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
Capital increase to invest in renewables
Target
Upside 43.6%
Price (€) 0.30
Market Cap (€M) 5.71
Perf. 1W: -14.9%
Perf. 1M: 10.4%
Perf. 3M: -47.4%
Perf Ytd: -12.4%
10 day relative perf. to stoxx600: -5.64%
20 day relative perf. to stoxx600: 22.8%
EPS change19/05/2021

Change in EPS2021 : € -0.07 vs -0.08ns
2022 : € -0.05 vs -0.04ns

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 cost savings programme (external charges down by €1.5m in 2020, personnel expenses down by €1.7m in 2020) and results in a minor impact on net income.



Change in Target Price€ 0.68 vs 0.70-2.02%

On top of the EPS updates (see below), note that we have changed our assumptions on the New Energies division following the five-year strategy plan (Cash & Value 21/25). For simplicity purposes, we now value the floater based on a commercial offering throughout licensing to a larger Engineering, Procurement & Construction (EPC) contractor, rather than on Dolfines handling the procurement and construction (on top of the engineering and design). In our view, this is justified as Dolfines now targets a floater that can support a 15MW turbine, with a potential order intake that could be large and executed by an EPC company. This new set of assumptions has no major impact on the overall valuation.



Updates

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

30 Oct 20 Earnings/sales releases
H1: a semester to forget in oil activities

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