AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

Drone Volt

CR
Bloomberg   ALDRV FP
Aerosp. & Defence Equipt.  /  France  Web Site   |   Investors Relation
Contract execution for a potentially record year
EPS change19/04/2021

COVID-19 delays profit and growth

Change in EPS2021 : € 0.00 vs 0.01-62.7%
2022 : € 0.01 vs 0.03-78.2%

Dilution of shares has caused a slight decrease in absolute terms in the EPS in the years to come. In addition, the 2020 results came in below our previous expectations.



Change in NAV€ 0.36 vs 0.32+15.0%

The NAV has been augmented due to a better net cash forecast in the coming years. This is linked to the Aquiline Drones contract which we believe will generate more income than previously expected.



Change in DCF€ 0.44 vs 0.38+15.8%

Once again, the increase in our Aquiline Drones contract expectations has increased the bottom line directly, generating additional cash. The impact of this contract should boost the EBITDA growth for the coming years, and we have raised the EBITDA future growth rate from 5.5% to 7.5%. We believe this will offset the problems linked to the training activities, which were heavily impacted by the pandemic.



Target
Upside 107%
Price (€) 0.09
Market Cap (€M) 23.6
Perf. 1W: -9.36%
Perf. 1M: -28.5%
Perf. 3M: -44.0%
Perf Ytd: -68.2%
10 day relative perf. to stoxx600: -13.7%
20 day relative perf. to stoxx600: -27.3%
Updates

20 Oct 21 Earnings/sales releases
Q3 21: strong contract execution, as promised

19 Jul 21 Earnings/sales releases
H1 21: strong growth in revenues, promising H...

12 Jul 21 Target Change
More shares, less debt

31 May 21 DCF Change
Major Contracts to double sales

19 Apr 21 EPS change
COVID-19 delays profit and growth

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