The company unveiled sales and a 2023 MB broadly in line with analyst expectations, as well as a capital increase that finally raised 2.5mE at a limited discount (-18%).

This capital increase, which extended the company's financial visibility by 3 months, is however not sufficient to last until the end of 2024 (4mE of financing needs remaining), which prompts us to reiterate our Neutral opinion, with a price target adjusted to 0.012E (vs. 0.013E)" indicates Invest Securities.

The analyst believes that this financial uncertainty is the main obstacle to the share price, as he feels that the growth levers activated (in particular Drone Volt Expert) are finally capturing the expected growth in the drone market and its multiple uses.

The new drone (Kobra) is also a possible game-changer for the Group, but initial results are not expected until H2 24.

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