AlphaValue Corporate Services
This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II

Drone Volt

CR
Bloomberg   ALDRV FP
Aerosp. & Defence Equipt.  /  France  Web Site   |   Investors Relation
Banking on services and European roots
Target
Upside 92.2%
Price (€) 0.48
Market Cap (€M) 25.9
Perf. 1W: -1.11%
Perf. 1M: -21.6%
Perf. 3M: 28.5%
Perf Ytd: 36.8%
10 day relative perf. to stoxx600: 7.74%
20 day relative perf. to stoxx600: -17.1%
Target Change31/03/2025 15:27

Change in Target Price€ 0.92 vs 1.07-13.7%

Change in EPS2024 : € -0.59 vs -0.59
2025 : € -0.09 vs -0.12ns

Our 2025 EPS forecast has benefited from the higher average number of shares in 2025 (+9m to 39m) resulting from the €5m capital raising and the subsequent expected exercise of the share purchase warrants attached to these new shares, thus reducing the loss per share.



Change in NAV€ 1.07 vs 1.30-17.1%

Our NAV has been impacted by the c.18m increase in the number of shares to c.53m expected at year-end 2025, which has been partially offset by the higher level of net cash. Both these changes result from the €5m capital raising and the subsequent expected exercise of the share purchase warrants attached to these new shares, thus reducing the loss per share.



Change in DCF€ 1.35 vs 1.57-14.4%

Our DCF has been impacted by the c.18m increase in the number of shares to c.53m expected at year-end 2025 resulting from the €5m capital raising which has been partially offset by the higher level of net cash. Both these changes result from the €5m capital raising and the subsequent expected exercise of the share purchase warrants attached to these new shares, thus reducing the loss per share.



Updates

24 Mar 25 Earnings/sales releases
A better-looking FY24 release than it seems

17 Jan 25 Target Change
Integrating the FY24 trading update

16 Jan 25 Earnings/sales releases
FY 24: A rapid strategic change undertaken

17 Oct 24 Earnings/sales releases
Decent Q3 results

24 Sep 24 Earnings/sales releases
Drone Volt unveiled promising H1 24 results

16 Jul 24 Target Change
Lower profitability incorporated

12 Jul 24 Earnings/sales releases
H1 24: Encouraging trajectory

26 Jun 24 Latest
Eurosatory takeways

.