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
Activity recovers in oil & gas
EPS change17/10/2019

Change in EPS2019 : € -0.06 vs -0.04ns
2020 : € -0.08 vs -0.05ns

We have updated our model to account for the slower growth in oil & gas. As highlighted by the trading update, the volatility in oil prices are affecting operators in their investment decisions. We therefore take a more cautious stance for 2019-20, with now a gradual recovery (2019 flat yoy / 2020 +8% yoy). Note that, for 2019, we forecast sales stemming from the Services (2019: €2.70m) and Factorig (2019: €4.50m) divisions. As engineering projects are less recurring, we forecast revenues in the Solutions and Contracting divisions receding in 2020 (€0.20m in 2020).



Change in NAV€ 2.07 vs 2.17-4.77%

The NAV is impacted as we now evaluate the Contracting/Solutions divisions at €0.5m vs €2m to take into account the less predictable engineering projects.



Change in DCF€ 1.68 vs 1.86-9.26%

The DCF is impacted by the slower growth expected in 2019-20 (see comments above). Our long-term assumptions remain (+4% growth).



Target
Upside 28.4%
Price (€) 0.42
Market Cap (€M) 7.96
Perf. 1W: 2.19%
Perf. 1M: 41.9%
Perf. 3M: -11.5%
Perf Ytd: 22.3%
10 day relative perf. to stoxx600: 17.9%
20 day relative perf. to stoxx600: 42.0%
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