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Nordic Unmanned - Flying Higher?

CAMCOPTER-S-100-UAS-selected-by-Nordic-Unmanned.jpg

Photo: Nordic Unmanned

Date: 20.10.2021

Author: Fredrik Hekkelstrand

Overview

Nordic Unmanned recently raised MNOK 100 in a private placement and is valued at MNOK 947. Nordic Unmanned is one of the leading drone companies in Europe and provides drones, software solutions, spare parts and consulting services to, among others, the oil sector and the military.

 

The company was listed on the Euronext Growth exchange at the end of 2020 and has grown significantly in recent years. Even though the stock is down more than 30% from its peak in 2021, it is up around 100% of the listing price in 2020. Most companies that have been listed recently, have since fallen to levels beyond the listing price.

 

Valuation

Nordic Unmanned increased its total revenue from MNOK 30 in 2019 to MNOK 65 in 2020 and has an optimistic goal of reaching 4 billion NOK in revenue in 2025. Their revenue grew by 284% in Q2 compared to Q2 in 2020. They are also well on their way to doubling their revenue again in 2021.

 

In Q2 they acquired a leading German drone developer and manufacturer which is expected to be approved by the German Foreign Investment Control in Q4. The company has MNOK 207 in equity which enables them to continue to make acquisitions in the future.

 

They have a solid order backlog with reputable clients over the next few years with a value of MNOK 364 and it is expected that this number will increase going forward. It is important to note that this does not include the newly awarded EUR 20 mill with the European Maritime Safety Agency regarding fixed-wing services. This is a new market for the company and can more than double the size of their accessible market.

 

In the first half of the year, the company has a loss after tax of NOK 5.1 million, but the company expects the figures for Q3 & Q4 will be an improvement.

               Nordic Unmanned AS

- Nordic Unmanned is one of the leading drone companies in Europe and provides drones, software solutions, spare parts and consulting services to, among others, the oil sector and the military.

- MCAP of MNOK 936, recently did a private placement of MNOK 100. 

- Strong revenue growth in Q2 YoY (284%), with negative EBIT.

- The company has projected continued strong growth in the years to come, eventually reaching MNOK 4000 in 2025.

Outlook

The drone market seems to be growing more and more each year, and the company operates with a figure where they expect the market to grow by approx. 14% annually. The cost of using a drone compared to helicopter is both cheaper and significantly more environmentally friendly. Nordic Unmanned projects reaching MNOK 4000 in revenue by 2025, and whether they can achieve this goal remains to be seen. Currently, the company has a strong balance sheet and the order-book has continuously grown over time. This provides a strong foundation for continued growth & expansion.

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