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
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
28/07/22 EarningsH1: Growth in both segments
02/07/22OpinionBuy vs Add
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...
17/09/20 Other newsName change to highlight development in...
08/09/20OpinionAdd vs Buy
08/09/20 TargetFollowing the H1 update, we have lowere...
08/09/20 EPS2020 is down due to the revision in the A...
08/09/20 NAVThe NAV is down on higher net debt (as ...
08/09/20 DCFThe DCF is down on our lower estimates ...
31/08/20 LatestStrategic options to fast track the floater
28/05/20 EarningsFY19: revenues decline, positive environ...
14/04/20 EPSModel update as we revise our estimates ...
06/04/20 Other newsCollaboration to bring floater on the intern...
12/03/20 Other newsName change to highlight strategic shift
24/01/20 TargetWe have integrated the €3m financing lin...
26/11/19 Other newsReassuring end of year update
08/11/19 Other newsShell acquires a French offshore wind de...
17/10/19 EPSWe have updated our model to account f...
17/10/19 NAVThe NAV is impacted as we now evaluate...
17/10/19 DCFThe DCF is impacted by the slower growt...
14/10/19 EarningsH1: volatile crude prices impact results
04/07/19 NAVWe have updated our model, including th...
04/07/19 DCFSee comments on potential dilution stem...
Target
Upside 618%
Price (€) 0.06
Market Cap (€M) 1.08
Perf. 1W: -19.4%
Perf. 1M: -59.6%
Perf. 3M: -83.9%
Perf Ytd: -83.4%
10 day relative perf. to stoxx600: -37.8%
20 day relative perf. to stoxx600: -49.1%