DroneShield defends valuation, compares itself to US tech firms
The bruised market darling is setting a slow and steady path forward in the face of investor exuberance and media scrutiny over its bubbly market cap.
DroneShield CEO Oleg Vornik has defended his company's lofty earnings multiple and criticised sceptics, as first aired by Capital Brief, in its first investor call since the market darling's sharp selloff.
Over the past six sessions, the defence tech company has lost around half of its nearly $2 billion market cap. On Tuesday, Vornik addressed “the elephant in the room”: the selloff and the article that preceded it.
“If you look at the market like the United States, these technology companies are valued really on their upside,” Vornik said, adding that he thought it was “laughable” to compare the company’s market cap to that of Air New Zealand.
“We’re dealing with a significant market and [the] counter drone [market] is already growing at a really rapid pace. DroneShield can become a much, much larger business than it is today and the valuation is incorporating that upside.”
