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
Expanding services into wind
EPS change27/08/2021

Change in EPS2021 : € -0.05 vs -0.07ns
2022 : € -0.03 vs -0.05ns

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 from 8.2 France, and an EBITDA margin of c. 19%.



Change in NAV€ 1.23 vs 1.36-9.52%

The NAV is down as we have added higher working capital (€0.2m) and the dilution of €1.2m of convertible debt into 2.4m shares. This is partly offset by the integration of 8.2 France (at €1m).



Target
Upside 114%
Price (€) 0.30
Market Cap (€M) 5.69
Perf. 1W: -17.5%
Perf. 1M: -35.2%
Perf. 3M: -35.4%
Perf Ytd: -80.5%
10 day relative perf. to stoxx600: -17.2%
20 day relative perf. to stoxx600: -29.8%
Updates

02 Nov 21 Earnings/sales releases
H1: activity recovers in oil & gas

02 Aug 21 Other news/comments
Transaction completed in wind services

19 Jul 21 Other news/comments
Green shoots

25 May 21 M&A /Corp. Action
Strategic acquisition in wind services

27 Apr 21 Earnings/sales releases
FY20: expanding services into wind

07 Feb 21 Other news/comments
Green bond issued, contract in oil & gas

12 Nov 20 Other news/comments
Another partnership to keep the momentum up

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