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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 48.7%
Price (€) 0.00
Market Cap (€M) 7.70
Perf. 1W: 14.3%
Perf. 1M: 14.3%
Perf. 3M: 100%
Perf Ytd: 60.0%
10 day relative perf. to stoxx600: 2.25%
20 day relative perf. to stoxx600: 15.4%
Other news/comments31/03/2022

Strong start of the year

The stock is up 15% at pixel time on a positive press release showing a turnover (for January and February) higher than in 2019 (at €1.3m). This is led by Factorig (inspection division), where the company performs work in Latin America, and has a strong commercial activity.


Revenue of €1.3m for January and February, of which:

  • €0.8m in Factorig, vs €0.4m in 2021, €1m in 2019


Factorig is the driving force behind this strong start of the year. The inspection & audit division is indeed reporting a turnover of €0.80m, of 62% of the group’s revenue. The company has two contracts for inspection of semi-submersible rigs in Latin America (Brazil?). The commercial activity is also increasing, with Factorig receiving tenders amounting to more than €1m per month. Although Dolfines will not be awarded on every tender, it remains a positive indicator nonetheless.

In renewables, the company has participated in the inspection of turbines and nacelles of turbines manufactured for the “Banc de Guérande” offshore wind farm. More work is expected as the project progresses offshore. The project is operated by EDF, for a capacity of 480MW, with 80 turbines of 6MW (General Elerctrics Haliade 150).


We will update our model following this release.


28 Jul 22 Earnings/sales releases
H1: Growth in both segments

09 Jun 22 Strategic Plan
Development continues in renewables

03 May 22 Earnings/sales releases
FY21: recap as investments accelerate in rene...

31 Mar 22 Other news/comments
Strong start of the year

11 Jan 22 Other news/comments
Prequalified in Saudi Arabia for rig inspection

01 Dec 21 Other news/comments
Second green bond, rig sale resurfaces