Edison Issues Report on Theon International (THEON)

Edison issues report on Theon International (AMS: THEON). Theon International is a leading European developer and manufacturer of customisable night vision and thermal imaging systems for military and security applications with a global footprint spanning 72 countries. Having built a leading position in man-portable night vision, the company is now broadening into platform-based optronics and digital man-portable products, supported by an active M&A programme and structurally rising defence demand.

Theon's Q126 trading update included a reiteration of mid-term and FY26 guidance with revenues this year of €570-600m along with mid-20s adjusted EBIT margins. Our unchanged valuation approach now suggests €35.3 per share, broadly unchanged from €36.4 previously.