Live News • Jun 16
Theon International Stock Rises on Planned Drone Sensor Joint Venture With Safran Theon International and Safran Electronics & Defense signed a Memorandum of Understanding to form a joint venture focused on airborne electro-optical and infrared systems for unmanned aerial vehicles. The planned joint venture will develop next-generation optronic solutions, including small gimbals, intended for broad use across different drone platforms. The partnership combines Safran’s experience in ISR and electro-optical systems with Theon International’s sensor and electro-optical technology capabilities to target defense and security market demand.
This collaboration positions Theon International closer to demand for drone-mounted electro-optical systems, with a product set designed to be platform agnostic and suitable for large-scale deployment.
Investors may want to watch how the joint venture structure, funding requirements and commercialization timeline are defined, as these details can affect margins, capital needs and the pace at which any benefits might show up in reported results. Declared Dividend • Jun 08
Dividend reduced to €0.31 Dividend of €0.31 is 8.8% lower than last year. Ex-date: 18th June 2026 Payment date: 26th June 2026 Dividend yield will be 1.0%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (27% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 23% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 05
Theon International plc Approves Dividend for Financial Year 2025, Payable on 26 June 2026 Theon International Plc in its AGM held on June 4, 2026 approved declaration of dividend of €0.31 per share for the year 2025. Total Amount is €24,373,639.95. Ex-dividend Date is 18 June 2026. Record Date is 19 June 2026. Payment Date is 26 June 2026. Live News • Jun 03
Theon International Reports €42 Million in Orders With Options for Further €27 Million Theon International reported new orders of about €42 million so far in Q2 2026, with a further €27 million in related options.
Most of the contracts are for Kappa Optronics' Vehicle Awareness Systems, to be installed on several hundred armored vehicles in an EU country.
The vehicle program is funded through the EU SAFE mechanism and supports Theon's push into platform-based solutions as part of its revenue diversification efforts.
These orders highlight growing traction for Theon in the platform-based segment, which can help reduce reliance on any single product line or customer group.
Investors may want to track how many of the €27 million in options are eventually exercised and how consistently similar EU-funded programs translate into follow-on work for the company. Announcement • May 16
Theon International Plc, Annual General Meeting, Jun 04, 2026 Theon International Plc, Annual General Meeting, Jun 04, 2026, at 12:00 GTB Standard Time. Location: amara hotel, 95 amathus avenue, agios tychonas, 4533 limassol, limassol Cyprus New Risk • May 06
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.6% average weekly change). Announcement • Apr 22
Theon International plc Proposes Dividend Financial Year 2025 Theon International Plc announced that it will propose to the upcoming Annual General Meeting the distribution of a dividend amounting to €0.31 per share, representing a 30% payout ratio of Fiscal Year 2025 Net Income, at the top of the guidance range. The proposed dividend reflects the company’s robust financial performance over the past year and confidence in future prospects. While the total dividend amount of €24.4 million is higher compared to the previous period (FY 2024: €23.8 million), the per share amount is lower vs Fiscal Year 2024 (€0.34 per share) due to the increased number of shares following the December 2025 Rights Issue. Subject to approval at the AGM, the dividend will be payable in June, with exact dates to be announced in due course. Reported Earnings • Apr 22
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €1.16 (up from €0.97 in FY 2024). Revenue: €443.4m (up 26% from FY 2024). Net income: €80.5m (up 19% from FY 2024). Profit margin: 18% (down from 19% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.6%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €34.00, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 24x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 47% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €33.92 per share. Announcement • Mar 25
Theon International Plc(ENXTAM:THEON) dropped from Netherlands ASCX AMS Small Cap Index Theon International Plc has been removed from Netherlands ASCX AMS Small Cap Index Buy Or Sell Opportunity • Jan 19
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to €33.90. The fair value is estimated to be €27.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has declined by 17%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €31.00, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 27x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 149% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €27.45 per share. Announcement • Jan 08
Theon International Plc (ENXTAM:THEON) completed the acquisition of 9.8% stake in Exosens (ENXTPA:EXENS) from Invest Gamma, HLD Europe S.C.A. and Invest Prince Henri SCA. Theon International Plc (ENXTAM:THEON) entered into a definitive agreement to acquire 9.8% stake in Exosens (ENXTPA:EXENS) from Invest Gamma, HLD Europe S.C.A. and Invest Prince Henri SCA for approximately €270 million on October 11, 2025. The purchase price is a cash consideration of €268.7 million corresponding to €54 per share. Following the completion of the transaction, THEON will become the second largest shareholder in EXOSENS, after Groupe HLD. In connection with the transaction, UBS Europe SE and Citibank Europe PLC have agreed to provide a bridge facility, which is intended to be refinanced with a combination of debt and newly issued equity within existing shareholders’ authorizations.
The closing of the transaction remains subject to regulatory notifications in a selected number of countries and is expected to take place in early Q1 2026.
UBS Europe SE acted as financial advisor for Theon International Plc. Clifford Chance LLP acted as legal advisor for Theon International Plc.
Theon International Plc (ENXTAM:THEON) completed the acquisition of 9.8% stake in Exosens (ENXTPA:EXENS) from Invest Gamma, HLD Europe S.C.A. and Invest Prince Henri SCA on January 7, 2026. Announcement • Dec 16
Theon International Plc has completed a Follow-on Equity Offering in the amount of €150.068823 million. Theon International Plc has completed a Follow-on Equity Offering in the amount of €150.068823 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,522,058
Price\Range: €17.4
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 102,587
Price\Range: €17.4
Transaction Features: Rights Offering Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €32.00, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 24x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 197% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €32.46 per share. Announcement • Dec 01
Theon International Plc has filed a Follow-on Equity Offering in the amount of €150.068823 million. Theon International Plc has filed a Follow-on Equity Offering in the amount of €150.068823 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,624,645
Price\Range: €17.4
Transaction Features: Rights Offering Buy Or Sell Opportunity • Nov 25
Now 21% undervalued Over the last 90 days, the stock has risen 3.8% to €25.75. The fair value is estimated to be €32.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has declined by 17%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Buy Or Sell Opportunity • Nov 06
Now 20% undervalued Over the last 90 days, the stock has risen 13% to €28.25. The fair value is estimated to be €35.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 60% in 2 years. Earnings are forecast to grow by 64% in the next 2 years. Announcement • Nov 05
Theon International Plc Increases Earnings Guidance for Fiscal Year 2025 Theon International Plc increased earnings guidance for fiscal year 2025. For the period, the company increased revenue guidance to €435 million to €445 million, higher than the initial guidance range of €410 million to €430 million. Price Target Changed • Oct 27
Price target increased by 9.7% to €37.72 Up from €34.40, the current price target is an average from 5 analysts. New target price is 30% above last closing price of €29.05. Stock is up 215% over the past year. The company is forecast to post earnings per share of €1.17 for next year compared to €0.97 last year. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €29.75, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 27x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 212% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €33.06 per share. Price Target Changed • Oct 14
Price target increased by 12% to €34.88 Up from €31.18, the current price target is an average from 5 analysts. New target price is 5.1% above last closing price of €33.20. Stock is up 231% over the past year. The company is forecast to post earnings per share of €1.18 for next year compared to €0.97 last year. Announcement • Oct 13
Theon International Plc (ENXTAM:THEON) entered into a definitive agreement to acquire 9.8% stake in Exosens (ENXTPA:EXENS) from Invest Gamma, HLD Europe S.C.A. and Invest Prince Henri SCA for approximately €270 million. Theon International Plc (ENXTAM:THEON) entered into a definitive agreement to acquire 9.8% stake in Exosens (ENXTPA:EXENS) from Invest Gamma, HLD Europe S.C.A. and Invest Prince Henri SCA for approximately €270 million on October 11, 2025. The purchase price is a cash consideration of €268.7 million corresponding to €54 per share. Following the completion of the transaction, THEON will become the second largest shareholder in EXOSENS, after Groupe HLD. In connection with the transaction, UBS Europe SE and Citibank Europe PLC have agreed to provide a bridge facility, which is intended to be refinanced with a combination of debt and newly issued equity within existing shareholders’ authorizations.
The closing of the transaction remains subject to regulatory notifications in a selected number of countries and is expected to take place in early Q1 2026.
UBS Europe SE acted as financial advisor for Theon International Plc. Clifford Chance LLP acted as legal advisor for Theon International Plc. Price Target Changed • Oct 01
Price target increased by 10% to €34.40 Up from €31.18, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of €34.30. Stock is up 243% over the past year. The company is forecast to post earnings per share of €1.17 for next year compared to €0.97 last year. Price Target Changed • Sep 22
Price target increased by 7.4% to €33.28 Up from €30.98, the current price target is an average from 5 analysts. New target price is 13% above last closing price of €29.50. Stock is up 185% over the past year. The company is forecast to post earnings per share of €1.14 for next year compared to €0.97 last year. Announcement • Sep 13
Theon International Plc Announces the Launch of New NYX-BiNOD Theon International Plc announced at the DSEI London 2025 Exhibition (booth #N2-320), the launch of its new NYX-BiNOD, a night vision binocular. The system is engineered to fully comply with the demanding specifications of the U.S. Army program and is ready for production. The NYX-BiNOD is specifically tailored for the U.S. market, leveraging a design philosophy that meets the distinct specifications set forth by the U.S. Army, which differ from those of other global end-users. The NYX-Bi NOD is a direct evolution of THEON's globally successful and combat-proven NYX family of night vision systems. This approach significantly de-risks the solution and accelerates its availability, leveraging the operational pedigree of technology already in service with the United States Marine Corps and numerous NATO parties. By adapting this mature, warfighter-approved platform, THEON offers a purpose-built variant tailored to the specific operational and technical requirements of the U.S. Navy, ensuring immediate production readiness while competitors may still be in development phases. The NYX-BinOD is the culmination of years of engineering refinement and direct feedback from elite operators. The NYX- BiNOD is immediately available and ready for production, offering U.S. Government, Federal, and Law Enforcement customers a reliable, high-performance night vision solution built on a foundation of combat-proven technology. During the DSEI 2025 (9-12 September), THEON also showcased its comprehensive portfolio of man-portable equipment, which includes a variety of Night Vision Monoculars (ARGUS), Modular Binoculars (ARGUS PANOPTES), Dedicated Binoculars (NYX, MIKRON-D), Clip-On Sights (DAMON), a comprehensive series of Thermal sights, either in standalone version or as Clip-on Sights (THERMIS & THERMIS MK2), and the TALOS family of Stabilized Multisensory platform-based observation and surveillance systems. In addition, THEON presented its cutting-edge Augmented Reality Modular Ecosystem of Devices (A.R.M.E.D.), a recent innovation designed to significantly enhance the modern warfighter's tactical situational awareness, operational effectiveness, and overall survivability. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €27.80, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 27x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 151% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €24.42 per share. Reported Earnings • Sep 05
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: €0.23 (up from €0.23 in 2Q 2024). Revenue: €92.9m (up 21% from 2Q 2024). Net income: €16.1m (up 2.6% from 2Q 2024). Profit margin: 17% (down from 21% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Announcement • Aug 05
Theon International Plc (ENXTAM:THEON) agreed to acquire Kappa optronics GmbH for an enterprise of €75 million. Theon International Plc (ENXTAM:THEON) agreed to acquire Kappa optronics GmbH for an enterprise of €75 million August 4, 2025. Theon will acquire Kappa Optronics for an enterprise value of €75 million, at an accretive multiple through THEON’s Business Development capabilities within 2026. KAPPA's current management team will remain in place and is incentivized through a performance-based scheme to drive future growth. The transaction will be financed through a mix of debt and IPO proceeds.
The transaction is subject to customary regulatory approvals.
Pricewaterhousecoopers Investment Services (Cyprus) Limited supported as financial and tax due diligence advisor, while Bird & Bird LLP provided legal due diligence and transactional support for THEON. Announcement • Jul 29
Theon International plc Provides Earnings Guidance for Fiscal Year 2025 Theon International Plc provided earnings guidance for fiscal year 2025. For the period, the company expected revenue of €410 million to €430 million. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €33.65, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 26x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 168% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €26.11 per share. Buy Or Sell Opportunity • Jul 08
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 48% to €32.65. The fair value is estimated to be €26.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Earnings per share has declined by 15%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Buy Or Sell Opportunity • Jun 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to €30.60. The fair value is estimated to be €25.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Earnings per share has declined by 15%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Upcoming Dividend • Jun 12
Upcoming dividend of €0.34 per share Eligible shareholders must have bought the stock before 19 June 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Dutch dividend payers (5.7%). Lower than average of industry peers (1.2%). Announcement • Jun 07
Theon International Plc, Annual General Meeting, Jun 05, 2025 Theon International Plc, Annual General Meeting, Jun 05, 2025. Location: limassol, Cyprus Buy Or Sell Opportunity • May 21
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 79% to €31.25. The fair value is estimated to be €25.96, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Earnings per share has declined by 15%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €30.05, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 25x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 137% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €26.10 per share. Price Target Changed • Apr 17
Price target increased by 14% to €29.33 Up from €25.83, the current price target is an average from 5 analysts. New target price is 10% above last closing price of €26.55. Stock is up 121% over the past year. The company is forecast to post earnings per share of €1.17 for next year compared to €0.97 last year. Announcement • Apr 16
Theon International plc Proposes Dividend for Financial Year 2024 Theon International Plc proposes dividend for financial year 2024. For the period, the company proposed dividend of €0.34 to be paid in 2025, representing a 35% payout ratio of Financial year 2024 Net Income. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €24.95, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 23x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 95% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €39.75 per share. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €22.05, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 25x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 69% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €37.15 per share. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €20.10, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 22x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 63% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €36.84 per share. New Risk • Feb 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Dutch stocks, typically moving 6.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (6.4% average weekly change). High level of non-cash earnings (58% accrual ratio). Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €17.24, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 21x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 43% over the past year. New Risk • Dec 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Dutch stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (58% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (5.2% average weekly change). Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €12.50, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Aerospace & Defense industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €21.70 per share. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €10.34, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 20x in the Aerospace & Defense industry in Europe. New Risk • Oct 30
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (58% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Jul 26
Theon International Plc to Report First Half, 2024 Results on Sep 09, 2024 Theon International Plc announced that they will report first half, 2024 results on Sep 09, 2024 Announcement • Feb 07
Theon International Plc has completed an IPO in the amount of €140 million. Theon International Plc has completed an IPO in the amount of €140 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,000,000
Price\Range: €10
Transaction Features: Direct Listing; Regulation S; Rule 144A Board Change • Feb 06
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Chairperson Kolinda Grabar-Kitarovic was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
