Added to YB: 2026-03-25
Pitch date: 2026-01-25
THEON.AS [bullish]
Theon International Plc
+1.81%
current return
Author Info
No bio for this author
Company Info
Theon International Plc develops and manufactures customizable night vision, thermal imaging, and electro-optical ISR systems for military and security applications in Europe and internationally.
Market Cap
EUR 2.5B
Pitch Price
EUR 30.35
Price Target
101.00 (+227%)
Dividend
1.05%
EV/EBITDA
24.59
P/E
30.97
EV/Sales
6.57
Sector
Aerospace and Defense
Category
growth
THEON INTERNATIONAL PLC - $THEON.AS
THEON.AS: Greek defense co, leader in military night vision/thermal imaging w/ 50%+ EU/Asia/MENA market share. €2.4B backlog = 4x current rev. Vertically integrated via Harder Digital (60%) & Exosens (9.8%) stakes = 500-700bps gross margin expansion by 2030. New Platforms segment (tanks/UAVs) adds €100-200M annual rev. 25% EBIT margins, 50%+ rev CAGR last 5yrs. NATO 2%-to-5% GDP quota = structural tailwind. Trading 15x 2027 EPS, <10x 2029 EPS vs 20-25% sustained growth. Market pricing 15% CAGR + margin contraction despite €1.1B firm backlog securing 25% growth thru 2028. Conservative DCF: €70 base (+126%), €84 bull (+170%). 2-3x MOIC in 18-24mo.
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