Exosens: Raising estimates and PT, outlook is strong in both divisions

研报英文原文证据摘录

Exosens: Raising estimates and PT, outlook is strong in both divisions

J P M O R G A N Europe Equity Research

03 August 2026

Exosens Overweight

EXENS.PA, EXENS FP

Raising estimates and PT, outlook is strong in both Price (03 Aug 26):€59.3

divisions ▲Price Target (Dec-27):€73.0 Prior (Dec-27):€71.0

On July 28th Exosens reported solid H1 results (Table 1) and said it expects to hit

the upper end of its 2026 guidance range. On July 29th we hosted management European Aerospace & Defense

(CFO and IR) for its London roadshow. The market outlook in both divisions looks David H Perry, CFA AC

strong and we continue to see multiple sources of potential upside to our estimates (44-20) 7742-5606

from: (1) further capacity increases in the Amplification division; (2) accelerating david.h.perry@jpmorgan.com

J.P. Morgan Securities plc

demand for defence applications (e.g. drones, counter-drone systems) in the

Lucy FitzgeraldDetection and Imaging (D&I) division; (3) further bolt-on M&A. We increase our

(44 20) 3493-5251

2026E-30E EPS by an average of 3% (Table 2). We increase our multiples-based lucy.fitzgerald@jpmorgan.com

Dec-27 PT by 3% to €73 (€71), for 23% potential return over the next c17 months. J.P. Morgan Securities plc

Jash R Naik

• Amplification (1) – Further capacity increases being actively evaluated: (91 22) 6157-3797

Exosens shares sold off on the H1 26 results and we think that this was partly jash.naik@jpmchase.com

because mgmt did not announce another capacity increase in the production of J.P. Morgan India Private Limited

image intensifier tubes (IIT) for night vision goggles. However, mgmt says it Titus MacDermot

is very actively assessing further capacity expansion; we think it’s likely to (44-20) 3493-7137

announce further increases in the near term.