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 line is flexible (at Dietswell’s request) and that only €300k has been issued so far. Yet, we assume the conversion of €3m of bonds into 3.53m shares (assuming €0.85 per share), split between 2020 and 2021, as the group makes progressive use of the financing tranches. This partly replaces previous hypothesis, in which the group issued €7.5m of debt in 2020 to finance its renewables activities (now assuming €4m). All other assumptions remain the same for now.
