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 34.6%
Price (€) 0.33
Market Cap (€M) 6.35
Perf. 1W: 10.5%
Perf. 1M: 27.0%
Perf. 3M: -22.9%
Perf Ytd: -2.50%
10 day relative perf. to stoxx600: 32.3%
20 day relative perf. to stoxx600: 25.4%
EPS change10/11/2021

Change in EPS2021 : € -0.06 vs -0.05ns
2022 : € -0.04 vs -0.03ns

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 temporary unemployment measures.



Change in NAV€ 1.19 vs 1.23-3.48%

The NAV is down as we have trimmed our valuation for the audit & inspection division, taking the average of the EBIT for FY23-24, at €0.33m vs €0.4m previously, and using a multiple of 8.5x vs 9x previously, as a discount against our estimates.



Change in DCF€ 1.06 vs 1.14-7.11%

The DCF is down on our lower estimates for FY21 and FY22, with EBITDA down by c. €250k for FY21 and €120k for FY22.



Updates

09 Jun 22 Strategic Plan
Development continues in renewables

03 May 22 Earnings/sales releases
FY21: recap as investments accelerate in rene...

31 Mar 22 Other news/comments
Strong start of the year

11 Jan 22 Other news/comments
Prequalified in Saudi Arabia for rig inspection

01 Dec 21 Other news/comments
Second green bond, rig sale resurfaces

02 Nov 21 Earnings/sales releases
H1: activity recovers in oil & gas

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