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


Bloomberg   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Capital increase to invest in renewables

Sustainability score
Company (Sector)
5.5 (5.6)

Sustainability is made of analytical items contributing to the E, the S and the G, that can be highlighted as sustainability precursors and can be combined in an intellectually acceptable way. This is the only scale made available

  Score Weight  
Independent directors rate 6/10 25%More ...
Board geographic diversity 0/10 20%
Chairman vs. Executive split 5%
CO² Emission 10/1025%More ...
Water withdrawal 10/1010%
Wage dispersion trend0/105%More ...
Job satisfaction0/105%
Internal communication10/105%

Sustainability score 5.5/10 100%  
Sustainability matters

All in all, the group’s focus towards renewables is sound and in line with the ongoing energy transition. The acquisition of 8.2 France in 2021 reinforces this and allows for a recurring activity in wind services.

Governance score
Company (Sector) Independent board Help
4.4 (7.2) Yes
Number of board members58 10/10 5.0%
Board feminization (%)028 1/10 5.0%
Board domestic density (%)10066 0/10 5.0%
Average age of board's members6659 2/10 5.0%
Type of company : Small cap, not controlled 10/10 25.0%
Independent directors rate6047 6/10 20.0%
One share, one vote 5.0%
Chairman vs. Executive split 5.0%
Chairman not ex executive 5.0%
Full disclosure on mgt pay 5.0%
Disclosure of performance anchor for bonus trigger 5.0%
Compensation committee reporting to board of directors 5.0%
Straightforward, clean by-laws 5.0%
Governance score 4.4/10 100.0%
Governance matters

Jean-Claude Bourbon is the CEO and founder of Dolfines. He has been in the drilling industry for over thirty years, working for other oil and gas services companies (Schlumberger, Forasol-Foramer). Bourdon has a 11% stake in the company.

The deputy CEO is Yann Lepoutre, appointed in 2021, who has more than thirty years of experience in strategic and operational management in the oil and gas sector (Subsea 7, Forasol-Foramer).

Jean-Claude BOURDON M President/Ch... 1952 2000
Dominique MICHEL M Deputy Chai... 1936 2005
Martin FERTÉ M Member 1958 2015
Yann LEPOUTRE M Member 1962 2019
Benoit VERNIZEAU M Member 1969 2018
Jean DESEILLIGNY M Member 2018
Vanessa GODEFROY F Member 1981 2018 2019
Changes to Board of directors : 28/08/2020
Name (5) Indep.
(conflicted interests, distant or current)
Die hard
(7 years or more)
(too young, disconnected profile)
(too many boards, too old)
Specific agenda
(gov. or staff rep)
(family, business relations, executive)
(lack of history, short CV)
Jean-Claude BOURDON
Dominique MICHEL
Martin FERTÉ
Jean-Claude BOURDON M CEO 1952
Yann LEPOUTRE M Deputy CEO 1962 2021
Anne BARECELO F Head of Human... 1979 2019
Dominique MICHEL M Executive Officer 1936
Changes to Management : 10/05/2022
Existing committees
  • Audit / Governance Committee
  • Compensation committee
  • Financial Statements Committee
  • Litigation Committee
  • Nomination Committee
  • Safety committee
  • SRI / Environment

Environmental Score
Company (Sector)
10.0 (4.83)
Data sets evaluated as trends on rolling calendar, made sector relative
Energy 10/105/1025%
CO² Emission 10/105/1030%
Waste 10/105/1015%
Water withdrawal 10/105/1030%
Environment matters

A lack of data given the size of the company, yet as an engineering company with no hard assets, we expect Dolfines’ direct emissions to be minimal and tied to its consumption of energy (i.e. fuel for transport, electricity in offices).

Environmental metrics

Energy (GJ) per €m in capital
CO² tons per €m in capital
Cubic meter water
withdrawal per €m in capital
Tons waste generated per €m in
capital employed
Dolfines Capital Goods
Sector figures
Company CountryEnvironment
in GJ)
(in tons)
(in tons)
(in m3)
(in tons)
ABB 8/105,817,600562,000 3,224,000192,000
Alfa Laval 10/101,158,07728,458 665,00025,923
Alstom 9/101,688,40099,000 773,00036,848
ANDRITZ BH 5/102,012,203120,700 954,85440,739
Atlas Copco 10/101,386,00052,000 395,00035,071
AutoStore 4/10 737   
Bekaert 2/1016,477,2001,454,875 8,088,000 
Bilfinger 3/10 59,373   
Bossard BH 1/10     
Bucher Industries BH 7/101,184,82880,317 0 
Burckhardt Compression BH 7/1024,250  24,800341
Danieli & Co 2/107,941,000767,744   
Datwyler BH 4/10889,48489,387 1,564,02814,119
DolfinesCR 10/1000 00
Dürr BH 7/10442,83248,372 317,97510,556
Elecnor 2/10 63,959   
FLSmidth & Co 6/10 34,737 201,997 
GEA Group BH 8/10915,23950,803 357,84913,037
Georg Fischer BH 3/103,092,000284,000 2,013,00083,000
Heidelberger Druck BH 7/10878,40079,533 149,16924,650
HUBER+SUHNER BH 7/10173,44811,203 915,9333,941
IMI 5/10603,64245,498   
Interroll BH 1/10     
ITM Power 5/10   039
Jenoptik BH 9/10223,9927,714 72,0091,354
Jungheinrich Pref. BH 6/10202,80242,166  16,275
KION Group BH 8/102,271,351200,980 584,00076,307
Komax BH 7/1022,777  2,88042
Kone 3/101,763,280135,100 315,30039,600
Krones BH 7/10422,15734,155 183,5341,657
KUKA 9/10283,29527,569 93,3555,689
Legrand 9/101,461,600148,000 698,00050,000
Metso Outotec 6/101,482,000134,927 1,271,00063,700
Nexans 4/103,976,408252,999 1,702,39170,670
Nordex SE 7/10405,68122,582 143,28227,599
NORMA Group BH 7/10468,61243,449 160,58612,905
OC Oerlikon BH 7/101,403,280146,300 706,40020,400
Ocado Group PLC 4/101,693,127118,846   
PNE AG BH 1/10     
Prysmian 4/109,448,439832,938 8,847,815190,984
Quadient 9/1078,49112,014 33,0251,697
RATIONAL BH 9/1049,2552,299 22,0881,811
Rieter BH 2/10120,00046,000 270,0008,800
Sandvik 9/107,337,000417,000 7,858,000352,000
Schindler 6/102,267,719172,474 541,39541,826
Schneider Electric 9/104,335,772287,356 1,928,032125,292
Schweiter Technologies BH 3/101,494,202110,645  19,285
Semperit BH 2/105,662,998422,536 9,900,00024,890
SFS Group BH 2/10 112,441   
Siemens 9/109,863,000594,000 15,050,000275,500
Siemens Gamesa Renewable E... 9/101,153,47128,805 553,27063,127
Sulzer BH 7/10878,10981,339 987,57619,546
VAT Group BH 1/10     
Vestas Wind Systems 9/102,235,60073,000 421,00089,000
Wärtsilä 5/101,339,00090,773 11,348,00016,020

Social score
Company (Sector)
4.3 (6.4)
Social matters

Given the size of the company, there is limited information on social matters.

Quantitative metrics (67%)
Set of staff related numerical metrics available in AlphaValue proprietary modelling aimed at ranking on social/HR matters
Staffing Trend1/1020%
Average wage trend10/1035%
Share of added value taken up by staff cost1/1025%
Share of added value taken up by taxes1/1020%
Wage dispersion trend0/100%
Pension bonus (0 or 1)0 
Qualitative metrics (33%)
Set of listed qualitative criterias and for the analyst to tick

Accidents at work10/1025%
Human resources development3/1035%
Job satisfaction0/1010%
Internal communication10/1010%

Sector figures
CompanyCountrySocial Score Quantitative scoreQualitative scoreStaffing
Interroll BH 8.67.910.02,560
GEA Group BH,230
Rieter BH 7.96.910.00.00
ANDRITZ BH 7.76.610.027,300
Schneider Electric,686
Dürr BH,350
Jungheinrich Pref. BH,000
Alfa Laval,290
Bossard BH,642
Schindler 7.25.810.069,368
Krones BH,450
Siemens Gamesa Renewable En...,331
OC Oerlikon BH,398
Ocado Group PLC,333
NORMA Group BH,400
VAT Group BH,164
Atlas Copco,430
KION Group BH,600
Bucher Industries BH,843
FLSmidth & Co,234
Jenoptik BH,700
Vestas Wind Systems 6.14.310.029,747
Georg Fischer BH,262
Heidelberger Druck BH
Metso Outotec,284
Burckhardt Compression BH,732
Datwyler BH,077
Schweiter Technologies BH,572
ITM Power
Danieli & Co,025
Komax BH
Nordex SE,745
Sulzer BH,203
SFS Group BH,824
Semperit BH

Sustainability / ESG by AlphaValue:

Doubt driven, focused on dynamics

AlphaValue was set up in 2009 as an ESG native firm: since inception, no research could be published without filling up the ESG relevant items. ESG has always been there as a natural building block of the research effort.

Without much pretence, AlphaValue has accumulated 11 years of proprietary, practical data in a consistent way that has been made to “talk” with financial data. The efforts have been aimed at solving the main conundrum of ESG analytics: avoiding useless and noisy data. AlphaValue ESG data is intimately connected to the fundamental research work and its continuous updating process. In other words, AlphaValue ESG data can be made to resonate at will in terms of financial implications for those investors with the willingness to do so.

Over the last 3 years, this data, or rather the dynamic of this data, has been put at work so that it impacts directly and consistently on valuations across AlphaValue’s 450 + stocks universe. This is considerable progress vs. the dominant “consumption” of ESG raw data: ESG-type conclusions are sitting next to valuation fundamentals but hardly any investor is in a position to bridge effectively the two in a consistent and repeatable way. It takes more than a spreadsheet to get stable and auditable results that work 100% of the time.

AlphaValue reckons that it currently is the only equity research provider in Europe to have reached this stage: a perfectly smooth on-boarding of ESG data, on a continuing basis, impacting valuation fundamentals day and night.

This is available on every stock, every sector, every stock selection, every day.

Heretical ESG opinions?

ESG is a contradiction in terms. Without a good Governance, the Social and Environment items will never show progress. Social is for stakeholders and thus unlikely to please shareholders. The long-term view that good pay/working conditions are ultimately good for shareholders is, like any promise, better left to those who want to believe in it. It does not work for normal investment horizons

Environmental gains will not happen without good Governance but this is not enough as environmental progress will not happen without coercion from governments/supra-governments. There is no reason why a corporate will spend more for a possible collective gain tomorrow when it can have better returns now for its shareholders.

The environment is a cost of massive complexity and a universal one as data improves and allows for intricate tracking of what corporates are up to. There is no practical way a corporate can be valued through a web of changing definitions of environmental data. AlphaValue holds the view that all corporates are made to pay through lower GDP growth expectations resulting from friction costs. The only dimension that really matters from an investment perspective is whether a given corporate makes an extra effort vs. peers. A good ‘E’ rating shall not be driven by absolute levels but by the dynamic of emission controls relative to peers. Dumping cement stocks because they spit out carbon is a narrow view of what ESG implies.

Sustainability scores only

AlphaValue always refused to supply a pecking order of its coverage along some improbable ESG scale. It just does not make sense to mix opposing signals in a single ranking.

Sustainability is a different proposition where analytical items contributing to the E, the S and the G can be highlighted as sustainability precursors and combined in an intellectually acceptable way. This is the only scale made available by AlphaValue.

Sustainability impacts target prices

From 1-12-2020, AlphaValue substituted sustainability metrics for its Governance and Social ones when it comes to impacting valuations;

Indeed since 2019, all DCF (or DCF equivalents for Financials) have been impacted by Governance and Social metrics to connect directly ESG-type findings into share price targets and bring consistency across the board. The impact is driven by adjusting the small ‘g’ conventionally used to assess the growth to infinity. This is being tweaked to recognise, say, that good governance ultimately pays off.

The same procedure is now stemming from Sustainability metrics instead.

For the record, this has been made possible as AlphaValue has finalised its proprietary E scoring, now extended to 4 items (GHG, Waste, Water, Energy) on which a degree of data stability seems to emerge.