-Stage €0.4900 €0.8600 €1.07 63
Multiples
P/E Multiple €10.93 €14.58 €18.22 63
P/S Multiple €8.85 €11.80 €14.75 58
P/B Multiple €4.86 €6.48 €8.10 55
EV/EBIT €19.01 €25.78 €32.55 66
EV/EBITDA €15.80 €21.50 €27.21 67
EV/Revenue €7.19 €10.83 €14.47 53
Asset-Based
NCAV (Graham) €0.7200 €0.9600 €1.44 54
Economic Profit
Residual Income €7.49 €14.18 €415.10 59
ROIC Compounder €14.23 €21.86 €31.85 66
Growth Earnings
Growth-Adj P/E €22.24 €31.77 €41.31 64

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Quality Score breakdown

Overall quality 46/100

Of which business quality 42 · Market factors (momentum, volatility) 18

Profitability 61
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 30
Balance sheet, leverage, solvency risk
Investment 31
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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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%
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 3 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 3 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. Basis: EBIT basis.
−23.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−23.3%
Dividend (yield on the price)0.3%
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%

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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 · 232 stocks

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 46 · Below median
Fair Value upside −12% · Above median
Profitability
Return on equity (TTM) 42% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 12% · Above median
Operating margin (TTM) 24% · Top 25%
Growth and dividend
Revenue growth 13% · Above median
Dividend yield (TTM) 0.3% · Bottom 25%
Balance sheet
Debt / equity 1.49× · Highest 25%

Valuation Multiplesvs Aerospace & Defense median · lower = cheaper

P/E (TTM) 46.1× · Pricier than median
P/B 10.97× · Priciest 25%
P/S (TTM) 2.28× · Cheaper than median
EV/EBITDA 9.5× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)24 · sector 0
FUTURE (revenue growth)64 · sector 46
PAST (return on equity)100 · sector 36
HEALTH (low debt)26 · sector 93
DIVIDEND (yield)6 · sector 17

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

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Airbus SE AIR €199.50 €114.43 −43%
Lockheed Martin Corporation LMT $533.46 $419.01 −21%
Howmet Aerospace Inc HWM $224.67 $50.43 −78%
General Dynamics Corporation GD $358.60 $274.32 −24%
Northrop Grumman Corporation NOC $530.78 $356.59 −33%
TransDigm Group TDG $1,085 $1,138 +5%
L3Harris Technologies, Inc LHX $249.66 $274.63 +10%
Thales S.A HO €240.90 €171.13 −29%

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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 Sep 18, 2026, our model estimates a fair value of €14.18 versus a price of €15.21, about −7% upside (fairly valued).
What is the fair value of CSG?
Our model-based fair value for CSG N.V. is €14.18 (as of Sep 18, 2026), built from audited fundamentals. The current price: €15.21.
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 €14.18 (as of Sep 18, 2026) from 17 valuation models. Cautious scenario €7.49, optimistic scenario €31.58. 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 €14.18, about −7% upside versus a price of €15.21 (fairly valued). Cautious scenario €7.49, optimistic scenario €31.58. 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 €6.9B (latest available figure, as of Sep 18, 2026).
Does CSG N.V. pay a dividend?
CSG N.V. currently shows a dividend yield of about 0.30% relative to its recent price (as of Sep 18, 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 €14.18 per share (as of Sep 18, 2026), against a price of €15.21. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is CSG N.V. stock overvalued or undervalued in 2026?
As of Sep 18, 2026, CSG trades above its calculated fair value: price €15.21, fair value €14.18, a gap of about −7% (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 (€15.21); the fair value is what the company's own numbers justify (€14.18). 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 €15.2B (market capitalisation, as of Sep 18, 2026). Per share that is €15.21; our models calculate a fair value of €14.18 per share.
What do the bullish and bearish scenarios say about CSG?
Our models span a range for CSG N.V.: cautious scenario €7.49, base €14.18, optimistic €31.58 per share (as of Sep 18, 2026, price €15.21). 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 46.1 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €14.18 is built from several models across several years. Other multiples: P/B 11.0, P/S 2.3, EV/EBITDA 9.5.
How solid is the balance sheet of CSG N.V. (CSG)?
Balance-sheet figures for CSG N.V. (as of Sep 18, 2026): return on equity 41.8%, debt of 1.49 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is CSG from its 52-week high?
CSG N.V. trades at €15.21, about 57% below its 52-week high of €35.50 and 12% above the low of €13.62 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of €14.18 is for.
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 Sep 18, 2026: price €15.21, calculated fair value €14.18 (−7%), Quality Score 46/100, from 17 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 17 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 €14.18, 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 16.1 % above its aggregate fair value. CSG N.V. itself currently trades above fair value. 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 Sep 21, 2026 was €15.21. Our model-based fair value is €14.18, about −7% 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 (€7.49 to €31.58). 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.

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 €15.2B. 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 4.75 (P/E × margin). 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 €0.3300 (price ÷ EPS = P/E 46.1). 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 0.3% (payout 13.6%). 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 10.3% (fiscal year 2025). 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 41.8% (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 24.2% (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 +12.7% 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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