AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

Dolfines

CR
Bloomberg   ALDIE FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Strategic options to fast track the floater
Pros
  • An asset-light-company with a recurring business (rig inspection and services activities) and an opportunity to reach a large market with the offshore wind play
  • Floating offshore wind is a 3.5-5TW mostly untapped market in which Dolfines can contribute its extensive off-shore know-how and experience
  • Strong growth at Dolfines - New Energies will reduce the group’s exposure to oil price fluctuations and lower its cyclicality
Cons
  • Client concentration and project delays can have a large impact on a small company
  • In the floating offshore wind market, Dolfines’ main competitors are on average one year ahead in terms of developments
  • The increased size of future offshore wind auctions could restrain small players’ access to market
Updates
24/11/20OpinionReduce vs Add
12/11/20 Other newsAnother partnership to keep the moment...
04/11/20 EPSFollowing the H1 release, we have updat...
30/10/20 EarningsH1: a semester to forget in oil activities
07/10/20 Other newsFocus stays on floater, rig inspection reb...
17/09/20 Other newsName change to highlight development in...
08/09/20OpinionAdd vs Buy
08/09/20 TargetFollowing the H1 update, we have lowere...
08/09/20 EPS2020 is down due to the revision in the A...
08/09/20 NAVThe NAV is down on higher net debt (as ...
08/09/20 DCFThe DCF is down on our lower estimates ...
31/08/20 LatestStrategic options to fast track the floater
28/05/20 EarningsFY19: revenues decline, positive environ...
14/04/20 EPSModel update as we revise our estimates ...
06/04/20 Other newsCollaboration to bring floater on the intern...
12/03/20 Other newsName change to highlight strategic shift
24/01/20 TargetWe have integrated the €3m financing lin...
26/11/19 Other newsReassuring end of year update
08/11/19 Other newsShell acquires a French offshore wind de...
17/10/19 EPSWe have updated our model to account f...
17/10/19 NAVThe NAV is impacted as we now evaluate...
17/10/19 DCFThe DCF is impacted by the slower growt...
14/10/19 EarningsH1: volatile crude prices impact results
04/07/19 NAVWe have updated our model, including th...
04/07/19 DCFSee comments on potential dilution stem...
14/06/19 Investor dayPositive outlook, moving forward in new e...
27/05/19 EPSWe have updated our model with the FY1...
30/04/19 EarningsFY18: strong acceleration in H2 18, led b...
02/04/19 Earnings2018 trading update: strong growth in Au...
17/12/18 LatestEnd of year update confirms the recovery
24/10/18 A solution provider to the energy industry
Target
Upside 4.50%
Price (€) 1.30
Market Cap (€M) 8.24
Perf. 1W: 4.02%
Perf. 1M: 48.9%
Perf. 3M: 9.28%
Perf Ytd: 51.3%
10 day relative perf. to stoxx600: 16.7%
20 day relative perf. to stoxx600: 27.1%