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


Bloomberg   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Acquisitions and new management ensure growth but financing still a headache
Upside 26.4%
Price (€) 0.00
Market Cap (€M) 9.63
Perf. 1W: -23.1%
Perf. 1M: 0.00%
Perf. 3M: 42.9%
Perf Ytd: 100%
10 day relative perf. to stoxx600: 1.61%
20 day relative perf. to stoxx600: 1.05%
EPS change14/04/2020

Change in EPS2019 : € -0.08 vs -0.06ns
2020 : € -0.16 vs -0.04ns

Model update as we revise our estimates on oil & gas activities and integrate the collaboration in renewables.
We lower our estimates on Dolfines/Dietswell as oil & gas companies are trimming their expenditures in light of the $30 oil. We expect oil companies’ intense focus on capital discipline to weigh on oil & gas activities for the next two years, especially on the Factorig division (audit/inspection) and, to a lesser extent, on the Services division (technical assistance).
This crosses paths with the positive update in renewables. We believe the collaboration with CIMC Raffles alleviates R&D spending needs for the group, as this validates Dolfines’ floater.
Lastly, due to the extreme volatility, we keep our modelling of the €3m financing line unchanged for the moment. As a reminder, we assume the conversion of €3m of bonds into 3.53m shares (assuming €0.85 per share), split between 2020 and 2021.

EPSs are down on our lower estimates, now seeing revenues of €3.50m for Factorig and €1.8m for Services in 2020 vs €4.8m for Factorig and €2.7m for Services previously.