AlphaValue Corporate Services
This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II

Drone Volt

CR
Bloomberg   ALDRV FP
Aerosp. & Defence Equipt.  /  France  Web Site   |   Investors Relation
Banking on services and European-made drones
Target
Upside 153%
Price (€) 0.30
Market Cap (€M) 11.6
Perf. 1W: -30.0%
Perf. 1M: -14.9%
Perf. 3M: -21.2%
Perf Ytd: -13.6%
10 day relative perf. to stoxx600: -18.2%
20 day relative perf. to stoxx600: -19.6%
Opinion change14/12/2020 13:43

Change in OpinionAdd vs Buy

Change in Target Price€ 36.3 vs 40.0-9.19%

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€ 43.7 vs 48.5-9.92%

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



Updates

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

15 Oct 20 Earnings/sales releases
Q3 20: strong rebound in Q3, further improvem...

12 Oct 20 Initiation cov.
The verge of a new era for Drones

Next12345
.