BofA: Kongsberg Gruppen Set for Over Fourfold Revenue Growth by 2033

08:35 AM EDT, 10/02/2026 (MT Newswires) -- BofA Global Research expects Kongsberg Gruppen (KOG.OL) to see "durable" growth, with revenue expected to grow more than fourfold by 2033, largely supported by three of its defense and security products. "Kongsberg has one of the most appealing portfolios in our European Defence coverage with clean exposure to air defence and missiles where we believe recent conflicts in Ukraine and Iran have structurally increased demand. We forecast revenues to increase at a 30% CAGR from 2026-30, and [capital markets day] targets imply >10% growth p/a in 2029-33 highlighting the strong durability of growth," analysts said Thursday, identifying the company's Joint Strike Missile system, NASAMS air defense system, and Protector remote weapon systems as key growth opportunities. The research firm expects a potential cumulative $13 billion opportunity from initial missile sales related to the global F-35A fighter program, while NASAMS provides the group with exposure to Europe's 50 billion-euro medium-range air defense requirement. Meanwhile, the Protector fleet also presents an opportunity for higher revenue as Kongsberg delivers the counter-unmanned aerial systems to Poland through 2027 and 2028, under a contract worth 16 billion Norwegian kroner. BofA has a buy rating on the stock, with a price objective of 400 Norwegian kroner.