AEVEX Corp.: Built for the Age of Attritables: Initiate at Buy with PO $34

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AEVEX Corp.: Built for the Age of Attritables: Initiate at Buy with PO $34

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AEVEX Corp.

Built for the Age of Attritables: Initiate at

Buy with PO $34

Initiating Coverage: BUY | PO: 34.00 USD | Price: 24.43 USD

These are the drones you’re looking for 12 May 2026

We initiate coverage of AEVEX Corp. with a Buy and $34 PO, implying >20% upside Equity

potential. AEVEX is a pure‑play producer of military attritable Unmanned Systems (UxS),

or colloquially “drones.” The company offers products in the Group 1-4 Unmanned Aerial RonaldResearchJ. AnalystEpstein

Systems (UAS) and Unmanned Surface Vessels (USV), which aligns them with modern BofAS

war priorities. We forecast a ~20% revenue CAGR (2025A-2030E) and Adj. EBITDA of +1r.epstein@bofa.com646 855 5695

~30% by 2030E, supported by surging defense funding and internal execution leverage. Mariana Perez Mora

Our PO of $34 is derived from a 30x EV/EBITDA on 2027E, a premium to traditional Research Analyst

BofAS

defense primes and to high-growth SMID Cap defense peers, given the profitability. mariana.perezmora@bofa.com

Modern (war) problems require modern solutions JordanResearchLyonnaisAnalyst

The company’s products are in lockstep with the Department of War’s (DoW) mandates jordan.lyonnais@bofa.com

for fixed-priced contracts, lower unit costs, and commercial-like solutions to meet the Alexander Preston

growing demand for defense systems. While many companies are positioning Research Analyst

themselves as “defense-tech,” AVEX is the real embodiment of the ethos. AVEX has alexander.preston@bofa.com

invested its own cash to develop novel open-systems hardware and software, invested in

facilities to ramp production, and leveraged commercial-off-the-shelf components.

Differentiated in a commoditized space Stock Data