06:21 AM EDT, 08/12/2026 (MT Newswires) -- Berenberg raised its CSG (CSG.AS) estimates after the company's first-half results showed growth in its defense systems division and a recovery in ammunition. "CSG's H1 results on 7 August revealed continued high growth in Defence Systems - c93% of group EBIT - and a welcome sequential turnaround in performance in the Ammo+ division. The stock trades on 12.7x 2027 P/E, a 40% discount to its closest peer, Rheinmetall (RHM.F). Key to narrowing this discount will be an acceleration in order intake in H2," according to a Tuesday note. As such, the research firm increased its adjusted EPS estimates for the Amsterdam-listed industrial and technology group from 2026 to 2028, reflecting higher revenue and adjusted EBIT assumptions for Ammo+ and lower net finance costs. Sales and adjusted EBIT projections were also raised across the three-year period. "The company stated that it is currently in negotiations with more than eight customers in Europe for large-calibre ammunition contracts; near-term order intake will help build backlog visibility into 2027 and beyond. We lower our price target to EUR25 [from EUR30], primarily to reflect lower peer multiples," analysts added. The stock has an unchanged buy rating.

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