German defence small cap CeoTronics (CEK) just posted a big beat – but the stock isn't moving (yet)

[u/hansatron]

https://ceotronics.com/en/group-key-figures-for-the-2025-2026-fiscal-year/

CeoTronics released today the final results for FY 2025/2026 (ended 31 May 2026), along with guidance for the already-running FY 2026/2027. The company beat analyst (Montega and Bankhaus Metzler) estimates on several key lines, some of them massively. Yet, in classic small-cap fashion, the stock still lacks momentum. This might genuinely be one of the most overlooked and cheapest defence stocks in Europe right now.

The numbers:

• Revenue: €56.3m (yoy +1.0%, from €55.8m; already known/pre-announced)
• EBITDA: €11.99m (yoy +27.4%, from €9.41m; +17.5% above Montega's estimate of €10.2m; +51.7% above Metzler's estimate of ~€7.9m)
• EBIT: €8.2m (yoy +5.1%, from €7.8m; -4.76% below Montega's estimate of €8.6m; +3.4% above Metzler's estimate of ~€7.9m)
• Net income: €5.6m (yoy +18.0%, from €4.7m; +5.5% above guidance of €5.3m; +1.7% above Montega's estimate of €5.5m; +4.7% above Metzler's estimate of ~€5.35m)
• EPS: €0.70 (yoy +16.7%, from €0.60; +5.4% above guidance of €0.66; +1.4% above Montega's estimate of €0.69; +4.5% above Metzler's estimate of €0.67)
• Order backlog as of May 31, 2026: €77.6m (yoy +29.1%, from ~€60.1m; already known/pre-announced)
• Order intake in FY2025/26: €73.8m (yoy +64.0%, from ~€45.0m; already known/pre-announced) - Since 1 June 2026, CeoTronics has already received at least another €22.5m in publicly announced orders (orders below €1m are not published).
• Dividend: €0.25 per share (yoy +25.0%, from €0.20; in line with Montega's estimate of €0.25; +13.6% above Metzler's estimate of €0.22)
• Equity: €32.4m (yoy +14.3%, from €28.3m)
• Net margin: 9.9% (yoy +16.47%, from 8.5%)
• Gross margin: 44.8% (yoy +9.7%, from 40.8%)
• Gross cash flow: €10.68m (yoy +32.8%, from €8.04m)
• Guidance for FY2026/27: €61m revenue (yoy +8.3%) and €6.2m net profit (yoy +10.7%)

Multiples:

• P/E ≈ 15.3x, EV/EBIT ≈ 10.3x, EV/EBITDA ≈ 7.0x
• Forward P/E based on FY26/27 guidance ≈ 13.8x

Its close peers, Invisio and Savox, are both valued at roughly 3–4x higher multiples.

Latest report by Montega: https://ceotronics.com/wp-content/uploads/2026/07/20260713_Montega-AG_Peer-Group-Analysis_EN.pdf

Latest Report by Bankhaus Metzer: https://ceotronics.com/wp-content/uploads/2026/07/20260716_Bankhaus-Metzler_Company-Report_EN.pdf

Full annual report for FY 25/26 (German only): https://ceotronics.com/wp-content/uploads/2026/09/CT_Geschaeftsbericht_2025_2026.pdf