Declared Dividend • Jun 28
Dividend increased to Kč30.00 Dividend of Kč30.00 is 100% higher than last year. Ex-date: 1st July 2026 Dividend yield will be 3.3%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 32% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 104% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 27
Colt CZ Group SE announces Annual dividend Colt CZ Group SE announced Annual dividend of CZK 30.0000 per share, ex-date on July 01, 2026 and record date on July 02, 2026. Announcement • Jun 01
Colt CZ Group SE, Annual General Meeting, Jun 26, 2026 Colt CZ Group SE, Annual General Meeting, Jun 26, 2026. Major Estimate Revision • May 28
Consensus EPS estimates fall by 47% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from Kč39.89 to Kč21.26 per share. Revenue forecast steady at Kč31.5b. Net income forecast to shrink 10% next year vs 39% growth forecast for Aerospace & Defense industry in Czech Republic . Consensus price target broadly unchanged at Kč1,096. Share price was steady at Kč1,048 over the past week. New Risk • May 22
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 67% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • May 22
First quarter 2026 earnings released: EPS: Kč8.00 (vs Kč9.28 in 1Q 2025) First quarter 2026 results: EPS: Kč8.00 (down from Kč9.28 in 1Q 2025). Revenue: Kč7.47b (up 33% from 1Q 2025). Net income: Kč437.3m (down 17% from 1Q 2025). Profit margin: 5.9% (down from 9.3% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Board Change • May 20
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Director Jan Zajic is the most experienced director on the board, commencing their role in 2020. Independent Member of the Supervisory Board Daniel Birmann was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Price Target Changed • Apr 20
Price target increased by 13% to Kč1,084 Up from Kč962, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of Kč1,102. Stock is up 62% over the past year. The company is forecast to post earnings per share of Kč39.89 for next year compared to Kč36.00 last year. Major Estimate Revision • Apr 15
Consensus EPS estimates fall by 28% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from Kč44.65 to Kč32.27. Revenue forecast unchanged from Kč31.0b at last update. Net income forecast to shrink 1.2% next year vs 32% growth forecast for Aerospace & Defense industry in Czech Republic . Consensus price target of Kč998 unchanged from last update. Share price was steady at Kč1,006 over the past week. New Risk • Mar 29
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 27
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: Kč36.00 (up from Kč21.80 in FY 2024). Revenue: Kč23.9b (up 4.6% from FY 2024). Net income: Kč2.04b (up 96% from FY 2024). Profit margin: 8.6% (up from 4.6% in FY 2024). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 33%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Price Target Changed • Feb 02
Price target increased by 10% to Kč937 Up from Kč848, the current price target is an average from 4 analysts. New target price is 13% above last closing price of Kč826. Stock is up 19% over the past year. The company posted earnings per share of Kč21.80 last year. Reported Earnings • Nov 24
Third quarter 2025 earnings released: EPS: Kč7.70 (vs Kč1.90 in 3Q 2024) Third quarter 2025 results: EPS: Kč7.70 (up from Kč1.90 in 3Q 2024). Revenue: Kč5.14b (up 2.1% from 3Q 2024). Net income: Kč407.9m (up 312% from 3Q 2024). Profit margin: 7.9% (up from 2.0% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 02
Now 20% undervalued Over the last 90 days, the stock has risen 7.9% to Kč777. The fair value is estimated to be Kč973, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Reported Earnings • Sep 19
Second quarter 2025 earnings released: EPS: Kč6.77 (vs Kč6.73 in 2Q 2024) Second quarter 2025 results: EPS: Kč6.77 (up from Kč6.73 in 2Q 2024). Revenue: Kč3.78b (down 41% from 2Q 2024). Net income: Kč395.4m (up 29% from 2Q 2024). Profit margin: 11% (up from 4.8% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Sep 17
Now 21% undervalued Over the last 90 days, the stock has risen 5.2% to Kč765. The fair value is estimated to be Kč963, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Announcement • Aug 29
Colt CZ Group SE (SEP:CZG) entered into a share purchase and sale agreement to acquire 51% stake in Synthesia Nitrocellulose, A.S. from SYNTHESIA, a.s. for an enterprise value of CZK 22 billion. Colt CZ Group SE (SEP:CZG) entered into a share purchase and sale agreement to acquire 51% stake in Synthesia Nitrocellulose, A.S. from SYNTHESIA, a.s. for an enterprise value of CZK 22 billion on August 28, 2025. A cash consideration will be paid by Colt CZ Group SE. The purchase price will be paid through a combination of cash and the issuance of new common shares of Colt CZ, which will represent approximately 40% of the purchase price. The total transaction price is CZK 22 billion based on enterprise value, corresponding to approximately an 8.2x multiple of the expected 2025 EBITDA. Colt CZ will acquire a 51% stake now, with the remaining 49% to follow under already agreed terms in the medium term. Upon completion of the transaction, Kaprain will become the third largest shareholder of Colt CZ. Synthesia, a.s. will remain the owner of the remaining shares of SNC. In connection with the transaction, Colt CZ Group has also agreed to acquire the energy division of Synthesia, a.s.
The transaction will be settled after the conditions precedent are met, in particular regulatory approvals by authorities in various countries, which is expected no later than in the first quarter of 2026. Declared Dividend • Jun 29
Dividend reduced to Kč15.00 Dividend of Kč15.00 is 50% lower than last year. Ex-date: 3rd July 2025 Payment date: 4th October 2025 Dividend yield will be 2.1%, which is higher than the industry average of 1.6%. Payout Ratios Payout ratio: 63%. Cash payout ratio: 26%. Announcement • Jun 27
Colt CZ Group SE announces Annual dividend, payable on October 04, 2025 Colt CZ Group SE announced Annual dividend of CZK 15.0000 per share payable on October 04, 2025, ex-date on July 03, 2025 and record date on July 04, 2025. Announcement • May 30
Colt CZ Group SE, Annual General Meeting, Jul 02, 2025 Colt CZ Group SE, Annual General Meeting, Jul 02, 2025. Reported Earnings • May 04
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: Kč22.00 (down from Kč57.60 in FY 2023). Revenue: Kč22.7b (up 51% from FY 2023). Net income: Kč1.04b (down 49% from FY 2023). Profit margin: 4.6% (down from 14% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 57%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Mar 28
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: Kč22.00 (down from Kč57.60 in FY 2023). Revenue: Kč22.9b (up 52% from FY 2023). Net income: Kč1.04b (down 49% from FY 2023). Profit margin: 4.6% (down from 14% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 57%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Nov 24
Third quarter 2024 earnings released: EPS: Kč1.95 (vs Kč14.01 in 3Q 2023) Third quarter 2024 results: EPS: Kč1.95 (down from Kč14.01 in 3Q 2023). Revenue: Kč5.11b (up 66% from 3Q 2023). Net income: Kč99.0m (down 80% from 3Q 2023). Profit margin: 1.9% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 24
Price target increased by 11% to Kč862 Up from Kč780, the current price target is an average from 4 analysts. New target price is 34% above last closing price of Kč645. Stock is up 17% over the past year. The company is forecast to post earnings per share of Kč40.01 for next year compared to Kč57.60 last year. New Risk • Sep 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.1% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.8% net profit margin). New Risk • Sep 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.8% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.1% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risks Dividend is not well covered by cash flows (264% cash payout ratio). Profit margins are more than 30% lower than last year (8.8% net profit margin). New Risk • Sep 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 53% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.1% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risk Large one-off items impacting financial results. Announcement • Jun 25
Colt CZ Group SE, Annual General Meeting, Jun 27, 2024 Colt CZ Group SE, Annual General Meeting, Jun 27, 2024. New Risk • Jun 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.1% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Reported Earnings • May 26
First quarter 2024 earnings released: EPS: Kč8,000 (vs Kč16.99 in 1Q 2023) First quarter 2024 results: EPS: Kč8,000. Revenue: Kč3.73b (up 22% from 1Q 2023). Net income: Kč303.3m (down 48% from 1Q 2023). Profit margin: 8.1% (down from 19% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Announcement • May 18
Colt CZ Group SE (SEP:CZG) completed the acquisition of Sellier & Bellot JSC from Cbc Europe S.à R.L. for $703 million. Colt CZ Group SE (SEP:CZG) executed an agreement to acquire Sellier & Bellot JSC from Cbc Europe S.à R.L. on December 18, 2023. Colt CZ shall acquire 100% of shares of Sellier & Bellot for the combination of the cash consideration in the amount of $350 million and a new issue of Colt CZ common stock leading to a 27–28% CBC’s stake in the share capital of Colt CZ Group post transaction. The acquisition will be financed through a combination of the Company's existing cash resources and debt financing. The transaction is subject to regulatory approval in various countries and is expected to close in the first half of 2024. Colt CZ Group SE (SEP:CZG) completed the acquisition of Sellier & Bellot JSC from Cbc Europe S.à R.L. for $703 million on May 16, 2024. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: Kč58.00 (vs Kč59.53 in FY 2022) Full year 2023 results: EPS: Kč58.00. Revenue: Kč15.1b (up 2.3% from FY 2022). Net income: Kč2.04b (flat on FY 2022). Profit margin: 14% (in line with FY 2022). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Aerospace & Defense industry in Europe. Announcement • Dec 19
Colt CZ Group SE (SEP:CZG) executed an agreement to acquire Sellier & Bellot JSC from Cbc Europe S.à R.L. Colt CZ Group SE (SEP:CZG) executed an agreement to acquire Sellier & Bellot JSC from Cbc Europe S.à R.L. on December 18, 2023. Colt CZ shall acquire 100% of shares of Sellier & Bellot for the combination of the cash consideration in the amount of $350 million and a new issue of Colt CZ common stock leading to a 27–28% CBC’s stake in the share capital of Colt CZ Group post transaction. The acquisition will be financed through a combination of the Company's existing cash resources and debt financing. The transaction is subject to regulatory approval in various countries and is expected to close in the first half of 2024. New Risk • Nov 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Announcement • Nov 24
Colt CZ Group SE (SEP:CZG) submits an unsolicited proposal to acquire remaining 97.6% stake in Vista Outdoor Inc. (NYSE:VSTO) from Ceska Zbrojovka Partners SE, Leima Equity Two A.S., René Holecek, Jan Drahota and others for approximately $1.7 billion. Colt CZ Group SE (SEP:CZG) submits an unsolicited proposal to acquire remaining 97.6% stake in Vista Outdoor Inc. (NYSE:VSTO) from Ceska Zbrojovka Partners SE, Leima Equity Two A.S., René Holecek, Jan Drahota and others for approximately $1.7 billion on November 22, 2023. Pursuant to the acquisition, which Colt CZ and Vista Outdoor would be combined in a cash and stock transaction that Colt CZ states would attribute a value of $30 to each share of Vista Outdoor common stock. The transaction include a $900 million share repurchase to be executed following closing of the proposed transaction. Vista Outdoor’s Board of Directors has not made any determination with respect to the Colt CZ Proposal. Vista Outdoor’s Board of Directors will carefully review the Colt CZ Proposal, in accordance with its fiduciary duties and its obligations under the existing merger agreement with CSG, in consultation with its financial and legal advisors. New Risk • Oct 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (288% cash payout ratio). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Reported Earnings • Sep 20
Second quarter 2023 earnings released: EPS: Kč13.05 (vs Kč16.42 in 2Q 2022) Second quarter 2023 results: EPS: Kč13.05 (down from Kč16.42 in 2Q 2022). Revenue: Kč3.95b (up 12% from 2Q 2022). Net income: Kč458.3m (down 18% from 2Q 2022). Profit margin: 12% (down from 16% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Aerospace & Defense industry in Europe. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risks High level of debt (42% net debt to equity). Dividend is not well covered by cash flows (144% cash payout ratio). Announcement • Jun 29
Colt CZ Group SE (SEP:CZG) acquired swissAA Holding AG. Colt CZ Group SE (SEP:CZG) acquired swissAA Holding AG on June 28, 2023. The acquisition was financed from the Company's existing cash resources, including recent bond issue.Colt CZ Group SE (SEP:CZG) completed the acquisition of swissAA Holding AG on June 28, 2023. Price Target Changed • Jan 06
Price target increased to Kč712 Up from Kč630, the current price target is an average from 4 analysts. New target price is 27% above last closing price of Kč561. Stock is up 11% over the past year. The company is forecast to post earnings per share of Kč48.00 for next year compared to Kč22.73 last year. Board Change • Nov 16
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Chairman of the Board & President Jan Drahota is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Sep 28
Second quarter 2022 earnings released: EPS: Kč16.86 (vs Kč9.36 in 2Q 2021) Second quarter 2022 results: EPS: Kč16.86 (up from Kč9.36 in 2Q 2021). Revenue: Kč3.58b (up 29% from 2Q 2021). Net income: Kč560.0m (up 81% from 2Q 2021). Profit margin: 16% (up from 11% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Aerospace & Defense industry in Europe. Price Target Changed • Apr 27
Price target increased to Kč621 Up from Kč413, the current price target is an average from 3 analysts. New target price is 6.2% above last closing price of Kč585. Stock is up 58% over the past year. Board Change • Apr 27
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 3 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Vice-Chairman of the Board of Directors Alice Poluchova is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 28
Full year 2021 earnings released Full year 2021 results: Revenue: Kč10.8b (up 56% from FY 2020). Net income: Kč760.0m (up 13% from FY 2020). Profit margin: 7.0% (down from 9.7% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 22%, compared to a 13% growth forecast for the industry in Europe. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 21% share price gain to Kč626, the stock trades at a trailing P/E ratio of 19.2x. Average forward P/E is 22x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 66% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Kč1,069 per share. Announcement • Feb 25
Investors Reportedly Line Up for Ruag's Ammunition Division Four investors are said to be vying to acquire RUAG Ammotec AG, the ammunition subsidiary of Swiss state-owned defence group RUAG International Holding AG, newspaper Neue Zuercher Zeitung has reported. The deadline for the submission of offers was on February 18, 2022 and the four suitors that are reportedly interested in the business include Italy's Beretta Holding S.A., Czech group CZECHOSLOVAK GROUP a.s., Norway's Nammo AS, and CZG - Ceská zbrojovka Group SE (SEP:CZG) in partnership with former Gurit Chief Rudolf Hadorn and three other Swiss investors, the paper said. Ammotec's value is estimated at up to CHF 400 million ($435.01m/€383.47m). Reported Earnings • Nov 27
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: EPS: Kč9.69 (up from Kč3.06 in 3Q 2020). Revenue: Kč2.94b (up 80% from 3Q 2020). Net income: Kč315.8m (up 246% from 3Q 2020). Profit margin: 11% (up from 5.6% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.7%. Over the next year, revenue is forecast to grow 31%, compared to a 10.0% growth forecast for the industry in Europe. Reported Earnings • Sep 30
Second quarter 2021 earnings released: EPS Kč9.00 (vs Kč15.11 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: Kč2.76b (up 26% from 2Q 2020). Net income: Kč309.1m (down 30% from 2Q 2020). Profit margin: 11% (down from 20% in 2Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • May 30
First quarter 2021 earnings released: EPS Kč8.00 (vs Kč2.00 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: Kč2.06b (up 62% from 1Q 2020). Net income: Kč275.6m (up Kč334.8m from 1Q 2020). Profit margin: 13% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Announcement • May 25
CZG - Ceská zbrojovka Group SE (SEP:CZG) completed the acquisition of Colt Defense LLC CZG - Ceská zbrojovka Group SE (SEP:CZG) agreed to acquire Colt Defense LLC for approximately $260 million on February 11, 2021. Under the terms, CZG shall acquire a 100% stake in Colt for upfront cash consideration of $220 million and the issuance of 1,098,620 shares of newly issued CZG common stock. The agreement also provides for potential earnout consideration of up to 1,098,620 shares of newly issued CZG common stock if defined EBITDA thresholds are achieved in years 2021 - 2023. Transaction includes acquisition of Colt’s Manufacturing Company LLC as well as its Canadian subsidiary, Colt Canada Corporation. The acquisition is to be financed from the CZG's existing cash resources, including recent IPO proceeds, and from the contemplated bond issuance. The combined group will have revenues in excess of $500 million and presents a real small arms powerhouse. The transaction is subject to regulatory approval but is anticipated to close in the second quarter of 2021.
CZG - Ceská zbrojovka Group SE (SEP:CZG) completed the acquisition of Colt Defense LLC on May 24, 2021. As of May 24, 2021, the transaction has secured all necessary regulatory approvals from the U.S. and Canadian authorities for the transaction. Reported Earnings • Apr 02
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: Kč6.99b (up 15% from FY 2019). Net income: Kč676.6m (down 7.1% from FY 2019). Profit margin: 9.7% (down from 12% in FY 2019). The decrease in margin was driven by higher expenses. Announcement • Feb 13
CZG - Ceská zbrojovka Group SE (SEP:CZG) agreed to acquire Colt Defense LLC for approximately $ 260 million. CZG - Ceská zbrojovka Group SE (SEP:CZG) agreed to acquire Colt Defense LLC for approximately $260 million on February 11, 2021. Under the terms, CZG shall acquire a 100% stake in Colt for upfront cash consideration of $220 million and the issuance of 1,098,620 shares of newly issued CZG common stock. The agreement also provides for potential earnout consideration of up to 1,098,620 shares of newly issued CZG common stock if defined EBITDA thresholds are achieved in years 2021 - 2023. Transaction includes acquisition of Colt’s Manufacturing Company LLC as well as its Canadian subsidiary, Colt Canada Corporation. The acquisition is to be financed from the CZG's existing cash resources, including recent IPO proceeds, and from the contemplated bond issuance. The combined group will have revenues in excess of $500 million and presents a real small arms powerhouse. The transaction is subject to regulatory approval but is anticipated to close in the second quarter of 2021. Is New 90 Day High Low • Feb 12
New 90-day high: Kč372 The company is up 32% from its price of Kč282 on 13 November 2020. The Czech market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Aerospace & Defense industry, which is up 3.0% over the same period. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 20% share price gain to Kč356, the stock is trading at a trailing P/E ratio of 16.1x, up from the previous P/E ratio of 13.4x. This compares to an average P/E of 22x in the Aerospace & Defense industry in Europe. Is New 90 Day High Low • Jan 08
New 90-day high: Kč300 The company is up 3.0% from its price of Kč290 on 09 October 2020. The Czech market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is up 24% over the same period. Reported Earnings • Nov 26
Third quarter 2020 earnings released: EPS Kč3.15 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: Kč1.63b (up 4.5% from 3Q 2019). Net income: Kč91.2m (up 75% from 3Q 2019). Profit margin: 5.6% (up from 3.3% in 3Q 2019). The increase in margin was driven by higher revenue. 
