Czech defence group CSG in talks to acquire stake in tank-maker KNDS; subsidiary Tatra showcases civilian fire trucks (ad-hoc-news.de)

• CSG confirmed in early talks to acquire stake in KNDS, maker of Leopard and Puma.
• Tatra Trucks, a CSG subsidiary, exhibits civilian fire trucks at Hannover Messe.
• CSG stock down 49% from IPO high; analysts see 87% upside potential.

"Czech defence conglomerate CSG is in early-stage discussions to buy into KNDS, the German-French joint venture behind Leopard and Puma armoured vehicles. Simultaneously, CSG subsidiary Tatra Trucks displayed civilian fire-fighting vehicles at Hannover Messe, highlighting a dual-use strategy. CSG's stock fell 4% on the day and is down 49% from its January IPO price. Analysts maintain a Buy rating with a median target of €32.45, implying 87% upside. CSG reported Q1 revenue of €1.54 billion, up 13.8% YoY, and a €17 billion order backlog. The company expects 2026 revenue of €7.4-7.6 billion with an adjusted EBIT margin of 24-25%."