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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
From product to service.
Target
Upside 56.5%
Price (€) 0.01
Target Price (€) 0.02
Market Cap (€M) 15.2
Perf. 1W: 1.00%
Perf. 1M: -0.98%
Perf. 3M: -21.7%
Perf Ytd: 8.60%
10 day relative perf. to stoxx600: -1.27%
20 day relative perf. to stoxx600: -5.61%
Target Change18/09/2023
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Change in Target Price€ 0.02 vs 0.02-18.6%

Change in DCF€ 0.02 vs 0.04-29.5%

Our DCF, and consequently the target price, will be impacted by a higher capex of €4m against €3.35m previously expected to take into account the efforts on developing the new family of drones. We have significantly revised upwards our estimates after FY23 as well to take into account the new willingness of the company to invest in new drones and technologies, which does not seem to be a one-off in our opinion.
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