THEME VALUATION
Defense & Sovereign Tech Valuation - Relative valuation snapshots for comparable companies inside a theme.
Official Theme ValuationPublished
Defense & Sovereign Tech Valuation
Compares relative valuation levels inside the Defense & Sovereign Tech theme.
Models compared
5
Companies valued
12
Median P/E (peer)
35.76
Generated: Sep 13, 2026, 04:32 AM
Data as of: 2026-09-11
Theme Valuation· 6 analyses
Relative valuation snapshots for comparable companies inside a theme.
Upside by Blended Model Fair Value
For each company the median fair value across five models is read against the current price.
- CHT+2,355.4%
- HON+65.5%
- AIR.PA+38.4%
- BA+14%
- RTX+6.9%
- SAF.PA-5.4%
- SAAB-B.ST-6.7%
- ASELS.IS-16.1%
- GE-57.7%
- KOG.OL-73.6%
- TXN-76.8%
- SPCX-84.1%
Theme Valuation Map
Each bubble is a theme: the horizontal axis is median P/E (cheapness), the vertical axis median Piotroski F-score (fundamental quality). Top-left is cheap and high quality, bottom-right is expensive and weak.
Median Piotroski F-score
Median P/E
AI Platforms and ModelsAI Chips and AcceleratorsAI Data Center InfrastructureAI Software LayerSemiconductor Value ChainDigital InfrastructureCybersecurityRobotics and AutomationDefense and Sovereign TechnologySpace and Satellite EconomyStrategic MineralsCopper and Power TransmissionBattery and Energy StorageNuclear Fuel and UraniumClean Energy EquipmentWater Scarcity and InfrastructureNext-Generation HealthcarePharmaceutical ManufacturersFinancial Rails and PaymentsDigital Commerce and MarketplacesFood SecurityAgricultural TechnologyCircular Economy and Waste
| Theme | Median P/E | Median Piotroski F-score |
|---|---|---|
| AI Platforms and Models | 19.2 | 5 |
| AI Chips and Accelerators | 58.3 | 5 |
| AI Data Center Infrastructure | 33.6 | 5 |
| AI Software Layer | 21.1 | 5 |
| Semiconductor Value Chain | 50.9 | 5 |
| Digital Infrastructure | 25.2 | 5 |
| Cybersecurity | 34 | 5 |
| Robotics and Automation | 31.2 | 5 |
| Defense and Sovereign Technology | 34.7 | 5 |
| Space and Satellite Economy | 27.2 | 5 |
| Strategic Minerals | 17.5 | 6 |
| Copper and Power Transmission | 30.6 | 5 |
| Battery and Energy Storage | 17.6 | 4.5 |
| Nuclear Fuel and Uranium | 38.3 | 5.5 |
| Clean Energy Equipment | 27.2 | 5 |
| Water Scarcity and Infrastructure | 22.3 | 5 |
| Next-Generation Healthcare | 29 | 4 |
| Pharmaceutical Manufacturers | 19.8 | 5 |
| Financial Rails and Payments | 22.2 | 6 |
| Digital Commerce and Marketplaces | 27.2 | 5 |
| Food Security | 19.7 | 5 |
| Agricultural Technology | 21.9 | 5 |
| Circular Economy and Waste | 24.6 | 5 |
Model Confidence Gauge
“Coverage” is how many companies a model could value; “Agreement” is how close the model’s fair value sits to the blended median. Higher on both means a more dependable model.
P/E (peer median)Relative
Coverage
92%
Agreement
44%
EV/EBITDA (peer median)Relative
Coverage
100%
Agreement
81%
P/S (peer median)Relative
Coverage
100%
Agreement
90%
Owner EarningsIntrinsic
Coverage
75%
Agreement
33%
FCF YieldIntrinsic
Coverage
75%
Agreement
40%
Datafin’s View
Re-rated by a new arms cycle, the valuation view separates names already pricing the boom from those with room left.
After a sharp re-rating, the goal is to find defense names cheap on through-cycle earnings, not just on this year’s surge.
This analysis is for informational purposes only and is not investment advice; it is a repeatable research starting point using the same rules.
How to Read the Models
The multiple models (P/E, EV/EBITDA, P/S) value each company at the theme peer-median multiple, so the fair value reflects cheap/expensive relative to peers.
The intrinsic models (Owner Earnings, FCF Yield) give an absolute reference based on cash and earnings power, independent of peers.
“Blended FV” is the median across these models; “Upside” is the gap to the current price.
Results
Latest published or live-generated results from the official Datafin analysis.
| # | Stock | Price | P/E(peer median) | EV/EBITDA(peer median) | P/S(peer median) | Owner Earnings | FCF Yield | Blended FV | Upside | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 🇺🇸 | CHT.US Chunghwa Telecom Co Ltd | $44.26 | $1,897.96 | $2,893.80 | $1,086.75 | $621.43 | $748.32 | $1,086.75 | +2,355.4% |
| 2 | 🇺🇸 | HON.US Honeywell International Inc | $223.90 | $920.74 | $812.36 | $370.61 | $221.26 | $129.12 | $370.61 | +65.5% |
| 3 | 🇫🇷 | AIR.PA Airbus Group SE | €194.54 | €269.17 | €315.89 | €319.26 | €53.46 | €63.13 | €269.17 | +38.4% |
| 4 | 🇺🇸 | BA.US The Boeing Company | $216.47 | $102.26 | $246.81 | $388.81 | - | - | $246.81 | +14% |
| 5 | 🇺🇸 | RTX.US RTX Corporation | $189.73 | $202.78 | $239.34 | $224.19 | $57.03 | $88.07 | $202.78 | +6.9% |
| 6 | 🇫🇷 | SAF.PA Safran SA | €279.40 | €439.19 | €317.57 | €264.35 | €104.97 | €125.91 | €264.35 | -5.4% |
| 7 | 🇸🇪 | SAAB-B.ST Saab AB (publ) | SEK 502.80 | SEK 468.88 | SEK 502.80 | SEK 533.16 | SEK 19.20 | SEK 121.48 | SEK 468.88 | -6.7% |
| 8 | 🇹🇷 | ASELS.IS ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi | TRY 345.00 | TRY 323.48 | TRY 289.48 | TRY 165.06 | - | - | TRY 289.48 | -16.1% |
| 9 | 🇺🇸 | GE.US GE Aerospace | $373.73 | $305.97 | $254.85 | $158.13 | $69.95 | $80.06 | $158.13 | -57.7% |
| 10 | 🇳🇴 | KOG.OL Kongsberg Gruppen ASA | NOK 298.30 | NOK 298.30 | NOK 78.82 | NOK 155.21 | NOK 50.13 | NOK 48.98 | NOK 78.82 | -73.6% |
| 11 | 🇺🇸 | TXN.US Texas Instruments Incorporated | $298.07 | $235.25 | $229.20 | $69.19 | $44.96 | $58.21 | $69.19 | -76.8% |
| 12 | 🇺🇸 | SPCX.US Space Exploration Technologies Corp. Class A Common Stock | $170.86 | - | $42.79 | $11.52 | - | - | $27.15 | -84.1% |
1🇺🇸
CHT.US
Chunghwa Telecom Co Ltd
- Price
- $44.26
- P/E(peer median)
- $1,897.96
- EV/EBITDA(peer median)
- $2,893.80
- P/S(peer median)
- $1,086.75
- Owner Earnings
- $621.43
- FCF Yield
- $748.32
- Blended FV
- $1,086.75
- Upside
- +2,355.4%
2🇺🇸
HON.US
Honeywell International Inc
- Price
- $223.90
- P/E(peer median)
- $920.74
- EV/EBITDA(peer median)
- $812.36
- P/S(peer median)
- $370.61
- Owner Earnings
- $221.26
- FCF Yield
- $129.12
- Blended FV
- $370.61
- Upside
- +65.5%
3🇫🇷
AIR.PA
Airbus Group SE
- Price
- €194.54
- P/E(peer median)
- €269.17
- EV/EBITDA(peer median)
- €315.89
- P/S(peer median)
- €319.26
- Owner Earnings
- €53.46
- FCF Yield
- €63.13
- Blended FV
- €269.17
- Upside
- +38.4%
4🇺🇸
BA.US
The Boeing Company
- Price
- $216.47
- P/E(peer median)
- $102.26
- EV/EBITDA(peer median)
- $246.81
- P/S(peer median)
- $388.81
- Owner Earnings
- -
- FCF Yield
- -
- Blended FV
- $246.81
- Upside
- +14%
5🇺🇸
RTX.US
RTX Corporation
- Price
- $189.73
- P/E(peer median)
- $202.78
- EV/EBITDA(peer median)
- $239.34
- P/S(peer median)
- $224.19
- Owner Earnings
- $57.03
- FCF Yield
- $88.07
- Blended FV
- $202.78
- Upside
- +6.9%
6🇫🇷
SAF.PA
Safran SA
- Price
- €279.40
- P/E(peer median)
- €439.19
- EV/EBITDA(peer median)
- €317.57
- P/S(peer median)
- €264.35
- Owner Earnings
- €104.97
- FCF Yield
- €125.91
- Blended FV
- €264.35
- Upside
- -5.4%
7🇸🇪
SAAB-B.ST
Saab AB (publ)
- Price
- SEK 502.80
- P/E(peer median)
- SEK 468.88
- EV/EBITDA(peer median)
- SEK 502.80
- P/S(peer median)
- SEK 533.16
- Owner Earnings
- SEK 19.20
- FCF Yield
- SEK 121.48
- Blended FV
- SEK 468.88
- Upside
- -6.7%
8🇹🇷
ASELS.IS
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi
- Price
- TRY 345.00
- P/E(peer median)
- TRY 323.48
- EV/EBITDA(peer median)
- TRY 289.48
- P/S(peer median)
- TRY 165.06
- Owner Earnings
- -
- FCF Yield
- -
- Blended FV
- TRY 289.48
- Upside
- -16.1%
9🇺🇸
GE.US
GE Aerospace
- Price
- $373.73
- P/E(peer median)
- $305.97
- EV/EBITDA(peer median)
- $254.85
- P/S(peer median)
- $158.13
- Owner Earnings
- $69.95
- FCF Yield
- $80.06
- Blended FV
- $158.13
- Upside
- -57.7%
10🇳🇴
KOG.OL
Kongsberg Gruppen ASA
- Price
- NOK 298.30
- P/E(peer median)
- NOK 298.30
- EV/EBITDA(peer median)
- NOK 78.82
- P/S(peer median)
- NOK 155.21
- Owner Earnings
- NOK 50.13
- FCF Yield
- NOK 48.98
- Blended FV
- NOK 78.82
- Upside
- -73.6%
11🇺🇸
TXN.US
Texas Instruments Incorporated
- Price
- $298.07
- P/E(peer median)
- $235.25
- EV/EBITDA(peer median)
- $229.20
- P/S(peer median)
- $69.19
- Owner Earnings
- $44.96
- FCF Yield
- $58.21
- Blended FV
- $69.19
- Upside
- -76.8%
12🇺🇸
SPCX.US
Space Exploration Technologies Corp. Class A Common Stock
- Price
- $170.86
- P/E(peer median)
- -
- EV/EBITDA(peer median)
- $42.79
- P/S(peer median)
- $11.52
- Owner Earnings
- -
- FCF Yield
- -
- Blended FV
- $27.15
- Upside
- -84.1%
Methodology
P/E (peer median)Values the company at the theme-median price/earnings multiple.
EV/EBITDA (peer median)Values the company at the theme-median EV/EBITDA multiple, net of debt.
P/S (peer median)Values the company at the theme-median price/sales multiple.
Owner EarningsBuffett owner-earnings: net income + depreciation − capex, capitalised.
FCF YieldCapitalises free cash flow per share at a target yield.
Last 5 Updates
Sep 13, 2026, 04:32 AM12 companies
List unchanged (refreshed).
Sep 2, 2026, 04:32 AM12 companies
Entered:HON.US
Exited:AIR.XETRA
Aug 21, 2026, 04:33 AM12 companies
Entered:SAF.PA
Exited:HON.US
Aug 10, 2026, 04:32 AM12 companies
Entered:CHT.US, SPCX.US
Exited:LMT.US, SAF.PA
Jul 30, 2026, 04:32 AM12 companies
Entered:LMT.US
Exited:PH.US