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

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 25.1%
Price (€) 0.00
Market Cap (€M) 8.66
Perf. 1W: 0.00%
Perf. 1M: 125%
Perf. 3M: 80.0%
Perf Ytd: 80.0%
10 day relative perf. to stoxx600: -1.06%
20 day relative perf. to stoxx600: 196%
Target Change17/07/2023

Business growth embarked, but dilution kills the valuation

Change in Target Price€ 0.01 vs 0.05-86.3%

Change in EPS2023 : € 0.00 vs 0.00ns
2024 : € 0.00 vs 0.00ns

Our FY22 figures have been decreased with the integration of the annual results as the net attributable result was negatively impacted by exceptional financial expenses.



Change in NAV€ 0.03 vs 0.10-71.5%

Similarly, share dilution has reduced the NAV valuation by more than 70% despite a slight increase in the absolute net value of the assets thanks to the addition of Aegide International.



Change in DCF€ 0.00 vs 0.09-95.6%

While this tiny group is changing its management and strategy after the acquisition of Aegide, the valuation crashes once again on the significantly higher number of shares (funding through equity lines)



.