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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
Target
Upside 26.4%
Price (€) 0.00
Market Cap (€M) 9.63
Debt

OCABSA:
The company has a financing line of up to €36m with Negma group, in the form of convertible bonds into shares with share warrants (“OCABSA”). At FY21, the company has drawn €1.4m from the funding line.

At FY21 the company has:

  • Zero rate loan from BPI France with €270k outstanding (with quarterly payments up to 2024)
  • Loans guaranteed by the state (PGE) for a total of €1,200k (amortisation starting from 2022 to 2026)
  • Green bonds for €850k outstanding (with quarterly payments up to 2023

Lastly, there is €1.7m of advances from the Ademe ont he Eolfloat project.

Funding - Liquidity
  12/22A 12/23E 12/24E 12/25E
EBITDA €th -1,280 -846 413 1,180
Funds from operations (FFO) €th -3,680 -2,046 266 811
Ordinary shareholders' equity €th 2,990 1,593 2,483 3,888
Gross debt €th 3,600 3,600 3,600 3,600
   o/w Less than 1 year - Gross debt €th 1,657 1,657 1,657 1,657
   o/w 1 to 5 year - Gross debt €th 270 270 270 270
   of which Y+2 €th 0.00 0.00 0.00 0.00
   of which Y+3 €th 270 270 270 270
   of which Y+4 €th 0.00 0.00 0.00 0.00
   of which Y+5 €th 0.00 0.00 0.00 0.00
   o/w Beyond 5 years - Gross debt €th 1,673 1,673 1,673 1,673
 + Gross Cash €th 2,560 914 1,580 2,791
 = Net debt / (cash) €th 1,040 2,686 2,020 809
Other financing €th 3,600 3,600 3,600 3,600
Gearing (at book value) % 81.1 117 94.8 36.4
Equity/Total asset (%) % 47.5 24.3 36.7 55.8
Adj. Net debt/EBITDA(R) x -0.81 -3.17 4.89 0.69
Adjusted Gross Debt/EBITDA(R) x -2.82 -4.26 8.72 3.05
Adj. gross debt/(Adj. gross debt+Equity) % 54.7 69.3 59.2 48.1
Ebit cover x -0.67 -0.99 0.27 5.67
FFO/Gross Debt % -102 -56.8 7.37 22.5
FFO/Net debt % -354 -76.2 13.1 100
FCF/Adj. gross debt (%) % -119 -73.4 -9.28 5.86
(Gross cash+ "cash" FCF+undrawn)/ST debt x -1.04 -1.05 0.75 1.81
"Cash" FCF/ST debt x -2.58 -1.60 -0.20 0.13
Credit Risk
Covenants
Changes to Story : 02/11/2023, Changes to Forecasts : 02/11/2023.