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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 167%
Price (€) 0.01
Market Cap (€M) 12.6
Perf. 1W: 1.41%
Perf. 1M: -13.3%
Perf. 3M: -10.0%
Perf Ytd: -28.0%
10 day relative perf. to stoxx600: -8.39%
20 day relative perf. to stoxx600: -11.1%
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

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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