Theon International - Strong FY24 results; FY25 guidance confirmed

Theon has reported a strong set of maiden results as a listed company, along with good growth in order backlog, supporting positive guidance for FY25. Equally important are the operational milestones, in particular an initial contract win supporting the strategy for integrated and connected soldier optronic solutions. We expect to see the launch of new platform-based solutions in FY25 supported by the €10m committed investment. With such positive momentum, the shares remain attractive on a forward multiple of sub 13x.

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