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   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Capital increase to invest in renewables
Target
Upside 663%
Price (€) 0.05
Market Cap (€M) 1.02
Debt

OCABSA:
The company has a financing line of up to €36m with Negma group, in the form of convertible bonds into shares with share warrants (“OCABSA”). At FY21, the company has drawn €1.4m from the funding line.

At FY21 the company has:

  • Zero rate loan from BPI France with €270k outstanding (with quarterly payments up to 2024)
  • Loans guaranteed by the state (PGE) for a total of €1,200k (amortisation starting from 2022 to 2026)
  • Green bonds for €850k outstanding (with quarterly payments up to 2023

Lastly, there is €1.7m of advances from the Ademe ont he Eolfloat project.

Funding - Liquidity
  12/21A 12/22E 12/23E 12/24E
EBITDA €th -1,423 -181 -417 964
Funds from operations (FFO) €th -1,560 -318 -554 651
Ordinary shareholders' equity €th 1,434 4,792 4,892 5,167
Gross debt €th 4,342 3,600 3,600 3,600
   o/w Less than 1 year - Gross debt €th 1,198 1,657 1,657 1,657
   o/w 1 to 5 year - Gross debt €th 1,472 270 270 270
   of which Y+2 €th 1,198 0.00 0.00 0.00
   of which Y+3 €th 174 270 270 270
   of which Y+4 €th 100 0.00 0.00 0.00
   of which Y+5 €th 0.00 0.00 0.00 0.00
   o/w Beyond 5 years - Gross debt €th 1,673 1,673 1,673 1,673
 + Gross Cash €th 536 2,675 2,522 2,573
 = Net debt / (cash) €th 3,807 925 1,078 1,027
Other financing €th 4,342 3,600 3,600 3,600
Gearing (at book value) % 168 49.4 20.5 20.4
Equity/Total asset (%) % 23.0 71.6 70.4 72.0
Adj. Net debt/EBITDA(R) x -2.67 -5.10 -2.58 1.07
Adjusted Gross Debt/EBITDA(R) x -3.05 -19.9 -8.64 3.74
Adj. gross debt/(Adj. gross debt+Equity) % 75.2 42.9 42.4 41.1
Ebit cover x -10.9 -3.65 -5.59 4.31
FFO/Gross Debt % -35.9 -8.82 -15.4 18.1
FFO/Net debt % -41.0 -34.4 -51.3 63.4
FCF/Adj. gross debt (%) % -49.7 -31.0 -32.0 1.41
(Gross cash+ "cash" FCF+undrawn)/ST debt x -1.36 0.94 0.83 1.58
"Cash" FCF/ST debt x -1.80 -0.67 -0.70 0.03
Credit Risk
Covenants
Changes to Story : 10/05/2022, Changes to Forecasts : 10/05/2022.