CSG’s €17 Billion Backlog and New Air Defense System Can’t Halt the Slide Near Lows
23.06.2026 - 06:01:31 | boerse-global.de
The Czechoslovak Group (CSG) has been busy. It just unveiled a modular air-defense system called Trident, signed a partnership with a Ukrainian firm, and secured a place in two STOXX indices. The order book swelled to €17 billion by the end of March. Yet the stock is trading at 14.01 euros — barely a stone’s throw from its all-time low of 13.65 euros and more than 60% below the 36.05-euro peak reached shortly after its January IPO.
The disconnect between the company’s operational heft and its stock-market performance has become striking. Over the past 30 days alone, the shares have shed roughly 25% of their value. The 50-day moving average stands at 17.41 euros, nearly 20% above the current price, while the relative strength index has sunk to around 33.7–34 — deep into oversold territory. Annualized volatility of about 56% underlines the persistent nervousness among traders.
On the ground, CSG’s momentum is hard to miss. At the Eurosatory defense fair, it showcased Trident, a modular system designed to intercept drones, cruise missiles, and aircraft using short-, medium-, and long-range interceptors, alongside guns and electronic-warfare kit. Meanwhile, its subsidiary AviaNera Technologies struck a cooperation deal with Ukrainian Armor LLC to develop propulsion systems for missiles and unmanned platforms, folding Ukrainian engineering know-how into its European manufacturing network.
Should investors sell immediately? Or is it worth buying CSG?
The financial numbers back up the narrative. First-quarter revenue rose nearly 14% to €1.54 billion, with operating profit hitting €372 million. The board confirmed its full-year guidance, targeting revenue of up to €7.6 billion. Annual munitions output is set to climb to 1.1 million units, with in-house production growing 20%. A new long-range ammunition line in Slovakia will add roughly 70,000 extra units per year.
Investor sentiment remains immune to these catalysts. The stock’s inclusion in the STOXX Europe 600 Optimised Cyclicals and its reclassification into the Industrial Goods & Services segment should have improved visibility among institutional buyers. Instead, the shares have continued to drift lower, staying well below the 50-day line and the €25 IPO price. The only near-term event that could break the spell is the half-year results, due on 7 August. The quiet period begins on 8 July, and analysts will be watching closely to see whether the enormous backlog — equal to more than two years of sales at the guided midpoint — translates into cash flow and whether the margins that doubled in the first quarter are sustainable. Until then, the market seems content to wait.
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