AlphaValue Corporate Services
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 distributor to service provider.
Target
Upside 82.9%
Price (€) 0.01
Market Cap (€M) 14.6
Perf. 1W: -1.02%
Perf. 1M: -14.9%
Perf. 3M: -8.49%
Perf Ytd: 4.30%
10 day relative perf. to stoxx600: -4.69%
20 day relative perf. to stoxx600: -25.0%
Opinion change14/12/2020

Change in OpinionAdd vs Buy

Change in Target Price€ 0.36 vs 0.40-9.19%

We have reduced our target price by 9%, reflecting the additional amount of equity created compared to our initial estimates. The two recent capital increases, i.e. in November plus the one reserved for Aquiline Drones will create c. 38m new shares, almost twice the amount we initially modelled for the sole Aquiline Drones participation. Our other estimates are unchanged.



Change in DCF€ 0.44 vs 0.49-9.92%

Our DCF is lowered by €0.05 to €0.44, reflecting the additional amount of equity created compared to our initial estimates.



Updates
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