Berenberg initiates Exail with 'buy' calling it an 'underwater treasure'

Exail Technologies SA

10/07/2025 06:43

** Berenberg starts French robotics firm Exail Technologies EXA.PA with a "buy" rating and a target price of 125 euros ($146.69), viewing it as an "underwater treasure" in maritime robotics

** The brokerage says Exail is set to benefit from rising defence budgets and a high-growth autonomous robotics market, estimating its total addressable market at EUR 8 bln

** It notes that Exail's position got strengthened by the 2022 acquisition of iXBlue, creating a vertically integrated firm with a tender success rate of over 90% for large drone systems

** Berenberg considers Exail's valuation "benign" and expects "major order win announcements to be the main share price catalysts" for the stock

** The brokerage forecasts an 18% sales compound annual growth rate (CAGR) for 2024-28E and sees adjusted EBITDA margins, a measure of profitability, exceeding 25% by 2027

($1 = 0.8522 euros)

(Reporting by Anna Peverieri)

((Anna.peverieri@thomsonreuters.com))