AlphaValue Corporate Services
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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

Dolfines

CR 		Bloomberg   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Capital increase to bring some order
Target
Upside 1,235%
Price (€) 0.00
Target Price (€) 0.05
Market Cap (€M) 1.16
Perf. 1W: 20.6%
Perf. 1M: -46.1%
Perf. 3M: -51.2%
Perf Ytd: -41.4%
10 day relative perf. to stoxx600: -13.2%
20 day relative perf. to stoxx600: -44.2%
NAV Change04/07/2019
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Change in NAV€ 2.17 vs 2.36-8.19%

We have updated our model, including the potential dilution stemming from the 500,000 stock purchase warrants (strike price €1.00). We have modelled for the settlement of the stock purchase warrants by 2020 and 2021, impacting the DCF and NAV by €0.35 and €0.39, respectively.
Change in DCF€ 1.85 vs 2.03-8.58%

See comments on potential dilution stemming from the stock purchase warrants above. The DCF is impacted by €0.35.
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