On top of the EPS updates (see below), note that we have changed our assumptions on the New Energies division following the five-year strategy plan (Cash & Value 21/25). For simplicity purposes, we now value the floater based on a commercial offering throughout licensing to a larger Engineering, Procurement & Construction (EPC) contractor, rather than on Dolfines handling the procurement and construction (on top of the engineering and design). In our view, this is justified as Dolfines now targets a floater that can support a 15MW turbine, with a potential order intake that could be large and executed by an EPC company. This new set of assumptions has no major impact on the overall valuation.
