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Bloomberg   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Acquisitions and new management ensure growth but financing still a headache
Upside 69.9%
Price (€) 0.00
Market Cap (€M) 6.74
Perf. 1W: 0.00%
Perf. 1M: -12.5%
Perf. 3M: 75.0%
Perf Ytd: 40.0%
10 day relative perf. to stoxx600: 1.30%
20 day relative perf. to stoxx600: 1.46%
Other news/comments02/08/2021

Transaction completed in wind services

The acquisition of 8.2 France is complete and Dolfines has signed a financing agreement with an investment company to implement its strategic plan. The transaction (together with funding for working capital) is financed with the issuance of €1.2m of bonds convertible into shares with warrants attached. As we highlighted previously, the strong growth seen at 8.2 France (FY21 sales guided at +35%) is positive as it helps in diversifying Dolfines right from the start of the strategic plan.


  • Completion of the acquisition of 8.2 France
  • 8.2 France reported revenues of €1.2m with an EBITDA margin of 18.6% (€0.22m) and guides for a growth outlook of at least 35% for FY21 (€2.43m)
  • Financing line established with investment company (Negma)


On the acquisition of 8.2 France, the press release mentions complementary businesses and geographical footprints. There are four areas where the transaction seeks to bring benefits (technical expertise / performance / due diligence and technical audit / take a leading position). Essentially, 8.2 France brings a focus on wind energy services in France and Europe, whereas Dolfines has an expertise in offshore services and is present in Africa, the Middle East, Latin America, the North Sea and Asia. Dolfines could then leverage on its international footprint to offer wind services, and help in developing due diligence and technical audit in wind services.

On the funding side, Dolfines has entered a financing agreement with Negma. According to its website, Negma is an investment group from the UAE that focuses on funding small- and medium-sized and publicly-listed companies, via hybrid debt/equity, which is the case with Dolfines. Dolfines has activated a first drawdown of €1.2m for the 8.2 France deal and working capital requirements. The conversion of all the bonds into shares and the exercise of the warrants would lead to the creation of 2.4m shares (13% of the current share count).


We will update our model following this release.


02 Nov 21 Earnings/sales releases
H1: activity recovers in oil & gas

02 Aug 21 Other news/comments
Transaction completed in wind services

19 Jul 21 Other news/comments
Green shoots

25 May 21 M&A /Corp. Action
Strategic acquisition in wind services

27 Apr 21 Earnings/sales releases
FY20: expanding services into wind

07 Feb 21 Other news/comments
Green bond issued, contract in oil & gas

12 Nov 20 Other news/comments
Another partnership to keep the momentum up