Drone Volt

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.

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.

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.