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


Bloomberg   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Acquisitions and new management ensure growth but financing still a headache
Upside 13.9%
Price (€) 0.00
Market Cap (€M) 10.6
Perf. 1W: 57.1%
Perf. 1M: 37.5%
Perf. 3M: 22.2%
Perf Ytd: 120%
10 day relative perf. to stoxx600: 53.7%
20 day relative perf. to stoxx600: 32.8%
Earnings/sales releases27/04/2021

FY20: expanding services into wind

FY20 comes with an adjusted net loss of €2.0m, against our estimates of €-2.2m, on additional savings. The activity seems to be rebounding in oil & gas, with the Q1 turnover up by 68% yoy at €0.84m and a €2.2m backlog.
Lastly, the company is launching a five-year strategic plan which aims to expand Dolfines’ service (technical assistance, inspection, etc.) on wind turbines and to develop the 15MW turbine-carrying float.


Turnover: €2.5m (-58% yoy)
EBITDA: €-1.8m (-64% yoy)
Adjusted net income: €-2.0m (vs €-1.5m in 2019)
Net income: €-2.3m (vs €-2.7m in 2019)

Net cash: €0.7m (vs €-1m in 2019)

Q1 revenue: €0.84m (+68% yoy)
Order at €2.2m
Launch of the Cash&Value21/25 Renewable Energy Plan


While sales came in below our estimates (€2.5m vs €3.6m), the adjusted net loss is €0.2m lower than our estimates. The reason for this is the level of savings which accelerated in H2. On a full-year basis, the company has reduced costs by €2.9m, with €1.2m in external expenses and €1.7m in staff costs. While we do not expect these savings to be sustainable (e.g. partial unemployment), this allows the company to withstand the current tough times.

Oil & Gas
Given the steady oil prices, 2020 is likely to be the trough in revenue. The activity seems to be rebounding with revenues of €0.84m in Q1 21 and a backlog at €2.2m. Assuming that the backlog is executed in 2021, this implies revenue of €3.04m, a 20% increase from 2020.

Cash&Value21/25 Renewable Energy Plan
Dolfines is starting a five-year strategic plan around two key points. The first is on expanding the services offering in wind. This is supported by the partnership signed with France 8.2 and possibly one or more acquisitions. In our view, this is positive, as this would bring recurring activities in the renewables space. The second is on the 15MW turbine carrying float, where Dolfines wants to reach the TRL6 level by the end of 2022. Before that, the company wants to upscale the current floater (TrussFloat) to support a 15MW turbine.


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