Drone Volt

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Drone Volt ^CR	Bloomberg ALDRV FP
Aerosp. & Defence Equipt. / France	Web Site \| Investors Relation

From product to service.

Pros

R&D efforts to develop and commercialise in-house drone solutions and AI applications allow the company to improve its pricing power and profitability
Training is a key part of the strategy, where the development of a comprehensive regulatory framework should unleash demand for both drone and training
Implementing a Drone-as-a-service strategy which could become highly lucrative, especially if applied to its LineDrone which is expected to enter into service by 2023

Cons

Still nascent market, displaying high potential growth, but little visibility on contract timings and overall adoption of this technology
US growth hopes reset lower after US partner failed to fund its ambitions
Supplier risk for distribution segment, heavily exposed to Chinese players with a risk of dependency and limited pricing power

Updates

03/06/23	Opinion	Buy vs Add
25/04/23	Earnings	Drone Volt confirms its annual targets aft...
24/04/23	NAV	The NAV has been negatively impacted d...
24/04/23	DCF	The DCF has increased, as we have upgr...
11/04/23	Earnings	FY22: Take-off to double turnover
05/04/23	Opinion	Add vs Buy
05/04/23	EPS	The downgrade to our EPS FY22 reflects...
05/04/23	NAV	The drop in the NAV valuation comes mai...
05/04/23	DCF	The FCF has taken a hit as the FY 2022 ...
15/02/23	Latest	Another record year for sales
24/10/22	Earnings	Q3-22: massive momentum in distribution
12/10/22	EPS	Drone Volt saw a significant increase in e...
12/10/22	NAV	We have reduced the NAV to account for ...
12/10/22	DCF	Due the decreased profitability, we have r...
27/09/22	Earnings	From product manufacturer to service pro...
26/07/22	Earnings	H1 22: SKYTOOLS, another successful bet
18/05/22	Other news	Could the French government be a new ...
26/04/22	Earnings	Q1 22: integration of the acquisitions is p...
24/03/22	Target	Despite the better than expected profitabi...
24/03/22	EPS	As mentioned previously, the profitability ...
24/03/22	NAV	The NAV has been negatively impacted d...
22/03/22	Earnings	Q4 21: getting closer to break-even
01/02/22	EPS	The FY22 lowered EPS forecast is mainly...
01/02/22	NAV	The NAV has been slightly lowered due t...
01/02/22	DCF	Due to the delay in the execution of the A...
28/01/22	Earnings	Q4 21: best sales in its history
13/12/21	NAV	As the total number of shares will rise fro...
13/12/21	DCF	Drone Volt has increased its capital by off...
08/12/21	EPS	Drone Volt had signed two mega contract...
08/12/21	NAV	As we use EV/Sales multiples to value th...
08/12/21	DCF	As major contracts have been postponed,...
20/10/21	Earnings	Q3 21: strong contract execution, as pro...
24/09/21	Strategy	Contracts signed in H1, cash expected in...
24/09/21	DCF	Drone Volt has signed major contracts in ...
19/07/21	Earnings	H1 21: strong growth in revenues, promis...
12/07/21	Target	Drone Volt has adopted a strategy to red...
12/07/21	NAV	The NAV has been negatively impacted b...
12/07/21	DCF	Even if the cash generated through stock ...
24/06/21	M&A /Corp.	Drone Volt sells 50% of Aerialtronics to p...
31/05/21	Target	The target price has been slightly improv...
31/05/21	DCF	The DCF has been impacted by the anno...
28/04/21	Other news	Q1 21: strong growth in Q1 and major co...
19/04/21	EPS	Dilution of shares has caused a slight dec...
19/04/21	NAV	The NAV has been augmented due to a b...
19/04/21	DCF	Once again, the increase in our Aquiline ...
22/01/21	Earnings	Q4 20: sharper COVID-19 impact though ...

Key Data

	12/20A	12/21A	12/22E	12/23E	12/24E
Adjusted P/E (x)	-3.14	ns	-0.72	-4.26	-19.1
Dividend yield (%)	0.00	0.00	0.00	0.00	0.00
EV/EBITDA(R) (x)	-13.8	-86.6	-9.54	-18.1	22.2
Adjusted EPS (€)	-0.05	0.00	-0.05	0.00	0.00
Growth in EPS (%)	n/a	n/a	n/a	n/a	n/a
Dividend (€)	0.00	0.00	0.00	0.00	0.00
Sales (€th)	5,836	8,617	13,736	29,500	33,016
Other margin (%)	33.2	48.9	20.1	16.2	20.5
Attributable net profit (€th)	-6,393	5,551	-26,358	-2,511	-776
ROE (after tax) (%)	-47.6	19.5	-102	-17.8	-5.24
Gearing (%)	8.95	-6.87	16.1	28.3	11.9