AlphaValue Corporate Services
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Bloomberg   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Capital increase to bring some order
Upside 1,235%
Price (€) 0.00
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%
EPS change19/05/2021

Change in EPS2021 : € -0.07 vs -0.08ns
2022 : € -0.05 vs -0.04ns

We have updated our model and now see 2021 revenues of €3.1m (with €1.7m in Factorig, €1m in Services) vs €5.3m previously, and closer to the company’s backlog. This revision is offset by the current cost savings programme (external charges down by €1.5m in 2020, personnel expenses down by €1.7m in 2020) and results in a minor impact on net income.

Change in Target Price€ 0.68 vs 0.70-2.02%

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.