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%
Target Change22/12/2021

Updating shares outstanding on potential debt conversion

Change in Target Price€ 0.52 vs 0.63-17.5%

Change in NAV€ 0.99 vs 1.19-16.6%

The NAV and DCF are down as we have updated the conversion of the (€1.5m) green bond issued in January 2021 to the current share price level, with a 20% discount, leading to the creation of 3.3m shares. Note that, ultimately, the dilution of shares will depend on the bondholders’ decision to convert, and the conversion price (which depends on the stock price). Note that we have also added the issuance of the €2m green bond (30/11/2021). Given the current gap between the share price and conversion price (€0.50 per share), we do not expect that the bond will be converted for now, but instead be repaid by the company on a monthly basis (€1m in 2022 and €1m in 2023).



Change in DCF€ 0.86 vs 1.06-18.5%

The DCF is down in line with the NAV, as we have adjusted the share count to the current stock price.



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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