** 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))
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