OPINION CHANGE
CHANGE IN OPINION
Add vs Buy


CHANGE IN TARGET PRICE
€ 0.36 vs 0.40 -9.19%

We have reduced our target price by 9%, reflecting the additional amount of equity created compared to our initial estimates. The two recent capital increases, i.e. in November plus the one reserved for Aquiline Drones will create c. 38m new shares, almost twice the amount we initially modelled for the sole Aquiline Drones participation. Our other estimates are unchanged.


CHANGE IN DCF
€ 0.44 vs 0.49 -9.92%

Our DCF is lowered by €0.05 to €0.44, reflecting the additional amount of equity created compared to our initial estimates.