--- title: "CSG (ENXTAM:CSG) Valuation Check After Record Southeast Asia Air Defense Contracts" type: "News" locale: "en" url: "https://longbridge.com/en/news/282614828.md" description: "CSG (ENXTAM:CSG) has secured record contracts worth nearly US$2.5 billion for air defense systems in Southeast Asia, despite a recent weak share price momentum. The company’s share price is around €22.56, significantly below the analyst target of €35.40, indicating it may be undervalued. CSG's fair value is estimated at €55, driven by strong revenue and net income growth. However, risks include potential drops in Ukraine-related orders and defense budget pressures. Investors are encouraged to review key risks and rewards before making decisions." datetime: "2026-04-14T02:07:59.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282614828.md) - [en](https://longbridge.com/en/news/282614828.md) - [zh-HK](https://longbridge.com/zh-HK/news/282614828.md) --- # CSG (ENXTAM:CSG) Valuation Check After Record Southeast Asia Air Defense Contracts CSG (ENXTAM:CSG) is in focus after its Excalibur International unit agreed record contracts worth nearly US$2.5b to supply multi layer air defense systems to customers in Southeast Asia. See our latest analysis for CSG. Despite the Excalibur International contracts, CSG’s recent momentum has been weak, with a 7 day share price return of 9.56% and a 30 day share price return of 18.63%, contributing to a year to date share price return of 31.34% at around €22.56. If you are looking beyond CSG for other defence related infrastructure ideas, this could be a good moment to check out 30 power grid technology and infrastructure stocks With revenue growth at 13.26%, net income growth at 21.74% and the share price trading around €22.56 versus an analyst target of €35.40, is CSG offering a value opportunity, or is the market already pricing in future growth? ## Most Popular Narrative: 59% Undervalued CSG’s narrative fair value of €55 sits well above the last close at €22.56, which puts a spotlight on what might be driving such a large gap. > _CSG is often compared to Rheinmetall, the German and European leader in armaments. The latter company manufactures a wide range of military equipment for land, air, and sea, as well as defense digitization and heavy ammunition. https://www.rheinmetall.com/en/ products/overview. CSG manufactures a range of armored vehicles and location technology, but above all, it is a world leader in the production of small-caliber and heavy 155 mm ammunition for cannons https://defence.czechoslovakgroup.com/en. Ammunition is a highly valued commodity because European NATO countries already had empty warehouses before the war in Ukraine and now export a significant part of their production to Ukraine. Due to legislative restrictions and environmental regulations, it is not easy to open new production lines for gunpowder and other explosive chemicals in Europe or to increase production capacity (Rheinmetall managed to do both in 2025, but this is an exception)._ Read the complete narrative. Want to see what kind of earnings profile and profit multiple justify that higher fair value, according to Marek\_Trnka? The narrative leans on ambitious profitability and a premium valuation framework that goes well beyond current pricing. **Result: Fair Value of €55 (UNDERVALUED)** Have a read of the narrative in full and understand what's behind the forecasts. However, this hinges on continued ammunition demand and current margins. A sharp drop in Ukraine related orders or pressure on defence budgets could easily challenge that thesis. Find out about the key risks to this CSG narrative. ## Next Steps With such a strong split between risks and rewards in this story, it makes sense to check the data yourself and move quickly to shape your own view by reviewing the 4 key rewards and 3 important warning signs. ## Looking for more investment ideas? If CSG has caught your attention, do not stop here. Use the screener to uncover other stocks with strong fundamentals, reliable cash flows and distinctive potential. - Target companies that combine quality and attractive pricing by running a search through 226 high quality undervalued stocks. - Focus on stability and capital strength by scanning for firms using the solid balance sheet and fundamentals stocks screener (389 results). - Spot companies that the market may be overlooking by checking the screener containing 574 high quality undiscovered gems. _This article by Simply Wall St is general in nature. **We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.** It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._ ### **New:** AI Stock Screener & Alerts Our new AI Stock Screener scans the market every day to uncover opportunities. • Dividend Powerhouses (3%+ Yield) • Undervalued Small Caps with Insider Buying • High growth Tech and AI Companies Or build your own from over 50 metrics. Explore Now for Free ### Related Stocks - [CSGS.US](https://longbridge.com/en/quote/CSGS.US.md) ## Related News & Research - [06:30 ETCSG Positioned as the Leader in the SPARK Matrix™: Configure, Price & Quote Application, Telecommunication, 2026 by QKS Group](https://longbridge.com/en/news/293598566.md) - [Bitcoin Buying System: $64,000. 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