Czech Defense Billionaire Comes Out Fighting After Share Drop

Czech billionaire Michal Strnad said investors are undervaluing his company, CSG NV, after its share price halved since he completed the largest-ever initial public offering for a pure-play defense firm.

In his first comments since Hunterbrook Media issued a report on CSG last week, Strnad said questions raised about the size of his company’s production capacity were “total nonsense.” Busy with new acquisition projects, the 33-year-old said he plans to expand the business further beyond Europe after revenue increased more than sixfold since Russia’s 2022 invasion of Ukraine.