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Drone Volt

CR
Bloomberg   ALDRV FP
Aerosp. & Defence Equipt.  /  France  Web Site   |   Investors Relation
Banking on services and an expansion in the US
Target
Upside 60.7%
Price (€) 0.27
Market Cap (€M) 22.4
Benchmarks Current multiplesWeightValues (€)Upside 
DCF (Edit and simulate)  35%0.4880%
NAV/SOTP per share   20%0.57113%
EV/Ebitda Peers 6.2 x 20%0.53100%
P/E Peers -218.9 x 10%0.13-50%
Dividend Yield Peers 0.0% 10%0.00-100%
P/Book Peers 0.9 x 5%0.53100%
Target Price  100%0.4361% 
Valuation matters

DCF
To date, very few drone companies have managed to sustain the supposed growth rate of the market (+10%). We therefore apply a more conservative growth rate in our DCF going forward, namely 8% growth over 2028-35. The wider commercialisation of the LineDrone and Kobra could push this estimate upwards. Thanks to cost containment measures, positive volume effects and a transition to services rather than products, we believe that a long-term EBITDA growth of 8% is achievable.

NAV
For the NAV, in order to reflect the nominally strong growth potential and to compensate for the still early stage of the company, with high volatility in profitability, we have chosen to base our valuation on sales multiples. We value the company through its different segments, based on three-year average forecast sales, to which we apply a multiple. We value Distribution at 0.9x its estimated three-year average sales. This multiple is in line with similar distribution activities of European companies, taking into account the limited value-added and growth prospects. For Drone Volt Factory, we value the factory (corresponding to drone and camera sales, as well as services) and training, based on the current trading multiples compiled on Bloomberg for the competitors, i.e. c.6x revenues. In addition, we value the emerging activity of Drone as a Service separately at 6x, given the high growth and margins.

Peers
With regard to peers, finding a similar company to Drone Volt is quite challenging as there is currently no perfect match in our coverage, nor on the listed market. We, however, address this issue by valuing Drone Volt in line with the relevant players of the drone industry, such as Elbit Systems, Exail Technologies and Aerovironment.

The target price has suffered from the different capital increases carried out to support the high growth rates of the company, as well as lower margins in its big distribution contracts.

Comparison Based Valuation
Computed on 18 month forecastsMcap (€M]P/E (x)Ev/Ebitda (x)P/Book (x)Yield(%)
Peers ratios ns 24.5 331 0.00
Drone Volt's ratios ns 6.23 0.88 0.00
Premium 0.00% 0.00% 0.00% 0.00%
Default comparison based valuation (€) 0.13 0.53 0.53 0.00
IsraelElbit Systems(Consensus) 10,139 ns26.96680.00
United StatesAerovironment(Consensus) 5,516 29.020.41.350.00
FranceExail Technologies(Consensus) 2,131 39.017.53.310.00
DCF Valuation Per Share Help View DCF history
WACC % 9.49
PV of cashflow FY1-FY11 €th 30,104
FY11CF €th 8,501
Normalised long-term growth"g" % 2.00
Sustainability "g" % 1.60
Terminal value €th 107,748
PV terminal value €th 43,519
PV terminal value in % of total... % 59.1
Total PV €th 73,623
Avg net debt (cash) at book v... €th 1,388
Provisions €th 1,421
Unrecognised actuarial losses... €th 0.00
Financial assets at market price €th 0.00
Minorities interests (fair value) €th 0.00
Equity value €th 70,813
Number of shares Th 147,751
Implied equity value per share € 0.48
Sustainability impact on DCF % -3.18
Assessing The Cost Of Capital Help
Synthetic default risk free rate % 3.50
Target equity risk premium % 5.00
Tax advantage of debt financ... % 25.0
Average debt maturity Year 5
Sector asset beta x 1.18
Debt beta x 1.00
Market capitalisation €th 22,408
Net debt (cash) at book value €th 1,607
Net debt (cash) at market value €th 1,268
Company debt spread bp 500
Marginal Company cost of debt % 8.50
Company beta (leveraged) x 1.23
Company gearing at market v... % 7.17
Company market gearing % 6.69
Required return on geared eq... % 9.67
Cost of debt % 6.38
Cost of ungeared equity % 9.41
WACC % 9.49
DCF Calculation Help
  12/25A 12/26E 12/27E 12/28E Growth 12/29E
Sales €th   8,732 13,056 23,605 28,695 8.00% 30,991   
EBITDA €th   -3,729 -1,782 6,111 9,635 8.00% 10,406   
EBITDA Margin %   -42.7 -13.6 25.9 33.6 33.6   
Change in WCR €th   -3,517 401 -4,217 127 8.00% 137   
Total operating cash flows (pre tax) €th   -7,915 -1,381 1,894 9,762 10,543   
Corporate tax €th   -134 -59.6 -600 -1,376 8.00% -1,487   
Net tax shield €th   -448 -168 -155 -158 8.00% -170   
Capital expenditure €th   -3,272 -2,945 -3,239 -3,725 8.00% -4,023   
Capex/Sales %   -37.5 -22.6 -13.7 -13.0 -13.0   
Pre financing costs FCF (for DCF purposes) €th   -11,769 -4,553 -2,100 4,503 4,863   
Various add backs (incl. R&D, etc.) for DCF... €th     
Free cash flow adjusted €th   -11,769 -4,553 -2,100 4,503 4,863   
Discounted free cash flows €th   -11,769 -4,553 -1,918 3,756 3,705   
Invested capital €   15.0 15.3 20.2 20.9 22.6   
NAV/SOTP Calculation
 % ownedValuation technique Multiple used Valuation at 100%
(€th)
Stake
valuation
(€th)
In currency per share
(€)
% of gross assets
Drone Volt Factory 100% EV/Sales 6 42,000 42,000 0.28 49.1%
Drone as a Service 100% EV/Sales 6 36,000 36,000 0.24 42.1%
Distribution 100% EV/Sales 0.9 2,970 2,970 0.02 3.48%
Sol.One 0.33% Adj. historical price 750,000 2,475 0.02 2.90%
Roth Mions 3.69% AlphaValue valuation 1,630 60.1 0.00 0.07%
Other 1,954 0.01 2.29%
Total gross assets 85,459 0.58 100%
Net cash/(debt) by year end -1,607 -0.01 -1.88%
Commitments to pay
Commitments received
NAV/SOTP 83,853 0.57 98.1%
Number of shares net of treasury shares - year end (Th) 147,751
NAV/SOTP per share (€) 0.57
Current discount to NAV/SOTP (%) 53.1 View history

Changes to Story : 16/10/2026, Changes to Forecasts : 16/10/2026.