(BFM Stock Exchange) – The German bank initiated the coverage of the title to be preserved with a price target at 45 euros, as part of a sectoral note devoted to groups specializing in night vision systems.

Like other companies widely exposed to the Defense sector, Exosens benefited from the multiple advertisements of military budgets in Europe.

This results in contract gains for society. Monday, September 29, the specialist in image intensifying tubes for the military twins of night vision still announced a “major” order from the Spanish army.

These flourishing perspectives have caused a title flight, which takes more than 120% this year.

In a note published this Wednesday, October 1, Deutsche Bank explains that the European Night Vision Goggles market (night vision glasses) should become, by 2027, the most important in the world, because the penetration of products in the European Union will increase compared to the current level of 30% (against 100% in the United States), under the leadership of Germany.

A buoyant market

The German bank quotes Exosens and Theon, a Greek group listed in Amsterdam, as the best “placed to take advantage of this recovery”. The French group is at the origin of 70% of the supply of image intensifying tubes in Europe, while Theon holds approximately 50% of a European market fragmented by night vision glasses.

“Production capacity constraints in Europe and export restrictions in the United States also contribute to the medium-term organic growth in the turnover of these two companies, which should reach 13 % to 15 %”, explains Deutsche Bank.

Regarding exoseens, the financial intermediary notes that the action is currently negotiating at around 16 times the corporate value ratio on EBIT (operating profit) expected for 2027 against an average of 20 times for its peers, and this “despite a margin of EBIT and higher growth” ,.

However, he started monitoring the group to be preserved with a course target, of 45 euros, judging the “properly valued” file and not seeing a short -term catalyst for action.

On the Paris Stock Exchange, the exose title increased by 1.3% to 43.75 euros around 3:50 p.m., after losing up to 2.55% at the start of the session. Since the beginning of the year, the exossens action has climbed 123.4%.

For the design office, “the next step” will depend “on any sign indicating new investment expenditure needs linked to demand beyond 2026, and an improvement in demand on industrial markets, especially in the life sciences sector”.

“Due to growing concerns about the global demand caused by customs duties, we believe that investors will have to wait several quarters before seeing a positive increase in out -of -defense activity,” adds Deutsche Bank, who prefers Theon, whose coverage she has started with a target of 40 euros.

The German establishment believes that the Hellenic company, due to the expansion of its activities on high growth optronic platforms, offers more potential. It sees its operating profit increase by 23% per year on average over the next three years.