2 models fit CSG N.V. and they agree: 2 of 2 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionCSG N.V. (CSG.AS)
Fair value (2 models)
€14.25
ACCE price target
€16.60
Rating
Fairly valued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: €13.80 at the close on 23 Oct 2026, 17:30 CEST.
Models: P/E comparison and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
3.2% below
+3.3% to fair value
ACCE score
52
out of 100
P/E
13.5x
forward 10.1x
Dividend yield
0.00%
CSG N.V. in four questions
Plain answers, details below
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Overview
ACCE thesis
CSG N.V. makes the Engineering Solutions and Satellite Solutions equipment that most of Europe's defense primes buy in some form, and the ticker is listed on Euronext Amsterdam. The moat looks more like a qualification moat than a brand: once a product is designed into a military or space program, switching costs are high and revenue tends to repeat for years. Revenue growth of 18.3% is the number that matters most here, since it is coming from a business where order books are being driven by rising European defense budgets rather than a cyclical consumer end-market. The stock trades at 13.6 times trailing earnings and 10.1 times forward, a meaningful compression that implies the market expects earnings to keep rising quickly, while return on equity of 44.4% and an operating margin of 24.1% show the underlying business is highly profitable. The question for a deeper look is whether the forward multiple is pricing in a durable step-up in defense spending or whether backlog conversion can keep pace with the growth already in consensus.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Negative free cash flow
Free cash flow is $-269,749,000 despite 13.4% net margin and 18.3% revenue growth. Growth is consuming cash, so reported earnings are not converting to cash.
moderate
Elevated leverage
Debt/Equity of 3.00 is high. Combined with negative free cash flow, this limits flexibility if revenue growth slows.
moderate
Flat earnings growth
Earnings YoY is 0.0% while revenue grew 18.3%. Margins are not translating into profit growth this year.
AI research notes
AI-assisted·How I use AIWritten Oct 23, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Revenue grew 18.3% year over year in the latest interim report, a pace that most industrial peers would envy.
At a forward P/E of 11.6x against a sector median of 22.9x, the shares look cheap relative to peers.
Analysts' mean price target of EUR 25.08 sits 81.3% above the current share price, implying wide expected upside.
Why it could disappoint
Free cash flow over the last twelve months was negative at -EUR 270M, so the business is consuming cash rather than generating it.
Debt to equity of 3.00 leaves the balance sheet heavily leveraged, which limits room for error if earnings weaken.
The shares trade 3.2% below the model fair value of €14.25, and only 2 of 4 valuation models feed that figure, so confidence is limited.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
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Valuation
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Where CSG.AS's valuation models land
Price
€13.80
Model fair value
€14.25
Model range
€13.34 to €15.16
Fair value €14.25
Price €13.80
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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