Kongsberg is a direct beneficiary of current events in Europe, for example in the defense sector - Kongsberg manufactures NASAMS anti-aircraft systems and provides maintenance for NATO's F-35s - or in offshore oil and gas production, since Norway is doubling its efforts to compensate for the closure of the Russian tap.

The Group's other segments are also performing well. This is borne out by the half-year results published yesterday: for the first half of the year, in addition to a healthy order book, consolidated sales rose by 28%, while the operating margin reached 11%.

These levels of profitability had not been achieved for ten years. As already mentioned, they are linked to the new cycles opening up in the defense and offshore sectors after a decade of sluggish growth, as well as to the following factors a very privileged competitive position in the Norwegian domestic market, where competition remains at bay.

Also noteworthy were the well-thought-out, well-paid and equally well-integrated acquisitions of the Finnish defense group Patria - still half-owned by the Finnish government - and of Rolls-Royce's marine activities.

These transactions have made a very positive contribution to the Group's recent operating and financial performance. Kongsberg's sales should reach EUR3.5 billion next year, with a net margin of around 10%.

The latter, for comparison, is higher than that of Thales, and similar to that of Lockheed Martin.

At current price levels, the stock market valuation represents a multiple of around x20 next year's expected profit. This is the first time in a very long time that the Norwegian company has had such a multiple for a growing company.

CEO Geir Håøy believes this to be entirely legitimate, as he intends to build on the Group's strong financial position to pursue the external growth strategy that has so far been so successful.