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 430%
Price (€) 0.00
Market Cap (€M) 1.48
Perf. 1W: 0.00%
Perf. 1M: 25.0%
Perf. 3M: -87.5%
Perf Ytd: -92.9%
10 day relative perf. to stoxx600: 1.26%
20 day relative perf. to stoxx600: 1.09%
Strategic Plan09/06/2022

Development continues in renewables

The strategy update was in line with the recent communications from the company, but provided more details ahead of the capital increase. While the oil & gas activities continue to recover, the priority remains on renewables (both inorganic and organic). A large share of the proceeds will fund acquisitions, with one soon to be announced in renewables services. Furthermore, the company is aiming to break-even at operating cash flow level by the end of the year.



  • Short-term:
    • Activity growth
    • Operating cash flow break-even by the end of the year
  • Mid/Long-term:
    • Stable volumes
    • Develop added value from digitalization/ robotization/engineering smart solutions


Of the €4m of targeted fundraising (a combination of shares and financing lines from Negma): 60% will be used for acquisitions (€2.4m), 15% in r&d (€600k), 10-15% in recruitment (€400-600k), 10-15% for working capital needs and deleveraging.

The company will announce a new acquisition soon and more are planned, on our understanding mainly in renewables services. The successful acquisition of 8.2 France seems to be a footprint for future targets. The synergies with Dolfines’ engineers are visible with the development of the telescopic arm for offshore heavy maintenance.

In research & development, most of the investments will be allocated to the development of the larger floater TrussFloat15. The OHMe (Offshore Heavy Maintenance enabler) project (telescopic arm) might receive external public funding.