$CSG.NV (Czechoslovak Group)
Position unchanged at 1.43% of the portfolio.
CSG just took an undisclosed minority stake in Canada's North Vector Dynamics, valued above $90 million.
NVD builds the CM-70, a compact precision interceptor for drones, ITAR-free and NATO-compatible, and already runs a four-year Canadian defence contract worth up to CAD 4.6 million.
CSG brings manufacturing scale, radar and command systems, Tatra platforms and global reach to the table.
Whether this feeds into Trident is still unconfirmed.
The numbers behind the hold still look good. H1 revenue came in at €3.251 billion, up 17.2%, and backlog plus pipeline grew to €46 billion. Valuation sits around 17x forward earnings, below the European defence average.
The weak spot is cash flow.
Pre-tax operating cash flow was negative €411 million and leverage rose to 1.6x.
Stake size and CM-70 unit costs are still undisclosed.
I'm not adding after this rally for now.
Dividend yield is 0% today, and the 30-40% payout planned for 2027 is a target, not a promise... ✌️😎... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
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