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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 600%
Price (€) 0.01
Market Cap (€M) 0.19
Perf. 1W: -15.8%
Perf. 1M: -9.82%
Perf. 3M: -87.0%
Perf Ytd: -97.0%
10 day relative perf. to stoxx600: -16.6%
20 day relative perf. to stoxx600: -56.1%
Earnings/sales releases28/07/2022

H1: Growth in both segments

Revenue stood at €4.3m in H1, confirming the positive momentum communicated in Q1. The Oil & Gas activities recovered sharply with the high oil price, while the strong growth continued at 8.2 France. The prospects also look good for H2, with drilling activity remaining elevated and with the workforce growing in Renewable energies. Overall, a positive update, which will help to support the stock price.


Fact

H1 (comparison including 8.2 France):
Group revenue: €4.3m (+34% yoy)

  • Oil & Gas: €2.6m (+63% yoy)
  • Renewable energies: €1.6m (+33% yoy)
  • Engineering & Technologies: €0.1m (-75% yoy)

Analysis

In Oil & Gas, the Audit & Inspection activities were up 67% to €1.5m, leading the division’s gains. Projects were executed in active regions/countries such as Brazil and the Middle East. The revenue for Technical Assistance stood at €1.1m, a 47% yoy increase, with contracts that had been halted during the pandemic now restarting.

In Renewables, 8.2 France is now consolidated. The company recorded yoy growth in offshore activity, specifically on the Banc de Guérande project (Saint-Nazaire), with 80 wind turbines. 8.2 France had 8 people for the manufacturing (inspection), installation and commissioning phases of the project.


Impact

No change to our recommendation


Updates

23 Nov 22 Target Change
Capital increase slashes the valuation

28 Sep 22 Target Change
Costly financing cuts the target price

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

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