Analysts bullish on CSG, citing its dominant ammunition market position

CSG NV

05/03/2026 12:33

** Five brokerages take a bullish stance on CSG CSG.AS, pointing to the defence group's dominant position in the global ammunition market and a substantial order backlog as key attractions

** Analysts forecast CSG's revenue to grow mid-to-high teens CAGR through 2030 and margin to expand meaningfully, driven by vertical integration into propellants and explosives

** Jefferies sees vertical integration delivering 30-40% cost savings per round versus external sourcing, supporting around 300 bps of margin expansion in the medium/large ammunition segment

** Morgan Stanley forecasts a sevenfold increase in land vehicle deliveries by 2030 and over 500 bps of margin expansion in the ammunition division

** BNP Paribas Exane says CSG's addressable defence market could double to around 80 billion euros ($93 billion) by 2030

** Kepler Cheuvreux sees CSG well positioned to deliver profitable, cash-generative growth

** At EUR 30.88, CSG trades about 3.5% below its stock debut price of 32 euros

BROKER
RATING
PRICE TARGET
Jefferies
Buy
EUR 35
Kepler Cheuvreux
Buy
EUR 38
Exane BNP Paribas
Outperform
EUR 37
Morgan Stanley
Overweight
EUR 42
J.P. Morgan
Overweight
EUR 40

($1 = 0.8613 euros)

(Reporting by Hugo Lhomedet)

((hugo.lhomedet@thomsonreuters.com))