Drone Volt on the move

Drone Volt on the move EARNINGS/SALES RELEASES Drone Volt unveiled outstanding results, widely beating its Q1 23 guidance provided two months ago and maintaining its objective of increasing its gross margin and the recurrence. FACT • Sales increased by almost 5x to €8.9m (Q1 23: €1.6m) thanks to the completion of the big distribution contract notably (which was not initiated in the Q1 23) and new orders, smashing the company’s goal to at least double the sales compared to last year. • The g...

INVEST SECURITIES – DRONE VOLT :Encourageant pour le reste de l'année ...

Drone Volt ready for new growth phase

Drone Volt ready for new growth phase EARNINGS/SALES RELEASES Drone Volt announced yesterday its audited FY23 figures, confirming an improvement in profitability despite experiencing several external headwinds. FACT Sales had already been announced at €23.993m, a 75% increase compared to last year. The gross margin was revised slightly upwards to €3.673m, increasing by 27% compared to last year and above the previous estimate of €3.394m EBIT also improved substantially from €-22.039m to €-5....

INVEST SECURITIES - DRONE VOLT : Résister avant la commercialisation d...

New annual sales record and new capital increase

New annual sales record and new capital increase EARNINGS/SALES RELEASES Drone Volt unveiled a promising FY23 trading update but announced a new capital increase to fund its high expected growth. Last year’s performance could have been better without the Chinese restrictions on the sale of drones. FACT Sales for FY23 grew by 74% from €13.7m to €23.9m, beating our estimate and guidance of €23m (revised downwards a month ago). The gross margin for FY23 grew by by 17% from €2.9m to €3.4m, fall...

Target cut by -10.4% (Drone Volt)

TARGET CHANGE CHANGE IN TARGET PRICE € 0.02 vs 0.02 -10.4% We have incorporated the impact of the dilution following the new capital increase of c.€2.5m, which is the main reason for the decrease in our target price. This impact was mitigated by forecasting higher growth in the drone as a service offer given its successful launch, as this service has higher margins than distribution.

INVEST SECURITIES – DRONE VOLT: Visibilité financière étendue de 3 mo...

INVEST SECURITIES – DRONE VOLT : Impact limité mais visibilité financi...

Ambivalent Q3 results

Ambivalent Q3 results EARNINGS/SALES RELEASES Drone Volt released a mixed Q3 trading update with sales below expectations due to supply tensions in the distribution business although a favourable revenue mix allowed the company to post a significant improvement in profitability. The company looks well on the way to achieving its doubling of sales objective for FY23 underpinned by strong dynamism for its new Drone Volt Expert offer. FACT • Sales declined by 23% compared to last year from €3....

INVEST SECURITIES – DRONE VOLT : Visibilité financière jusqu'en juin 2...

H1 23: the beginning of the awaited resurrection

H1 23: the beginning of the awaited resurrection EARNINGS/SALES RELEASES Drone Volt published yesterday its complete H1 23 results which confirmed the good execution of the big distribution contract of €20m with a European player. Demand for the new “drone as a service” offer is strong and driving higher-margin growth for second half of the year. FACT • Sales were slightly lower than expected at €15.9m (which is already more than in FY22 when revenues stood at €13.7m), while the gross margin...

Target cut by -18.6% (Drone Volt)

TARGET CHANGE CHANGE IN DCF € 0.02 vs 0.04 -29.5% Our DCF, and consequently the target price, will be impacted by a higher capex of €4m against €3.35m previously expected to take into account the efforts on developing the new family of drones. We have significantly revised upwards our estimates after FY23 as well to take into account the new willingness of the company to invest in new drones and technologies, which does not seem to be a one-off in our opinion.

INVEST SECURITIES – DRONE VOLT : Sur la bonne trajectoire - ACHAT, OC ...

INVEST SECURITIES – DRONE VOLT : Confirmation de l'amélioration de ten...

INVEST SECURITIES - Drone Volt : Trésorerie confortée, focus sur l'opé...

Target cut by -18.1% (Drone Volt)

TARGET CHANGE CHANGE IN NAV € 0.02 vs 0.04 -43.3% Dilution from the €4.9m capital increase decided by Drone Volt compared to a €13.1m market cap has impacted the NAV per share

NAV cut by -39.5% (Drone Volt)

NAV CHANGE CHANGE IN NAV € 0.04 vs 0.07 -39.5% The NAV has been negatively impacted due to Drone Volt’s capital increase of €4.7m at the end of March and the €3m raised through earlier equity lines, which have increased the number of shares from 617,582 to 1,103,091. CHANGE IN DCF € 0.04 vs 0.02 +43.0% The DCF has increased, as we have upgraded our 2024 sales forecast from €31.5m to €33m and our 2025 forecast from €35.6m to €41m, as we expect the company's efforts to pay off.

INVEST SECURITIES - DRONE VOLT : T1 sans surprise, des cieux plus favo...

FY22: Take-off to double turnover

FY22: Take-off to double turnover EARNINGS/SALES RELEASES The 2022 earnings were hurt by Drone Volt’s troubled US partner, Aquiline. This led Drone Volt to write down of the related activities and its shareholding for a combined €16m and book a whopping €26m loss. The balance sheet nonetheless remains healthy and the outlook for 2023 is encouraging, with a trading type order of €20m with decent margins. Opportunistic 2022 acquisitions and the launch of new products also bode well. FACT FY2...

Opinion change, from Buy to Add (Drone Volt)

OPINION CHANGE CHANGE IN OPINION Add vs Buy CHANGE IN EPS 2022 : € (0.05) vs (0.01) ns 2023 : € 0.00 vs (0.01) ns The downgrade to our EPS FY22 reflects the kitchen sinking of the business associated with Aquiline amortization of all receivables, as well as 2/3rd of the Aquiline Drone shares (€1.7m), which led to a net result of -€26m far below our estimates (-€3.4m). Forward looking, our eps forecasts reflect breakeven at the Ebit level from 2024. CHANGE IN NAV € 0.07 vs 0.12 -39.9% The d...