ISIN : FR0010377127

Engineering-Heavy Constr.

Acquisitions and new management ensure growth but financing still a headache

Opinion Target Price Upside Price Market Cap Bloomberg Code Investors Relation
Buy € 0.00 38.1% € 0.00 €M 8.66 ALDOL FP Click here
Analyst reports

Date Title Research
03/11/2023 Operational improvement promising despite the 50% revenue decline, cash problem key to survival Download
02/11/2023 More dilution on the horizon to solve the cash problem Download
07/08/2023 Immeasurable dilution smashes valuation, once more Download
17/07/2023 Business growth embarked, but dilution kills the valuation Download
29/05/2023 Battered Dolfines illuminates a future path with the HSE acquisition Download
02/03/2023 Tapping into the HSE market with new equity-financed acquisition Download
01/02/2023 The target price is reduced due to the declining DCF and NAV values. At such low prices, a slight change in the price brings about significant change. Download
23/11/2022 Capital increase slashes the valuation Download
28/09/2022 Costly financing cuts the target price Download
26/09/2022 Can Dolfines’ shareholders survive its financing hurricane? Download
28/07/2022 H1: Growth in both segments Download
09/06/2022 Development continues in renewables Download
09/05/2022 We have updated our model with the integration of the FY21 results and net loss of €1.55m. Estimates for FY22/FY23 are unchanged. Download
03/05/2022 FY21: recap as investments accelerate in renewables Download
01/04/2022 The company has published a positive release, with a strong January and February in inspection and audit (Factorig). We are thus slightly increasing our estimates for Factorig, to €3m of revenue for F Download
31/03/2022 Strong start of the year Download
11/01/2022 Prequalified in Saudi Arabia for rig inspection Download
22/12/2021 Updating shares outstanding on potential debt conversion Download
01/12/2021 Second green bond, rig sale resurfaces Download
10/11/2021 The EPS are down as we have adjusted our estimates following the H1 update. All in all, we have increased the cost base slightly, justified by the restarting of the services division and the end of te Download
02/11/2021 H1: activity recovers in oil & gas Download
27/08/2021 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 Download
02/08/2021 Transaction completed in wind services Download
19/07/2021 Green shoots Download
25/05/2021 Strategic acquisition in wind services Download
19/05/2021 We have updated our model and now see 2021 revenues of €3.1m (with €1.7m in Factorig, €1m in Services) vs €5.3m previously, and closer to the company’s backlog. This revision is offset by the current Download
27/04/2021 FY20: expanding services into wind Download
07/02/2021 Green bond issued, contract in oil & gas Download
12/11/2020 Another partnership to keep the momentum up Download
04/11/2020 Following the H1 release, we have updated and lowered our estimates for 2020. We now see revenues of €1.26m in the Services division and €1.88m in the Factorig division vs €1.8m and €2.6m previously. Download
30/10/2020 H1: a semester to forget in oil activities Download
07/10/2020 Focus stays on floater, rig inspection rebounds Download
17/09/2020 Name change to highlight development in renewables Download
08/09/2020 Following the H1 update, we have lowered our estimates for oil & gas activities and now see FY20 revenues of €4.8m vs €5.3m previously and FY21 revenues of €5.3m vs €7.3m previously. While the newsflo Download
31/08/2020 Strategic options to fast track the floater Download
28/05/2020 FY19: revenues decline, positive environment in renewables Download
14/04/2020 Model update as we revise our estimates on oil & gas activities and integrate the collaboration in renewables. We lower our estimates on Dolfines/Dietswell as oil & gas companies are trimming their ex Download
06/04/2020 Collaboration to bring floater on the international stage Download
12/03/2020 Name change to highlight strategic shift Download
24/01/2020 We have integrated the €3m financing line in our model. The dilution has impacted our target price (on both NAV and DCF) and assumes the progressive conversion of the bonds. Note that the financing li Download
26/11/2019 Reassuring end of year update Download
08/11/2019 Shell acquires a French offshore wind developer Download
17/10/2019 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 th Download
14/10/2019 H1: volatile crude prices impact results Download
04/07/2019 We have updated our model, including the potential dilution stemming from the 500,000 stock purchase warrants (strike price €1.00). We have modelled for the settlement of the stock purchase warrants b Download
14/06/2019 Positive outlook, moving forward in new energies Download
27/05/2019 We have updated our model with the FY18 figures. We have revised our growth expectations for the oil & gas activities, as we see a dynamic Audit & Inspection division but a slower recovery of the Tec Download
30/04/2019 FY18: strong acceleration in H2 18, led by the audit & inspection division Download
02/04/2019 2018 trading update: strong growth in Audit & Inspection Download
17/12/2018 End of year update confirms the recovery Download
24/10/2018 A solution provider to the energy industry Download
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