Dolfines

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Dolfines ^CR	Bloomberg ALDOL FP
Engineering-Heavy Constr. / France	Web Site \| Investors Relation

Acquisitions and new management ensure growth but financing still a headache

Pros

8.2 France (wind services) will reduce the group’s exposure to oil price fluctuations and lower its cyclicality
Floating offshore wind is a >200GW (by 2050) mostly untapped market in which Dolfines can contribute its extensive off-shore know-how and experience
Oil & gas activities see a rebound in 2022 and supported by high oil prices

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 several years ahead in terms of developments
The increased size of future offshore wind auctions could restrain small players’ access to market

Updates

24/02/24	Opinion	Buy vs Add
03/11/23	Earnings	Operational improvement promising desp...
02/11/23	Target	The target price resets 62% lower having...
02/11/23	NAV	For the sizeable decrease in the NAV val...
07/08/23	Target	In the aftermath of our latest update 2 we...
07/08/23	NAV	Given the significant number of new shar...
17/07/23	EPS	Our FY22 figures have been decreased ...
17/07/23	NAV	Similarly, share dilution has reduced the ...
17/07/23	DCF	While this tiny group is changing its man...
29/05/23	Earnings	Battered Dolfines illuminates a future pat...
02/03/23	M&A /Corp.	Tapping into the HSE market with new eq...
01/02/23	Target	The target price is reduced due to the de...
01/02/23	NAV	The NAV decrease stems from the massi...
01/02/23	DCF	The decline in the DCF is driven by the s...
23/11/22	NAV	Since our last update, Dolfines has contin...
23/11/22	DCF	The sharp drop in the DCF is subject to t...
28/09/22	Target	In the aftermath of last week's developme...
28/09/22	EPS	The dilution as a result of the conversion ...
28/09/22	NAV	The downgrade in the NAV is also explai...
28/09/22	DCF	The downward change in DCF is also ex...
26/09/22	Financing i...	Can Dolfines’ shareholders survive its fin...
28/07/22	Earnings	H1: Growth in both segments
09/06/22	Strategy	Development continues in renewables
09/05/22	EPS	We have updated our model with the inte...
09/05/22	NAV	Following the FY21 results, we have add...
09/05/22	DCF	In line with the NAV, the DCF is impacted...
03/05/22	Earnings	FY21: recap as investments accelerate in...
01/04/22	EPS	The company has published a positive rel...
31/03/22	Other news	Strong start of the year
11/01/22	Other news	Prequalified in Saudi Arabia for rig inspec...
22/12/21	NAV	The NAV and DCF are down as we have ...
22/12/21	DCF	The DCF is down in line with the NAV, as...
01/12/21	Other news	Second green bond, rig sale resurfaces
10/11/21	EPS	The EPS are down as we have adjusted ...
10/11/21	NAV	The NAV is down as we have trimmed ou...
10/11/21	DCF	The DCF is down on our lower estimates ...
02/11/21	Earnings	H1: activity recovers in oil & gas
27/08/21	EPS	We have updated our model following the...
27/08/21	NAV	The NAV is down as we have added high...
02/08/21	Other news	Transaction completed in wind services
19/07/21	Other news	Green shoots
25/05/21	M&A /Corp.	Strategic acquisition in wind services
19/05/21	Target	On top of the EPS updates (see below), n...
19/05/21	EPS	We have updated our model and now se...
27/04/21	Earnings	FY20: expanding services into wind
07/02/21	Other news	Green bond issued, contract in oil & gas
12/11/20	Other news	Another partnership to keep the moment...
04/11/20	EPS	Following the H1 release, we have updat...
30/10/20	Earnings	H1: a semester to forget in oil activities
07/10/20	Other news	Focus stays on floater, rig inspection reb...

Key Data

	12/21A	12/22A	12/23E	12/24E	12/25E
Adjusted P/E (x)	-7.65	-7.03	-7.99	ns	16.6
Dividend yield (%)	0.00	0.00	0.00	0.00	0.00
EV/EBITDA(R) (x)	-11.2	-43.4	-47.2	21.2	6.40
Adjusted EPS (€)	-0.08	-0.03	0.00	0.00	0.00
Growth in EPS (%)	n/a	n/a	n/a	n/a	n/a
Dividend (€)	0.00	0.00	0.00	0.00	0.00
Sales (€th)	4,392	7,650	7,817	9,833	14,304
EBIT margin (%)	-29.7	-13.3	-12.8	3.02	7.65
Attributable net profit (€th)	-1,558	-3,996	-2,392	-110	405
ROE (after tax) (%)	-81.8	-181	-104	-5.42	12.7
Gearing (%)	168	81.1	117	94.8	36.4