AlphaValue Corporate Services
COVERAGE ABOUT US CONTACT FR
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
Acquisitions and new management ensure growth but financing still a headache
Target
Upside 70.7%
Price (€) 0.00
Target Price (€) 0.00
Market Cap (€M) 6.74
Perf. 1W: 0.00%
Perf. 1M: 0.00%
Perf. 3M: -22.2%
Perf Ytd: 40.0%
10 day relative perf. to stoxx600: -13.0%
20 day relative perf. to stoxx600: 0.74%
Target Change07/08/2023
Download

Immeasurable dilution smashes valuation, once more
Change in Target Price€ 0.00 vs 0.01-65.8%

In the aftermath of our latest update 2 weeks ago, Dolfines has completed another round of share issuance with 1.9bn new shares. While there have been no changes to our financial estimates given no new updates on the business front, the dilution has slashed the valuation and massively weighed on the target price.



Change in NAV€ 0.01 vs 0.03-65.1%

Given the significant number of new shares which has increased the share count by 1.86 times, the NAV valuation has materially fallen together with the other metrics.
.