Original-Research: Bittium Oyj (von NuWays AG): BUY
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Original-Research: Bittium Oyj - from NuWays AG
23.09.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Bittium Oyj
Company Name: Bittium Oyj
ISIN: FI0009007264
Reason for the research: Update
Recommendation: BUY
Target price: EUR 46
Target price on sight of: 12 months
Last rating change:
Analyst: Julius Neittamo
Bittium is THE European champion in tactical comms; PT UP
Bittium signed a two-year Memorandum of Understanding (MoU) with Safran
Electronics & Defense to develop tactical communications solutions for the
French Ministry of Defence and the French Armed Forces, marking a
significant milestone in its journey in becoming the European supplier in
tactical communications. The MoU frames joint development, production and
commercialisation in France, but carries no firm commercial order agreement
at this time. Yet, this news is a major step forward. Safran, with the
French army, have extensively tested Bittium's tactical communications
solutions, which makes the MoU a key validation of Bittium's technology
stack in a strategic market.
Safran does not intend to act as a mere reseller. Instead, the partners are
set to jointly develop and market a single integrated solution, embedding
Bittium's tactical communication technology directly into Safran's offering.
According to the press release, the areas identified for joint exploration
include ground-based air defence networking, counter-drone communications,
communications for unmanned systems, mission networking, dismounted soldier
radio, and secure communications. The scope covers the French army only (for
now), which fields one of Europe's largest and most capable militaries, with
~200k active personnel.
The product fit appears compelling. While Safran leads in domains such as
optronics, inertial navigation, soldier systems (FELIN) and drones, Safran
has nevertheless a gap in tactical communication capabilities. Two examples
illustrate how Bittium could close this gap. In dismounted operations, the
Tough SDR Handheld would give Safran's FELIN soldier suite its own broadband
voice and data link. In ground-based air defence, Bittium's solutions would
connect Safran sensors to command posts and effectors, a use case Bittium
already serves for air defence manufacturers.
Together, Safran and Bittium are set to challenge Thales on its home turf.
Thales has long dominated the tactical communications market in France.
Safran, the larger group and a French national champion, brings political
weight while Bittium gains a clear foot in the door. The missing piece is a
definitive agreement, which could take several forms, incl. a licensing deal
similar to the one Bittium signed with Indra Sistemas in December 2025.
We rate the probability of a definitive commercial agreement between Safran
and Bittium as high (eNuW). Following an exceptional Q2, the Nordics have
also added to the momentum: This month, Sweden's Defence Materiel
Administration placed a first order of ~EUR 0.7m for Tough SDR radios for
pilot use in the Swedish Army, likely paving the way for more orders (eNuW).
Denmark has also joined the framework agreement. Beyond this, Bittium
pursues talks with 10+ militaries in Europe and APAC, while the pending UK
tender remains a significant catalyst.
Given the strong newsflow, which validates our thesis that Bittium is the
European champion in tactical communications, we raise our medium and
long-term sales estimates. We raise our PT to EUR 46 per share (old: EUR 42),
and reiterate our BUY rating continued momentum.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=8373455deb251e6cf2d352cca55e3230
For additional information visit our website:
https://www.nuways-ag.com/research
Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2403590 23.09.2026 CET/CEST
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