FLIR - AgEagle Aerial Systems: A Strong Sell - Overvalued By 120%

• The COVID-19 pandemic has spurred the adoption of technology and the adaptation of drones.
• UAVS manufactures drones for the hemp and agriculture industry and is also looking to enter the drone delivery business.
• UAVS lacks cutting-edge technology in drone and software capabilities and has no full time CTO on its payroll.
• Poor margins and minimal spending on R&D indicate that the firm is loathed to develop in-house capabilities.
• The base case scenario sees a valuation of $2.43, even with revenue CAGR at 73% over 5 years and margins improving by over 500%.

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