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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 148%
Price (€) 0.01
Market Cap (€M) 13.8
Perf. 1W: 1.28%
Perf. 1M: 2.60%
Perf. 3M: -18.6%
Perf Ytd: -21.0%
10 day relative perf. to stoxx600: 2.58%
20 day relative perf. to stoxx600: 0.21%
Target Change12/07/2021

More shares, less debt

Change in Target Price€ 0.30 vs 0.34-11.0%

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€ 0.29 vs 0.35-16.7%

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€ 0.42 vs 0.48-12.6%

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.



Updates

19 Jul 21 Earnings/sales releases
H1 21: strong growth in revenues, promising H...

12 Jul 21 Target Change
More shares, less debt

31 May 21 DCF Change
Major Contracts to double sales

19 Apr 21 EPS change
COVID-19 delays profit and growth

22 Jan 21 Earnings/sales releases
Q4 20: sharper COVID-19 impact though the dy...

21 Jan 21 M&A /Corp. Action
Capital exchange with Aquiline Drones

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