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Drone Volt

CR
Bloomberg   ALDRV FP
Aerosp. & Defence Equipt.  /  France  Web Site   |   Investors Relation
From product to service
Target
Upside 123%
Price (€) 0.02
Market Cap (€M) 7.26
Perf. 1W: -13.6%
Perf. 1M: -21.4%
Perf. 3M: -59.8%
Perf Ytd: -73.7%
10 day relative perf. to stoxx600: -18.9%
20 day relative perf. to stoxx600: -25.2%
Target Change01/02/2022

Q4: record sales, though a slight disappointment

Change in Target Price€ 0.10 vs 0.16-36.6%

Change in EPS2021 : € -0.01 vs -0.01ns
2022 : € -0.01 vs 0.00ns

The FY22 lowered EPS forecast is mainly linked to the postponed contract of the 500 Hercule 20 and 200 Hercule 10 drones from its main customer Aquiline Drones. As the current 600 Hercule 2 contract has been delayed in deliveries, we expect this contract to be the focus for FY22 (with 389 drones to be sold left), hence pushing back the other contract to FY23 at least. There could be potential upside coming from the Hungarian customer or from the success of the commercialisation of the LineDrone, which would be highly lucrative.



Change in NAV€ 0.18 vs 0.20-5.60%

The NAV has been slightly lowered due to the adjusted cash position of Drone Volt at the end of the year. In our previous estimates, the cash received from the sale of 50% of Aerialtronics (€7.5m) had been integrated into the FY21 results. We have now smoothed the cash reception into FY22 and removed some fees from the cash received.



Change in DCF€ 0.10 vs 0.21-52.0%

Due to the delay in the execution of the Aquiline Drones contract, we have pushed back our sales estimates. This has impacted our cash recognition which has impacted our FCF. In addition, the FCF has been lowered in FY21 due to rising inventories as the components for the 600 Hercules 2 contract have already been acquired. Nevertheless, we are still expecting a positive FCF by FY23.



Updates

24 Oct 22 Earnings/sales releases
Q3-22: massive momentum in distribution

12 Oct 22 Target Change
H1-22 Model Update

27 Sep 22 Earnings/sales releases
From product manufacturer to service provider

26 Jul 22 Earnings/sales releases
H1 22: SKYTOOLS, another successful bet

18 May 22 Other news/comments
Could the French government be a new major ...

26 Apr 22 Earnings/sales releases
Q1 22: integration of the acquisitions is progres...

24 Mar 22 Target Change
All eyes on Aquiline Drones

22 Mar 22 Earnings/sales releases
Q4 21: getting closer to break-even

28 Jan 22 Earnings/sales releases
Q4 21: best sales in its history

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