olivLaw · European equity research
Česká zbrojovka Group SE COLT.PR
Czechia · Burza cenných papírů Praha · ISIN CZ0009008942 · Vertical: Listed companies from Czechia
Česká zbrojovka Group SE makes and sells firearms, ammunition and accessories, with a large share of sales in the United States. Revenues rose to CZK 6.8 billion in 2020, and the company aims to expand in military and law enforcement segments.
At the close of 05 Nov 2026, Česká zbrojovka Group SE (COLT.PR) stock was 828.00 CZK (−4.06% on the day), with market capitalisation 26.5 bn CZK, P/E 39.4 on diluted EPS of 21.00 CZK over the last 12 months, beta 0.30, 52-week range 717.00–1,102.00 CZK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 37.2
- weak (30–45)
- Bollinger (20, 2)
- 826.63 – 867.37
- in the lower half of the band · %B 0.03 · band width 4.8%
- SMA 50 / 200
- 881.28 / 842.81
- mixed trend
- MACD (12, 26, 9)
- -9.80 / -13.25
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.0% | −0.6% | −4.4 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | −21.1% | +4.3% | −25.5 pp | — |
| Year to date | +11.7% | +7.5% | +4.2 pp | — |
| 1 year | +8.7% | +9.9% | −1.3 pp | +4.6% |
| 3 years | +50.3% | +49.8% | +0.4 pp | +42.0% |
| 5 years | +56.8% | +42.8% | +14.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 14.0, median 14.0, max 14.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 |
|---|---|---|
| Revenue | 6.0 bn | 6.8 bn |
| Revenue YoY | unavailable | +14.4% |
| Net income | 743.3 m | 672.9 m |
| Net income YoY | unavailable | −9.5% |
| Diluted EPS | 25.00 | 21.00 |
| Diluted EPS YoY | unavailable | −16.0% |
| net % | 12.5% | 9.9% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2020 · 31 Dec 2020
- Cash
- 2.4 bn CZK
- Financial debt
- 2.3 bn CZK
- Net debt
- -86.8 m CZK
- Equity
- 4.5 bn CZK
- Total assets
- 8.8 bn CZK
- Debt / equity
- 0.50x
- Current ratio
- 3.28x
- ROE
- 16.8%
- ROA
- 8.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (CZK)
Margins
Income statement · CZK
| Line | 2019 | 2020 | Source (latest year) |
|---|---|---|---|
| Revenue | 6.0 bn | 6.8 bn | esef· 20 May 2021verified |
| Operating income | 943.7 m | 1.1 bn | esef· 20 May 2021verified |
| Depreciation & amortisation | 370.6 m | 393.5 m | esef· 20 May 2021verified |
| EBITDA | 1.3 bn ≈ | 1.4 bn ≈ | esef· 20 May 2021derived |
| Pre-tax income | 912.5 m | 851.0 m | esef· 20 May 2021verified |
| Income tax | 178.3 m | 174.5 m | esef· 20 May 2021verified |
| Net income | 743.3 m | 672.9 m | esef· 20 May 2021verified |
| Diluted EPS | 25.00 | 21.00 | esef· 20 May 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · CZK
| Line | 2019 | 2020 | Source (latest year) |
|---|---|---|---|
| Cash | 805.5 m | 2.4 bn | esef· 20 May 2021verified |
| Inventories | 1.7 bn | 1.6 bn | esef· 20 May 2021verified |
| Current assets | 4.4 bn | 5.3 bn | esef· 20 May 2021verified |
| Property, plant & equipment, net | 2.0 bn | 2.1 bn | esef· 20 May 2021verified |
| Goodwill | 280.7 m | 280.7 m | esef· 20 May 2021verified |
| Intangibles (excl. goodwill) | 834.2 m | 770.2 m | esef· 20 May 2021verified |
| Total assets | 7.5 bn | 8.8 bn | esef· 20 May 2021verified |
| Short-term debt | 37.0 m | 19.5 m | esef· 20 May 2021verified |
| Long-term debt | 2.3 bn | 2.3 bn | esef· 20 May 2021verified |
| Current liabilities | 1.5 bn | 1.6 bn | esef· 20 May 2021verified |
| Total liabilities | 4.1 bn | 4.3 bn | esef· 20 May 2021verified |
| Equity | 3.5 bn | 4.5 bn | esef· 20 May 2021verified |
| Shares outstanding at year end | 29.7 m | 32.0 m | esef· 20 May 2021derived |
Cash flow · CZK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 26.5 bn CZK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.9% | 100 (on a fixed band) | 20% |
| Net margin · Quality | 9.9% | 66 (on a fixed band) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.1x | 100 (on a fixed band) | 20% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 39.4x | 0 (on a fixed band) | 20% |
| EV/EBITDA · Valuation | 18.2x | 0 (on a fixed band) | 20% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality87/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation0/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CZG - Česká zbrojovka Group SE (COLT.PR). Latest full fiscal year: 2020; data up to 2020-12-31.
Figures computed from the financial statements: revenue 6.8 bn CZK in 2020; YoY growth 14.4%; net margin 9.9%; ROE 16.9%; net debt/EBITDA -0.1x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.9%
- Net debt / EBITDA: -0.1x
- Current ratio: 3.3x
What contradicts it
- P/E (TTM): 39.4x
- EV/EBITDA: 18.2x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Czechia · same country · compared with 3 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| COLT.PRCZG - Česká zbrojovka Group SE | 26.5 bn | 39.4 | 16.9% | 9.9% | +14.4% | +7% / +49% |
| KOFOL.PRKofola ČeskoSlovensko a.s. | 11.2 bn | 139.1 | 5.6% | 1.3% | −3.7% | +5% / +82% |
| TOMA.PRTOMA, a.s. | 1.7 bn | 5.4 | 7.6% | 23.8% | +52.4% | +1% / +2% |
| ENRGA.PRENERGOAQUA, a.s. | — | — | 10.3% | 37.9% | +23.9% | +16% / +42% |
1- and 3-year price returns: for COLT.PR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (CZK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 538.36 Total return -35% · Per year -35% | 947.63 Total return 14% · Per year 14% | 1,421.73 Total return 72% · Per year 72% |
| 3 years | 632.18 Total return -24% · Per year -9% | 1,241.24 Total return 50% · Per year 14% | 2,028.51 Total return 145% · Per year 35% |
| 5 years | 742.37 Total return -10% · Per year -2% | 1,625.83 Total return 96% · Per year 14% | 2,894.25 Total return 250% · Per year 28% |
- Exit P/E± 310.31
- Net margin± 217.22
- Annual revenue growth± 162.79
- Annual dilution± 18.25
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Česká zbrojovka Group SE makes and sells firearms, ammunition and accessories, with a large share of sales in the United States. Revenues rose to CZK 6.8 billion in 2020 1, and the company aims to expand in military and law enforcement segments.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Changing regulationhigh
Transposition of EU firearms directives and changes to US law could alter sale and export conditions 1.
- Currency exposurehigh
Swings in the koruna against the euro and dollar produced significant financial losses in 2020 1.
- Dependence on the United Statesmedium
Revenue growth in the US was driven by temporary factors, so results are sensitive to demand in that market 1.
- Supplier dependencemedium
The group relies on many suppliers and a few key partners for components and ammunition, which could cause supply disruptions 1.
- Reputation and legal liabilitylow
Firearms marketing undergoes special review in the US to limit exposure to contested legal theories in courts 1.
Investment thesis
What would need to be true (bull case)
- If military and law enforcement demand grows, the company could benefit from its position in tenders where US competitors are excluded 1.
- Higher revenues in the US and Europe could support results if demand stays elevated 1.
- The combined growth strategy of acquisitions and organic development could widen the portfolio and distribution channels 1.
What to watch
- US revenue and civilian demand trends2021
- Outcomes of military and law enforcement tenders2021
- Transposition of the EU firearms directive into Czech law2021
- Impact of currency swings on profitnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group manufactures firearms and sells products to civilian, military and law enforcement customers. Sales run mainly through distributors and wholesalers for the civilian market and through tenders for military and law enforcement clients, plus direct sales via two company stores in the Czech Republic and an e-shop for accessories 1. The group relies on more than 2,000 suppliers of parts, materials and services, and some complete products such as certain shotguns and ammunition are sourced from third parties 1.
The activity is subject to an extensive regulatory framework in the Czech Republic, the EU and the United States, where firearm sales are governed by federal and state law 1. The company says its non-US activities give it a competitive advantage, since it can join military tenders from which ITAR or EAR products are excluded 1.
In 2020, revenue growth was driven by higher demand in the United States, Europe outside the Czech Republic and Africa, while sales in the Czech Republic fell sharply 1.
Segments
Civilian market
Civilian sales run mainly through wholesalers and distributors, with strong demand in the United States that rose in 2020 amid the pandemic and social tensions 1.
Military and law enforcement
The group aims to raise the share of this segment, especially in Western Europe, the United States and select Asian markets, seeing greater growth opportunities than in the civilian market 1.
Market context
The company operates in markets with strict rules on the manufacture, sale and export of weapons, both in the EU and the US. Management believes delayed investment in many developed countries and the current security situation support demand from military and law enforcement customers 1.
The civilian market is more sensitive to demand cycles and restrictive measures, and pandemic-related shutdowns affected distribution to civilian customers in the Czech Republic in 2020 1.
Trends
- Higher demand in the United Statesmixed
US demand rose in 2020 due to the pandemic and social tensions, pushing revenues from this region up 1. If this effect fades, US revenues could return to lower levels.
- Interest in military and law enforcement segmentstailwind
Management sees delayed defence investment in developed countries and the security situation as supporting demand from military customers 1.
- Stricter firearms regulationheadwind
The EU Directive 2017/853 was not transposed into Czech law by its deadline, and the European Commission issued a reasoned opinion, pointing to a changing regulatory environment 1.
- Currency and trade pressuresheadwind
The depreciation of the Czech koruna against the euro and dollar weighed on the 2020 financial result through significant FX losses 1.
Competitive position
The group competes with US and European firearm makers in civilian and military markets. Its declared advantage is that it is not subject to ITAR or EAR, allowing it to bid in tenders from which US products are excluded 1.
Competition in the civilian market rests on brand and distribution, while in the military market it rests on access to tenders and compliance with export rules 1.
- US firearm manufacturers
Direct competitors in the US civilian market, which face ITAR and EAR rules that the group says do not apply to its non-US sales 1.
- European military arms makers
Competitors in European military tenders, where the group says it can participate without the restrictions applying to US products 1.
- Military ammunition suppliers
The group works with medium and large calibre ammunition suppliers, pointing to dependence on partners in this segment 1.
- Firearm distributors and wholesalers
External distribution channels are key to the group's civilian sales, so competition for access to distributors is relevant 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202020 May 2021
Sources
- [1] Annual report, fiscal year ended 2020-12-31 (ESEF) · SEC / Česká zbrojovka Group SE · 31 Dec 2020
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.