Change in the valuation following anticipated business-model transition (Drone Volt)

We have integrated the final 2015 figures and downgraded our bottom-line forecast for the coming years, due to the massive investments required to set up a manufacturing chain which will hamper margins until 2018.

The gross asset value hasn't changed with our update; however, due to our new forecast, the net cash position translated into a net debt, which mechanically impacted the NAV.

Despite the new short-term profitability being below our previous expectations, the long-term hypothesis remains rather similar, i.e. 2025e sales of above €28m. However, the estimated EBITDA margin is now crossing the 20% threshold in 2026 instead of 2025, which negatively impacts the DCF value combined with the initial net debt situation (vs. net cash previously).