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Dolfines

CR
Bloomberg   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Acquisitions and new management ensure growth but financing still a headache
Target
Upside 66.5%
Price (€) 0.00
Market Cap (€M) 6.74
Perf. 1W: 0.00%
Perf. 1M: 0.00%
Perf. 3M: 133%
Perf Ytd: 40.0%
10 day relative perf. to stoxx600: -13.4%
20 day relative perf. to stoxx600: -3.47%
Target Change09/05/2022

Change in Target Price€ 0.43 vs 0.54-20.3%

Change in EPS2022 : € -0.02 vs -0.02ns
2023 : € -0.03 vs -0.03ns

We have updated our model with the integration of the FY21 results and net loss of €1.55m. Estimates for FY22/FY23 are unchanged.



Change in NAV€ 0.83 vs 1.01-17.0%

Following the FY21 results, we have added a €4m capital increase, at a subscription price of €0.30 per share, leading to the creation of 13.3m shares. This represents a c. 30% discount on the 29/04/2022 closing price (day of the announcement). Note that this is temporary and will be updated as the split between the conversion of NEGMA’s OCABSA and fresh equity capital remain unknown at this stage.



Change in DCF€ 0.67 vs 0.90-25.2%

In line with the NAV, the DCF is impacted by the creation of 13.3m shares following a €4m capital increase.



Updates

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

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