(BFM Stock Exchange) – The design office specializing in average values has initiated its coverage with a recommendation for “purchase” on the group of amplification technologies for the night vision for military use. Exonosens should continue to benefit from a very favorable rising phase in the equipment cycle and modernization of armies in Europe, according to TP ICAP Midcap.
Increased more than 70% since the start of the year, Exoseens found itself in the fire of the ramp, so much so that the group joined the SBF 120 at the end of March, the second index of the Parisian square, less than a year after its IPO.
Like other companies widely exposed to the Defense sector, the specialist in image intensifying image tubes for the military twins of night vision, benefited from the multiple advertisements of military budgets in Europe.
TP ICAP MIDCAP appreciates the profile of the neo-fensional of the SBF 120. In a sectoral note published this Friday, April 4, the design office specializing in average capitalizations started its follow-up with a recommendation for purchase, with a price target of 40 euros on the file. This target grants an increase potential of 21% compared to the closing courses on Thursday evening.
On the Paris Stock Exchange, Exonosens does not take advantage of this mark of confidence of the design office. Its title restores 3% around 2:40 p.m., while the Parisian market is sounded by the trade war looming between the United States and its business partners.
Opportunities
“Standard of fact in the intensifying image tubes for the military twins of night vision, EXOSENS should continue to benefit from a very favorable rising phase in the cycle of equipment and modernization of armies in Europe”, appreciates Veneta Nikolova, the analyst from TP ICAP MIDCAP in charge of monitoring this value.
The analyst anticipates many opportunities in Europe, but also in the United States and elsewhere. It provides average turnover of turnover of 13.1% per year over the period 2024-2028, thanks to the rise in contracts with Theon-Hensoldt (“Occar”) for the German and Belgian armies and potentially other European countries, Elbit for the British army, Thales for France, Senop for Finland, and many others. TP ICAP Midcap has also identified opportunities also in the United States but also in the Middle East and in Asia at Middle Long Term.
A margin that should resist in the event of a cycle reversal
According to the design office, the exploitation margin (EBITDA) already very high (30% in 2024) of exosens should improve marginally, but relatively well resistant in the event of a cycle reversal.
In early March, the group had unveiled 2024 results greater than its projections announced during its IPO.
The 2025 prospects presented by exoseens had also been praised by the market. The specialist in electro-optical detection and imaging technologies anticipates “solid performance” for the current year.
It expects growth in its turnover at the top of a range between 15% and 20% and growth in its gross operating surplus adjusted at the bottom of the range ranging from 20% to 25% compared to 2024.
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