AlphaValue Corporate Services Fundamental Analysis FR
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Dolfines

CR
Bloomberg   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Expanding services into wind
M&A /Corp. Action25/05/2021

Strategic acquisition in wind services

Dolfines kicks off its five-year strategy plan with the potential acquisition of a wind services company (8.2 France). After a Memorandum of Understanding signed last year with 8.2 France, Dolfines confirms its intention to expand its services offering in renewables. All in all, a positive development that will accelerate Dolfines’ transition.


Fact

Dolfines in exclusive discussions for the acquisition of 8.2 France

8.2 France:

  • Sales of €1.8m in 2020, +16% yoy
  • Technical team: 9 employees
  • Advisory team: 10 employees
    More than 5,000 blades inspected since 2012

Transaction to close in early July


Analysis

With €1.8m of sales in 2020 (+16% yoy), the new wind services division will be a strong contributor to Dolfines. As we expect 8.2 France to perform recurring activities around the lifetime of the wind turbine (e.g. technical inspection of rotor blades), this will also help in mitigating the volatile oil & gas environment.

The press release mentions a strategic fit, which seems already to be yielding positive results. In February, 8.2 France started a three-year contract for an offshore wind farm (Parc éolien de Guérande, Saint-Nazaire), possibly leveraging on the partnership with Dolfines, as this was 8.2 France’s first contract in offshore wind.


Impact

We will adjust our model after the closing of the transaction in H2.


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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