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 bring some order
Target
Upside 659%
Price (€) 0.01
Market Cap (€M) 0.18
Perf. 1W: -26.8%
Perf. 1M: -33.1%
Perf. 3M: -87.1%
Perf Ytd: -97.3%
10 day relative perf. to stoxx600: -28.5%
20 day relative perf. to stoxx600: -56.2%
EPS change14/04/2020

Change in EPS2019 : € -0.08 vs -0.06ns
2020 : € -0.16 vs -0.04ns

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 expenditures in light of the $30 oil. We expect oil companies’ intense focus on capital discipline to weigh on oil & gas activities for the next two years, especially on the Factorig division (audit/inspection) and, to a lesser extent, on the Services division (technical assistance).
This crosses paths with the positive update in renewables. We believe the collaboration with CIMC Raffles alleviates R&D spending needs for the group, as this validates Dolfines’ floater.
Lastly, due to the extreme volatility, we keep our modelling of the €3m financing line unchanged for the moment. As a reminder, we assume the conversion of €3m of bonds into 3.53m shares (assuming €0.85 per share), split between 2020 and 2021.

EPSs are down on our lower estimates, now seeing revenues of €3.50m for Factorig and €1.8m for Services in 2020 vs €4.8m for Factorig and €2.7m for Services previously.



.