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Drone Volt

CR 		Bloomberg   ALDRV FP
Aerosp. & Defence Equipt.  /  France  Web Site   |   Investors Relation
Banking on services and European-made drones
Target
Upside 243%
Price (€) 0.36
Target Price (€) 1.22
Market Cap (€M) 9.06
Perf. 1W: -4.05%
Perf. 1M: -11.3%
Perf. 3M: -17.4%
Perf Ytd: -64.3%
10 day relative perf. to stoxx600: -1.95%
20 day relative perf. to stoxx600: -8.46%
Target Change12/07/2021 17:43
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More shares, less debt
Change in Target Price€ 30.0 vs 33.7-11.0%

Drone Volt has adopted a strategy to reduce its debt through the emission of new stocks to better its financial structure. It has achieved the repayment of an expensive 12% interest rate bond of €800k and other convertible bonds and loans for a total value of €4.3m. Debt levels and associated interest rate have been adjusted downwards.
Change in NAV€ 29.1 vs 34.9-16.7%

The NAV has been negatively impacted by the number of additional shares emitted through the execution of an equity line. Our estimates of shares outstanding by the end of the year were 235 million, and we now believe it will be closer to 268 million (currently 246 million).



Change in DCF€ 42.2 vs 48.3-12.6%

Even if the cash generated through stock issuance reduces the debt and therefore the interest charge, the dilution stemming from the increased number of shares has more of an impact.



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