Drone Volt

Our target price is affected by the lower DCF derived valuation as well as the reduced P/E derived one (-75% to €0.17 per share), which is very sensible given that the group is close to profitability.

Our EPS for 2026 is affected by two elements, the first being higher marketing costs and staff costs than we previously forecast, with a c.€2m negative effect combined. Previously we had thought these costs would be somewhat reduced. The second important element is a seemingly higher level of provisions than we had initially anticipated, resulting in a €1m negative impact for that year. All in all, we thus find ourselves with a net income €3.3m lower for 2026, at -€5.2m.
For 2027, the main drag to the net income comes from the higher marketing costs forecast (+€1m to €5m), leading to a €0.9m lower net income for that year at €2.2m.

Our DCF is mainly impacted by the higher staff costs and marketing costs expected for 2026, with a negative impact of c.€2m to €5.5m, a level that we do not expect to retreat massively going forward, and thus affecting our EBITDA projections, resulting in lower FCF projections, with a present value of these future flows reduced by €12m to €71m.