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Hunterbrook: Europe’s Biggest Defense IPO Omitted a NATO Factory Suspension, a €1.4B Minority Buyout Demand, and Evidence That 80% of Ammunition Revenue Comes From Sourcing, Not Manufacturing

CSG raised €3.8B at a €25B valuation selling a modern ammunition manufacturer story — but subsidiary filings suggest only ~€524M of its €2.5B in 2024 ammo revenue can be explained by its own factories, with the rest s...