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Dolfines

CR
Bloomberg   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Acquisitions and new management ensure growth but financing still a headache
Pros
  • 8.2 France (wind services) will reduce the group’s exposure to oil price fluctuations and lower its cyclicality
  • Floating offshore wind is a >200GW (by 2050) mostly untapped market in which Dolfines can contribute its extensive off-shore know-how and experience
  • Oil & gas activities see a rebound in 2022 and supported by high oil prices
Cons
  • Client concentration and project delays can have a large impact on a small company
  • In the floating offshore wind market, Dolfines’ main competitors are several years ahead in terms of developments
  • The increased size of future offshore wind auctions could restrain small players’ access to market
Updates
16/05/24OpinionAdd vs Buy
03/11/23 EarningsOperational improvement promising desp...
02/11/23 TargetThe target price resets 62% lower having...
02/11/23 NAVFor the sizeable decrease in the NAV val...
07/08/23 TargetIn the aftermath of our latest update 2 we...
07/08/23 NAVGiven the significant number of new shar...
17/07/23 EPSOur FY22 figures have been decreased ...
17/07/23 NAVSimilarly, share dilution has reduced the ...
17/07/23 DCFWhile this tiny group is changing its man...
29/05/23 EarningsBattered Dolfines illuminates a future pat...
02/03/23 M&A /Corp.Tapping into the HSE market with new eq...
01/02/23 TargetThe target price is reduced due to the de...
01/02/23 NAVThe NAV decrease stems from the massi...
01/02/23 DCFThe decline in the DCF is driven by the s...
23/11/22 NAVSince our last update, Dolfines has contin...
23/11/22 DCFThe sharp drop in the DCF is subject to t...
28/09/22 TargetIn the aftermath of last week's developme...
28/09/22 EPSThe dilution as a result of the conversion ...
28/09/22 NAVThe downgrade in the NAV is also explai...
28/09/22 DCFThe downward change in DCF is also ex...
26/09/22 Financing i...Can Dolfines’ shareholders survive its fin...
28/07/22 EarningsH1: Growth in both segments
09/06/22 StrategyDevelopment continues in renewables
09/05/22 EPSWe have updated our model with the inte...
09/05/22 NAVFollowing the FY21 results, we have add...
09/05/22 DCFIn line with the NAV, the DCF is impacted...
03/05/22 EarningsFY21: recap as investments accelerate in...
01/04/22 EPSThe company has published a positive rel...
31/03/22 Other newsStrong start of the year
11/01/22 Other newsPrequalified in Saudi Arabia for rig inspec...
22/12/21 NAVThe NAV and DCF are down as we have ...
22/12/21 DCFThe DCF is down in line with the NAV, as...
01/12/21 Other newsSecond green bond, rig sale resurfaces
10/11/21 EPSThe EPS are down as we have adjusted ...
10/11/21 NAVThe NAV is down as we have trimmed ou...
10/11/21 DCFThe DCF is down on our lower estimates ...
02/11/21 EarningsH1: activity recovers in oil & gas
27/08/21 EPSWe have updated our model following the...
27/08/21 NAVThe NAV is down as we have added high...
02/08/21 Other newsTransaction completed in wind services
19/07/21 Other newsGreen shoots
25/05/21 M&A /Corp.Strategic acquisition in wind services
19/05/21 TargetOn top of the EPS updates (see below), n...
19/05/21 EPSWe have updated our model and now se...
27/04/21 EarningsFY20: expanding services into wind
07/02/21 Other newsGreen bond issued, contract in oil & gas
12/11/20 Other newsAnother partnership to keep the moment...
04/11/20 EPSFollowing the H1 release, we have updat...
30/10/20 EarningsH1: a semester to forget in oil activities
07/10/20 Other newsFocus stays on floater, rig inspection reb...
Target
Upside 13.9%
Price (€) 0.00
Market Cap (€M) 10.6
Perf. 1W: 57.1%
Perf. 1M: 37.5%
Perf. 3M: 22.2%
Perf Ytd: 120%
10 day relative perf. to stoxx600: 53.7%
20 day relative perf. to stoxx600: 32.8%