CA +110% mais le rebond des marges se fait attendre - ACHAT - OC 1,5€ (vs 1,8€)
Les résultats du S1 2016 laissent apparaître une très forte croissance du CA (+110%), mais un tassement des marges et une perte plus élevée qu’attendue. La transition vers une production et une R&D internes, ainsi que la mise en place d’un réseau de distribution, ont fortement alourdi les charges externes et repoussé le rebond attendu de la MB au S2. Notre nouvelle valorisation ressort à 1,5€ (vs 1,8€ préc). Nous conservons notre recommandation ACHAT considérant que la société va continuer à générer une croissance forte tout en augmentant ses marges sur le S2.Drone Volt SA. Drone Volt SA is a France-based company principally engaged in the aerospace industry. The Company provides civilian drone manufacturing. It specializes in the production, integration and sale of drones for professionals. Drone Volt is a provider of the audiovisual market in the field of aerial photography by drone. The Company is also present in many other markets such as security and topography, among others. The Company's main product is the Pack PRO FOR GH4 S900. It cooperates with Ministry of Internal Affaires, Ministry of Defense, CERN, Gendarmerie Transports Aeriens (aerial transport police), Dakar 2015, Spie, TF1, Bouygues, CNRS, Bonne Pioche, RAID and GEDEON Programmes, among others. It operates through Dandrone.
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