Forvia (FRVIA.PA): Forvia enters the "anything but Auto" debate with drone orders. 30%+ FCFY. Cheapest way to play the theme? BUY

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Forvia (FRVIA.PA): Forvia enters the "anything but Auto" debate with drone orders. 30%+ FCFY. Cheapest way to play the theme? BUY

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27 Jul 2026 15:04:51 ET │ 10 pages

Forvia (FRVIA.PA)

Forvia enters the "anything but Auto" debate with drone orders. 30%+

FCFY. Cheapest way to play the theme? BUY

CITI'S TAKE Buy / High Risk

Catalyst Watch: Upside, expires 07-AUG-26

Forvia have announced an order for defence/drone content and a

Price (27 Jul 26 17:30) €8.71 partnership with a counter-drone specialist. The release (link) notes

Target price €12.00 management see defense as an attractive adjacency, leveraging existing

automotive capabilities with limited incremental investment, by flexing on Expected share price return 37.8%

the industrial scale already available in Forvia and, further boosted by the Expected dividend yield 0.0%

company's French and German roots. Forvia highlight their expertise in Expected total return 37.8%

industrialization, cost engineering, purchasing and large-scale Market Cap €1,717M

manufacturing, supported by technologies such as radars, cameras, US$1,951M

actuators and energy-management systems support their growth in

defence. Initially, FORVIA have secured an order for ~500 interceptor

drones via a partnership with a European counter-drone specialist,

targeting production of ~1,000 units per month. As a high beta name Ross MacDonaldAC

Forvia is sensitive to both good and bad sector/stock specific news. With +44-20-7986-7547

a move into defense undeniably good news for the long term assumes ross.macdonald@citi.com

terminal growth/margins and cash-out restructuring assumptions, we Harald C Hendrikse

would expect shares to react positively tomorrow. +44-2075-0858-10

harald.hendrikse@citi.com