Aerospace & Defense

Sector: Industrials, Aerospace and Defense

Date: August 24, 2026

Verdict: WATCH · Fair Value $45 · Entry below $36.00

Abstract: Coverage is re-initiated under the current band framework, superseding the March 2026 note. The stock has fallen 57% from its high and the contracted growth remains in place, but the multiple has not followed the estimates down far enough to open an entry. The $53.06 close sits in the Premium band, outside any accumulation range despite a programme backdrop that continues to build. The rating is a statement about price rather than about the franchise.

Sector: Defense Technology / Small Unmanned Aerial Systems

Date: April 22, 2026

Verdict: WATCH · Speculative · Target $7.28 · Cash floor $3.70 per share

Abstract: The company's March 2026 press release highlighted a perfect score in one mission, but independent defence reporting confirmed Draganfly was not among the eleven vendors that won Phase 1 delivery orders. The stock fell 55% from its November peak while four sell-side analysts left targets of $12 to $20 unchanged. With $135m of cash against a $236m market capitalisation, the market is paying only $101m for the operating business, and cash of $3.70 per share limits the downside before the next programme phase opens.

Sector: Industrials, Aerospace and Defense

Date: March 1, 2026

Verdict: WATCH · Entry-review band $55 to $68 · No chase at $86

Abstract: The stock trades at 91 times FY2026 estimated enterprise value to EBITDA against a peer-anchored fair range of 65 to 80 times. The fundamentals are strong and already discounted at that multiple: revenue growth of 18.5%, a record backlog of $1.573bn, and a $13.7bn opportunity pipeline. The gating variable for any re-rating is the operating margin of 2.2%, which trails pure-play peer AeroVironment near 8%. No-chase discipline is maintained through the $1.2bn secondary offering and the US-Iran geopolitical overlay.