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Dolfines

CR
Bloomberg   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Capital increase to bring some order
Target
Upside 319%
Price (€) 0.01
Market Cap (€M) 3.78
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
  12/21A 12/22E 12/23E 12/24E
EBITDA €th -1,423 -219 -197 1,149
Funds from operations (FFO) €th -1,560 -356 -334 780
Ordinary shareholders' equity €th 1,434 4,754 5,074 5,478
Gross debt €th 4,342 3,600 3,600 3,600
   o/w Less than 1 year - Gross debt €th 1,198 1,657 1,657 1,657
   o/w 1 to 5 year - Gross debt €th 1,472 270 270 270
   of which Y+2 €th 1,198 0.00 0.00 0.00
   of which Y+3 €th 174 270 270 270
   of which Y+4 €th 100 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 536 2,637 2,703 2,884
 = Net debt / (cash) €th 3,807 963 897 716
Other financing €th 4,342 3,600 3,600 3,600
Gearing (at book value) % 168 50.2 18.3 14.7
Equity/Total asset (%) % 23.0 71.0 73.0 76.4
Adj. Net debt/EBITDA(R) x -2.67 -4.39 -4.54 0.62
Adjusted Gross Debt/EBITDA(R) x -3.05 -16.4 -18.2 3.14
Adj. gross debt/(Adj. gross debt+Equity) % 75.2 43.1 41.5 39.7
Ebit cover x -10.9 -3.93 -3.98 5.66
FFO/Gross Debt % -35.9 -9.88 -9.27 21.7
FFO/Net debt % -41.0 -37.0 -37.2 109
FCF/Adj. gross debt (%) % -49.7 -32.1 -25.9 5.01
(Gross cash+ "cash" FCF+undrawn)/ST debt x -1.36 0.89 1.07 1.85
"Cash" FCF/ST debt x -1.80 -0.70 -0.56 0.11
Credit Risk
Covenants
Changes to Story : 01/02/2023, Changes to Forecasts : 01/02/2023.