Dolfines

ISIN : FR0010377127

Engineering-Heavy Constr.

Acquisitions and new management ensure growth but financing still a headache

Opinion	Target Price	Upside	Price	Market Cap	Bloomberg Code	Investors Relation
Buy	€ 0.00	70.7%	€ 0.00	€M 6.74	ALDOL FP	Click here

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Analyst reports

Date	Title	Research
03/11/2023	Operational improvement promising despite the 50% revenue decline, cash problem key to survival	Download
02/11/2023	More dilution on the horizon to solve the cash problem	Download
07/08/2023	Immeasurable dilution smashes valuation, once more	Download
17/07/2023	Business growth embarked, but dilution kills the valuation	Download
29/05/2023	Battered Dolfines illuminates a future path with the HSE acquisition	Download
02/03/2023	Tapping into the HSE market with new equity-financed acquisition	Download
01/02/2023	The target price is reduced due to the declining DCF and NAV values. At such low prices, a slight change in the price brings about significant change.	Download
23/11/2022	Capital increase slashes the valuation	Download
28/09/2022	Costly financing cuts the target price	Download
26/09/2022	Can Dolfines’ shareholders survive its financing hurricane?	Download
28/07/2022	H1: Growth in both segments	Download
09/06/2022	Development continues in renewables	Download
09/05/2022	We have updated our model with the integration of the FY21 results and net loss of €1.55m. Estimates for FY22/FY23 are unchanged.	Download
03/05/2022	FY21: recap as investments accelerate in renewables	Download
01/04/2022	The company has published a positive release, with a strong January and February in inspection and audit (Factorig). We are thus slightly increasing our estimates for Factorig, to €3m of revenue for F	Download
31/03/2022	Strong start of the year	Download
11/01/2022	Prequalified in Saudi Arabia for rig inspection	Download
22/12/2021	Updating shares outstanding on potential debt conversion	Download
01/12/2021	Second green bond, rig sale resurfaces	Download
10/11/2021	The EPS are down as we have adjusted our estimates following the H1 update. All in all, we have increased the cost base slightly, justified by the restarting of the services division and the end of te	Download
02/11/2021	H1: activity recovers in oil & gas	Download
27/08/2021	We have updated our model following the acquisition of 8.2 France. EPS 2021 and 2022 are up on the consolidation of 8.2 France in the accounts. We expect turnover of €2.43m in FY21 and €2.67m in FY22	Download
02/08/2021	Transaction completed in wind services	Download
19/07/2021	Green shoots	Download
25/05/2021	Strategic acquisition in wind services	Download
19/05/2021	We have updated our model and now see 2021 revenues of €3.1m (with €1.7m in Factorig, €1m in Services) vs €5.3m previously, and closer to the company’s backlog. This revision is offset by the current	Download
27/04/2021	FY20: expanding services into wind	Download
07/02/2021	Green bond issued, contract in oil & gas	Download
12/11/2020	Another partnership to keep the momentum up	Download
04/11/2020	Following the H1 release, we have updated and lowered our estimates for 2020. We now see revenues of €1.26m in the Services division and €1.88m in the Factorig division vs €1.8m and €2.6m previously.	Download
30/10/2020	H1: a semester to forget in oil activities	Download
07/10/2020	Focus stays on floater, rig inspection rebounds	Download
17/09/2020	Name change to highlight development in renewables	Download
08/09/2020	Following the H1 update, we have lowered our estimates for oil & gas activities and now see FY20 revenues of €4.8m vs €5.3m previously and FY21 revenues of €5.3m vs €7.3m previously. While the newsflo	Download
31/08/2020	Strategic options to fast track the floater	Download
28/05/2020	FY19: revenues decline, positive environment in renewables	Download
14/04/2020	Model update as we revise our estimates on oil & gas activities and integrate the collaboration in renewables. We lower our estimates on Dolfines/Dietswell as oil & gas companies are trimming their ex	Download
06/04/2020	Collaboration to bring floater on the international stage	Download
12/03/2020	Name change to highlight strategic shift	Download
24/01/2020	We have integrated the €3m financing line in our model. The dilution has impacted our target price (on both NAV and DCF) and assumes the progressive conversion of the bonds. Note that the financing li	Download
26/11/2019	Reassuring end of year update	Download
08/11/2019	Shell acquires a French offshore wind developer	Download
17/10/2019	We have updated our model to account for the slower growth in oil & gas. As highlighted by the trading update, the volatility in oil prices are affecting operators in their investment decisions. We th	Download
14/10/2019	H1: volatile crude prices impact results	Download
04/07/2019	We have updated our model, including the potential dilution stemming from the 500,000 stock purchase warrants (strike price €1.00). We have modelled for the settlement of the stock purchase warrants b	Download
14/06/2019	Positive outlook, moving forward in new energies	Download
27/05/2019	We have updated our model with the FY18 figures. We have revised our growth expectations for the oil & gas activities, as we see a dynamic Audit & Inspection division but a slower recovery of the Tec	Download
30/04/2019	FY18: strong acceleration in H2 18, led by the audit & inspection division	Download
02/04/2019	2018 trading update: strong growth in Audit & Inspection	Download
17/12/2018	End of year update confirms the recovery	Download
24/10/2018	A solution provider to the energy industry	Download