Orders are solid, but the pandemic impacts deliveries
TARGET CHANGE
CHANGE IN NAV
€ 0.04 vs 0.06 -35.2%

The NAV has been impacted as we have lowered our sales estimates. We remain cautious as exports to Africa and abroad have been severely reduced by the pandemic, as foreign borders are difficult to cross. However, if the situation improves, H2 could be exceptional, as orders have been building up.


CHANGE IN DCF
€ 0.07 vs 0.08 -6.97%

For the same reason, we have estimated that the sales we had been expecting in 2022 are now more likely to be achieved in 2023 because of the pandemic. However, its diverse drone applications in particular sectors could witness exponential growth if its added value is recognised by the market. Our DCF still indicates a 200% upside.