Initiate at Buy: Hard to Dethrone the Drone

研报英文原文证据摘录

Initiate at Buy: Hard to Dethrone the Drone

USA | Aerospace & Defense Electronics

Aevex EquityMayResearch12, 2026

INITIATING COVERAGEInitiate at Buy: Hard to Dethrone the Drone

AEVEX is a pureplay manufacturer of unmanned air and marine systems with RATING BUY

a suite of software offerings supporting AI-powered autonomous operations. PRICE $25.07^

Proven production and product performance at a time of expanding need PRICE TARGET | % TO PT $32.00 | +28%

powers a 22% rev growth CAGR through 2028 with incremental drop through 52W HIGH-LOW $42.34 - $22.27

supporting 20%+ EBITDA margins by 2028. With shares at a 29% disc to a FLOAT (%) | ADV MM (USD) 14.8% | 101.76

blended peer group, we initiate w/a Buy rating and $32PT based on 27.3X 2027E MARKET CAP $2.8B

EBITDA. TICKER AVEX

^Prior trading day's closing price unless otherwise

noted.

At the Right Place At the Right Time. AEVEX is a manufacturer of unmanned systems across

domains with deep battle-proven technologies. This has led to a lineup of unmanned systems that

have a record of success coupled with ongoing development that has aided AEVEX's technology FY (Dec) CHANGE TO JEFe JEF vs CONS

evolving with the battlefield. The ready-now attitude combines technology with the facilities 2026 2027 2026 2027

to support production at scale. The core lineup of unmanned solutions across air and sea is REV NA NA NA NA

supplemented with innovations around additive manufacturing, AI powered control systems, along EPS NA NA NA NA

with flight ops and mission support creating a full scale lineup of intelligence, surveillance and

reconnaissance (ISR) and strike products positioned to address defense needs. 2026 ($) Q1 Q2 Q3 Q4 FY

EPS 0.18 0.01 0.05 0.06 0.30

DD Growth Well Supported by Backlog and Pipeline.