Industries
Defense Technology
All research in Defense Technology — 2 reports.
47/100
Kongsberg Gruppen: A Genuine Defense Franchise Priced for a Decade of Perfect Execution
Kongsberg Gruppen is Norway's post-spin defense and ocean-space technology group, having demerged Kongsberg Maritime in April 2026 to focus on air-defense and missile systems alongside a smaller Discovery segment. The core tension is between a genuinely strong business, a record NOK 152.0 billion backlog with disciplined framework-agreement accounting, and a stock priced at roughly 9.1x trailing sales and about 70x trailing earnings that already assumes years of near-flawless execution toward management's bold 2029/2033 revenue targets. Rating Watch: a real defense franchise, but today's NOK 328.1 price leaves little margin of safety, with expected annualized returns ranging from about -17% to +6% across scenarios.
41/100
AeroVironment (AVAV) Zen Horizon Research Report
AeroVironment is a core U.S. supplier of loitering munitions (Switchblade) and small drones (Puma/Raven), positioned directly in the strongest defense tailwind of this cycle: drone dominance. The central thesis is that a first-rate franchise is meeting a costly integration stumble after the $4.1 billion all-stock BlueHalo acquisition, with the Q3 revenue miss, gross margin compression from 38% to 24%, a $151 million space goodwill impairment, lowered full-year guidance, a GAAP loss, and securities class-action litigation all surfacing at once. Rating Watch: a durable compounder in a powerful market, but the better entry point is after integration stabilizes or below $175.