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Drone Volt

CR
Bloomberg   ALDRV FP
Aerosp. & Defence Equipt.  /  France  Web Site   |   Investors Relation
From distributor to service provider.
Target
Upside 142%
Price (€) 0.01
Market Cap (€M) 14.4
Perf. 1W: -3.53%
Perf. 1M: 5.13%
Perf. 3M: -7.87%
Perf Ytd: -18.0%
10 day relative perf. to stoxx600: -5.58%
20 day relative perf. to stoxx600: 0.64%
DCF Change24/09/2021

Major contracts pushes to the right

Change in DCF€ 0.37 vs 0.42-11.4%

Drone Volt has signed major contracts in H1, one firm contract concerning 600 Hercules 2 drones of an estimated real value of €2.4m and one flexible contract concerning 500 Hercules 20 drones and 200 Hercules 10 drones of a catalogue value of €15m (we estimate a real price of €9.5m). Drone Volt is currently ramping-up its production of Hercules 2 drones to honour its firm contract before the second. Its production rate is currently 40 drones a week and it is expected to rise to 60 drones by the end of the year. As its priority is the Hercules 2 contract, we were clearly too optimistic on the fulfilment of the mega contracts involving the Hercules 20 and 10. We are estimating this second contract to represent €1m in FY21 vs €1.9m previously. While this has not changed our fundamental view as the drones that are not delivered this year would be delivered later on, we have added a degree of caution on the calendar which impacts the DCF.



Updates

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

20 Oct 21 Earnings/sales releases
Q3 21: strong contract execution, as promised

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