Theon International Plc (THEON) Fair Value & Analysis
Industrials · NL · Market cap €2.5B
Fair value as of: Jul 15, 2026
From 26 valuation models · updated 25 days ago
Fair value updated Jul 15, 2026, revised from €15.12 to €19.69 (+30.2%) since Jun 24, 2026. Share price +11.6% over the past month.
A solid business, but screening 44% overvalued on our models.
What matters now
- The model range is unusually wide (€13.92 to €38.99). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (3 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.
How to read this chart
30‑month range €8.57 – €36.26 · fair‑value band €13.92 – €38.99 · the €35.14 price screens above the €19.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.
Analysis
Theon International Plc (THEON) currently trades at €35.14, while our model-based Fair Value estimate is €19.69, implying the stock looks roughly 44.0% overvalued today. The Quality Score stands at 54/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Theon International Plc generated revenue of €473M at a net margin of 24.7%. Revenue grew 32.2% year over year. It earns a return on equity of 35.8%. The balance sheet holds a net cash position of €127M. Fundamentals as of Jul 15, 2026
Our scenario range runs from €13.92 (bear case) to €38.99 (bull case); at €35.14, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 54% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -59% fair-value upside, at -44%, THEON screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: Growth Earnings (€47.45) versus Asset-Based (€3.44). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 67
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Theon International Plc develops and manufactures customizable night vision, thermal imaging, and electro-optical ISR systems for military and security applications in Europe and internationally.
Full company description
Theon International Plc develops and manufactures customizable night vision, thermal imaging, and electro-optical ISR systems for military and security applications in Europe and internationally. The company offers night vision, thermal imaging, and fused and augmented reality devices; and monocular, binoculars, weapon sights, clip-on devices, and platform-based imaging systems. It also provides ISR optonics; border/coastal surveillance EO systems; and vehicle driver viewers/cameras. In addition, the company offers night vision spare parts and repair parts; logistics support and test article refurbishment; and warranty and maintenance services. Theon International Plc was founded in 1997 and is headquartered in Nicosia, Cyprus. Theon International Plc is a subsidiary of Venetus Limited.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Theon International Plc reported revenue of €443M in FY2026 versus €80.6M in FY2022, a compound +53.2%/yr. Reported net income was €80.5M in FY2026, compounding +43.3%/yr from FY2022.
THEON screens 44% overvalued. Compare with General Electric Company →
Peer Group
Aerospace & Defense · 226 stocks
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.
Valuation Multiples vs Aerospace & Defense median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| General Electric Company GE | $381.22 | $116.71 | -69% |
| RTX Corporation RTX | $195.93 | $88.37 | -55% |
| Airbus SE 1AIR | €213.25 | €86.20 | -60% |
| The Boeing Company BA | $217.11 | $48.20 | -78% |
| China CSSC Holdings 600150 | ¥34.31 | ¥21.90 | -36% |
| HD Hyundai Heavy Industries Co 329180 | 466,000 KRW | 272,966 KRW | -41% |
| Hanwha Aerospace Co 012450 | 967,000 KRW | 573,468 KRW | -41% |
| ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi ASELS | 337.50 TRY | 130.70 TRY | -61% |
| Saab AB SAABB | kr 520.40 | kr 212.84 | -59% |
| Kongsberg Gruppen ASA KOG | kr 277.50 | kr 106.93 | -61% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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