AlphaValue Corporate Services
This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under 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 26.4%
Price (€) 0.00
Market Cap (€M) 9.63
Perf. 1W: -9.09%
Perf. 1M: 11.1%
Perf. 3M: 25.0%
Perf Ytd: 100%
10 day relative perf. to stoxx600: -7.73%
20 day relative perf. to stoxx600: 1.35%
Target Change23/11/2022

Capital increase slashes the valuation

Change in Target Price€ 0.07 vs 0.13-45.9%

Change in NAV€ 0.14 vs 0.27-48.4%

Since our last update, Dolfines has continued its capital increase programme with the conversion of the remaining bonds. The conversion of notes resulted in a massive dilution by creating more than 100 million shares (almost doubling), which was reflected in the tanking share price since September 2022. Accordingly, our NAV is severely impacted by the rising number of shares.



Change in DCF€ 0.12 vs 0.22-45.3%

The sharp drop in the DCF is subject to the same factors that decreased the NAV. We are, however, expecting higher revenues next year, driven by successful acquisitions and awards by the French government.



.