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Arrowhead published an Equity Research Report on Drone Volt SA
June 22, 2022


Drone Volt SA (EPA:ALDRV) Research Update

  • Arrowhead is updating its coverage on Drone Volt with a fair value bracket of EUR 0.15 to EUR 0.21 (share price on June 21, 2022: EUR 0.03), based on the Discounted Cash Flow method 
  • Drone Volt acquired the assets of Viking Drone, a Danish drone manufacturer specializing in manufacturing connected drones for developers and integrators. The acquisition, funded in an all-cash transaction, will strengthen Drone Volt’s technologies and offerings
  • Drone Volt partnered with Pragma Industries, a manufacturer of compact hydrogen cells. The joint venture will focus on developing drones with improved flight time for transport and surveillance missions, providing fixed or rotary-wing drones with hydrogen engines
  • Drone Volt delivered two Hercules 20 drones to the French Navy and can potentially receive a larger order
  • Drone Volt’s revenue for Q1 2022 amounted to EUR 1.7 mn, which declined slightly by 3.2% on a year-on-year (YoY) basis owing to a slight slowdown in the activity compared with Q1 2021
  • Revenue from the higher-value-added activities declined by 0.1% on a YoY basis (amounting to EUR 789k). In comparison, revenue from the distribution activities decreased by 5.7% on a YoY basis (amounting to EUR 956k)
  • Gross Profit decreased by 9.9% YoY and amounted to EUR 627k in Q1 2022
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