CSG Shares Crumble: From €3.8 Billion IPO Darling to €13.07 in Six Months
Veröffentlicht: 29.06.2026 um 20:30 Uhr, Redaktion boerse-global.de
Just six months ago, Czechoslovak Group N.V. was the toast of European defence investing. Its initial public offering in January 2026 raised €3.8 billion, and the stock changed hands at €36.05. Today, those shares fetch €13.07 — a decline of nearly 64% that has wiped out roughly two-thirds of the company’s market value and left investors nursing heavy losses on what was once considered a high-conviction sector bet.
The catalyst for the latest leg of the selloff is a report from Hunterbrook, a research shop that accused CSG of overstating its manufacturing capacity. The allegations, which the analysis firm claims undermine the group’s production credibility, landed as the broader defence sector was already losing altitude. CEO Michal Strnad publicly pushed back, insisting the company’s disclosures have been transparent. The market, however, has yet to be convinced: over the past 30 days alone, the stock has shed roughly 28%, and the seven-day decline stands at nearly 7%.
Technicians parsing the wreckage point to an RSI of roughly 33.4 — hovering just above the conventional oversold threshold of 30 — and a 30-day annualised volatility of 56.7%, a number that betrays deep uncertainty about the stock’s direction. The 50-day moving average of €16.53 sits a full 21% above the current price, a gap that typically signals the trend remains firmly bearish. On Friday, the shares plumbed a new 52-week low of €12.20 before staging a modest bounce of about 2.5% on Monday.
Should investors sell immediately? Or is it worth buying CSG?
The broader backdrop is hardly supportive. The defence sector enjoyed a blistering run as geopolitical tensions escalated in Ukraine, but whispers of a possible diplomatic resolution have clouded the long-term demand picture for military hardware. Germany’s recent decision to cancel a frigate contract has compounded the gloom, rattling even heavyweights like Rheinmetall. CSG, whose recent revenue stream has been heavily tied to Ukraine-related orders, is especially exposed to a sudden shift in sentiment.
Whether the €12.20 floor holds will depend on the company’s ability to pivot beyond the conflict. Analysts watching the stock say the next quarterly update will be pivotal: concrete numbers on order intake and production logistics could either settle the Hunterbrook debate or fuel further selling. For now, the shares are trying to catch a bid, but with the IPO euphoria long gone and a skeptical market in charge, the burden of proof rests firmly with management.
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