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Counterdrone Products Co. Lands Record $11M Contract

Source: Daniel Laing

 

January 3, 2023 (Investorideas.com Newswire) With this order, the Australian defense firm will start 2023 in a solid financial position, noted a Bell Potter report.

DroneShield Ltd. (DRO:ASX; DRSHF:OTC) garnered a record $11 million ($11M) contract with an undisclosed governmental agency for various kinds of counterdrone equipment, reported Bell Potter analyst Daniel Laing in a Dec. 21 research note.

"The contract is a major step forward for DroneShield considering previous material contracts frequented between $0.5M and $2M, and we believe this truly solidifies the company as a leading player in the global counterdrone market," Laing wrote.

In other news, Bell Potter increased its target price on the Australian company by 6.7% to $0.32 per share from $0.30. In comparison, DroneShield's current share price is $0.21.

The bump up in the price target resulted from the investment and financial advisory firm updating forecasts in its model on the defense company. Bell Potter increased its revenue forecasts for DroneShield for 2023 by 10% and for 2024 by 8% but kept its estimate for 2022 at $16M.

"We now forecast the company to break even in 2023, with a modest profit after tax of less than $0.1M, and our calendar year-end 2022 cash balance increases to $10.5M to account for the recent placement," wrote Laing.

He noted DroneShield will likely be able to complete nearly half of the new order this year, generating some revenue from it in 2022 and the rest in 2023.

"Therefore, the company will begin 2023 with a solid revenue foundation in conjunction with a sales pipeline of almost $180M (as per the October 13 presentation)," wrote Laing.

Bell Potter rates DroneShield Buy.

Disclosures:

1) Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: DroneShield Ltd. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.

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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of DroneShield Ltd., a company mentioned in this article.

Disclosures For Bell Potter, DroneShield Ltd., December 21, 2022

This Research Report is a private communication to Clients and is not intended for public circulation or for the use of any third party, without the prior written approval of Bell Potter Securities Limited. The Research Report is for informational purposes only and is not intended as an offer or solicitation for the purpose of sale of a security. Any decision to purchase securities mentioned in the Report must take into account existing public information on such security or any registered prospectus.

This is general investment advice only and does not constitute personal advice to any person. Because this Research Report has been prepared without consideration of any specific client's financial situation, particular needs and investment objectives ('relevant personal circumstances'), a Bell Potter Securities Limited Broker (or the financial services licensee, or the representative of such licensee, who has provided you with this report by arrangement with Bell Potter Securities Limited) should be made aware of your relevant personal circumstances and consulted before any investment decision is made on the basis of this Research Report.

While this Research Report is based on information from sources which are considered reliable, Bell Potter Securities Limited has not verified independently the information contained in this document and Bell Potter Securities Limited and its directors, employees and consultants do not represent, warrant or guarantee expressly or impliedly, that the information contained in this Research Report is complete or accurate. Nor does Bell Potter Securities Limited accept any responsibility for updating any advice, views, opinions or recommendations contained in this Research Report or for correcting any error or omission which may have become apparent after the Research Report has been issued.

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Except in so far as liability under any statute cannot be excluded, Bell Potter Securities Limited and its directors, employees and consultants do not accept any liability (whether arising in contract, in tort or negligence or otherwise) for any error or omission in the document or for any resulting loss or damage (whether direct, indirect, consequential or otherwise) suffered by the recipient of the document or any other person. In the USA and the UK this Research Report is only for institutional investors. It is not for release, publication or distribution in whole or in part in the two specified countries. In Hong Kong this Research Report is being distributed by Bell Potter Securities (HK) Limited which is licensed and regulated by the Securities and Futures Commission, Hong Kong. In the United States this Research Report is being distributed by Bell Potter Securities (US) LLC which is a registered broker-dealer and member of FINRA. Any person receiving this Research Report from Bell Potter Securities (US) LLC and wishing to transact in any security described herein should do so with Bell Potter Securities (US) LLC.

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