A sub-€100 million German-listed small-cap inside the mission-critical communications niche has quietly moved from niche hardware vendor to a platform supplier sitting at the control point of tactical voice systems. Revenue compounded at roughly 38% annually over the past two fiscal years, the order backlog just hit a record high that covers more than a full year of sales, and the balance sheet carries effectively no net debt. Yet the equity trades near 10x trailing earnings and 5.6x EV/EBITDA, with a 22% return on invested capital and a 30% free-cash-flow yield.
That combination — record backlog visibility, a debt-free balance sheet, top-decile quality factors, and a single-digit forward earnings multiple — is rare in a European defence-and-safety supplier riding a multi-year national procurement cycle. The company ranks in the top 5% of The Alpha Engineer model’s liquid universe. My probability-weighted work points to a 24-month expected return near 70%, with a roughly 30% chance the position more than doubles.
The setup is not free of risk: revenue routes heavily through one prime contractor and one home market. The full analysis below — company, quantitative case, SWOT, scenarios, and catalysts — is for paying subscribers.