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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 48.5%
Price (€) 0.00
Target Price (€) 0.00
Market Cap (€M) 7.70
Perf. 1W: 14.3%
Perf. 1M: 0.00%
Perf. 3M: 167%
Perf Ytd: 60.0%
10 day relative perf. to stoxx600: 16.5%
20 day relative perf. to stoxx600: 1.09%
EPS change17/10/2019
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Change in EPS2019 : € -0.06 vs -0.04ns
2020 : € -0.08 vs -0.05ns

We have updated our model to account for the slower growth in oil & gas. As highlighted by the trading update, the volatility in oil prices are affecting operators in their investment decisions. We therefore take a more cautious stance for 2019-20, with now a gradual recovery (2019 flat yoy / 2020 +8% yoy). Note that, for 2019, we forecast sales stemming from the Services (2019: €2.70m) and Factorig (2019: €4.50m) divisions. As engineering projects are less recurring, we forecast revenues in the Solutions and Contracting divisions receding in 2020 (€0.20m in 2020).
Change in NAV€ 2.07 vs 2.17-4.77%

The NAV is impacted as we now evaluate the Contracting/Solutions divisions at €0.5m vs €2m to take into account the less predictable engineering projects.
Change in DCF€ 1.68 vs 1.86-9.26%

The DCF is impacted by the slower growth expected in 2019-20 (see comments above). Our long-term assumptions remain (+4% growth).
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