Integration of the Weesure Group
NAV CHANGE
CHANGE IN NAV
€ 0.05 vs 0.04 +16.9 %

The NAV recognises a ‘spot’ value creation from freshly-acquired Weesure Group (following a change in the business model) above the acquisition price. We also now allow for the market price of listed Delta Drone International in Australia.


CHANGE IN DCF
€ 0.07 vs 0.07 -10.4 %

This Weesure acquisition aims at solidifying the group's revenues, with an additional stable €24m of revenues expected by FY22 and half expected by FY21 as the consolidation would occur in H2. The thinner margins resulting from this acquisition are mainly derived from additional wage costs (security staff) and depreciation. As the latter is a non-cash item, free cash flow is still bettered and is now expected to reach €8.6m by FY2023 vs €6.1m previously estimated. However, the funding through equity lines happens to be massively dilutive. Looking forward, we have allowed for a near doubling of the average number of shares by 2021. This is why the DCF ends up with a net per share contraction.