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Investing.com - Bernstein has initiated coverage on Exail Technologies SA (EPA:EXA) with an Outperform rating and a price target of EUR150.00, citing the company’s leadership position in maritime robotics and defense systems.
The research firm highlighted Exail’s specialization in autonomous maritime robotics, navigation, aerospace, and photonics, serving both civil and defense markets globally. Bernstein noted the company’s unique leadership in ITAR-free integrated submarine mine counter-measure (MCM) and surveillance drone systems.
Exail’s backlog reached €1.1 billion by the end of the first half of 2025, representing 2.6 times its last twelve months’ sales and marking a 75% increase compared to the end of 2024. This growth was fueled by a second major MCM drone system order exceeding €400 million from an unnamed first-class navy in early 2025.
The company has demonstrated a win rate exceeding 95% globally across all maritime MCM system tenders since 2019 and maintains a market share above 80% in legacy submarine mine-hunting drones, according to Bernstein’s analysis.
Bernstein expects Exail to capture the majority of the €3 billion in worldwide MCM tenders remaining to be awarded by 2030, while also benefiting from strong aftermarket revenue streams estimated at 10-15% of initial contract values annually over approximately 15 years.
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