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Dolfines

CR
Bloomberg   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Capital increase to bring some order
Target
Upside 600%
Price (€) 0.01
Market Cap (€M) 0.19
Perf. 1W: -15.8%
Perf. 1M: -9.82%
Perf. 3M: -87.0%
Perf Ytd: -97.0%
10 day relative perf. to stoxx600: -16.6%
20 day relative perf. to stoxx600: -56.1%
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.



Updates

23 Nov 22 Target Change
Capital increase slashes the valuation

28 Sep 22 Target Change
Costly financing cuts the target price

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

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