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Di, 29. November 2022, 1:28 Uhr

EAMD EUR.AEROMAR.INH O.N.

WKN: 661195 / ISIN: DE0006611957

Original-Research: EAMD European AeroMarine Drones AG (von GBC AG): BUY


29.06.22 09:01
dpa-AFX

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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


++++++++++++++++


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


+++++++++++++++


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.)



-------------------übermittelt durch die EQS Group AG.-------------------




Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.


Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung


oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.



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