GBC AG: EAMD European AeroMarine Drones AG | Rating: BUY
Original-Research: EAMD European AeroMarine Drones AG - von GBC AG
Einstufung von GBC AG zu EAMD European AeroMarine Drones AG
Unternehmen: EAMD European AeroMarine Drones AG ISIN: DE0006611957
Anlass der Studie: Research Report (Initial Coverage)
Empfehlung: BUY
Kursziel: 80.00 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger, Marcel Schaffer
Innovative drone-based close and remote monitoring with efficiency and cost advantages. First order for 5 drones already secured until 2024. First revenues expected in 2023. Speculative investment with high future potential.
In the medium term, the management of EAMD European AeroMarine Drones AG (EAMD) plans to build up a portfolio of high-tech SMEs in the aviation sector with a focus on close and remote surveillance. To develop new prototypes, SMEs often lack access to capital and the distribution strength to sell fleets to large customers. EAMD plans to fund SME prototype development in exchange for pre-sales rights or exclusivity of product distribution.
Currently, the first cooperation exists with Reiner Stemme Aero GmbH (RS.Aero). RS.Aero has two drones in development, which can be used manned and unmanned. As part of their cooperation, a sister company of RS.Aero, Reiner Stemme Red Eagle AG (RS Red Eagle), is to be contributed to EAMD in the near future by way of a capital increase in kind. RS.Aero has two drones in development, the EAMD Whisper, which is expected to reach market maturity in 2023, and a larger model, the Geo-Explorer, which is expected to reach market maturity in 2024. EAMD, through Red Eagle, will receive a pre-sale right to the production of the Whisper and the Geo-Explorer from RS.Aero. For the successful sale, EAMD will receive a sales commission of 15% from RS.Aero.
There is currently no operational development in EAMD, so the balance sheet is very lean with insignificant sales and a low net result. Red Eagle also has a very lean balance sheet and should, in the case of a contribution in kind of around EUR 20 million, create goodwill as well as equity for the most part.
Management assumes a very dynamic development of Whisper and Geo-Explorer sales, with revenues of EUR 3.75 million in 2023, EUR 15 million in 2024, EUR 28.5 million in 2025 and EUR 48.75 million in 2026. With sales figures totaling 5 (2023), 16 (2024), 28 (2025) and 47 (2026). In our opinion, the expected development of the EAMD management is subject to certain uncertainties. Against the backdrop of the still outstanding non-cash capital increase and the high level of planning uncertainty, we have assumed probabilities of occurrence for revenues in the coming years. The probability of occurrence is 100% for the year 2022, followed by 75% for the year 2023 and 50% for the years 2024 and 2025. Thus, in accordance with the probability of occurrence, we plan revenues of EUR 0.00 million for the fiscal year 2022, followed by EUR 2.81 million in 2023 and EUR 7.13 million in 2024 and EUR 14.25 million in 2025.
As there is no production at EAMD, but only sales, very high EBITDA margins can be achieved. We therefore expect EBITDA of EUR -0.5 million in 2022, followed by EUR 1.43 million in 2023 and EUR 4.57 million in 2024, and EUR 9.9 million in 2025.
Based on our DCF model, we have determined a fair enterprise value of EUR 27.06 million. Based on an outstanding number of shares of 0.34 million, this corresponds to a target price of EUR 80.00. The share of EAMD European AeroMarine Drones AG represents a speculative investment and has a very high price potential in case of success. We assign a Buy Rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24491.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date and time of completion of the study: German Version: 24.06.2022 (11:10 a.m.) English Version: 28.06.2022 (5:30 p.m.)
Date and time of the first disclosure of the study: German Version: 27.06.2022 (11:00 a.m.) English Version: 29.06.2022 (9:00 a.m.)
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