📌 New buy recommendation & strong price target
✅ Berenberg starts coverage with Buy and a price target of 125 €
✅ Share in focus today due to strong momentum in the drone segment
📈 Strong growth in Q1/2025
✅ Sales increase by 18 % to € 94 million
✅ Incoming orders explode by +519 % to € 487 million
✅ Order backlog reaches new record level of 1.1 billion €
💰 Market leader in demining drones
✅ Since 2019 over 90 % of all tenders won
✅ Complete solutions with hardware + software + control from a single source
✅ Latest major order: Indonesian navy receives fully autonomous system (UMIS)
🌊 Civil & military markets addressed
✅ Total market of 8 billion USD addressable
✅ High demand due to unresolved challenges:
- 80% of the seabed not yet mapped
- Drones are becoming increasingly important in defense strategies
✅ Tenders up to 2030 with a value of 2-3 billion euros expected
🛠️ New orders in Q2 2025
✅ € 10 million volume in the defense sector
✅ Spain: SIRTAP tactical drones from Airbus with UmiX 40 systems
✅ France: Simulation system for DGA program
Conclusion:
✅ Exail Technologies is positioning itself as a technology leader with high margin quality in a growing, security-relevant market worth billions. With a strong focus on drones, new major orders and a record order backlog, the share has clear growth potential with a tailwind - both civil and military.
