Dolfines | ALDOL FP | Engineering-Heavy Constr. | France | Updates

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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 909%

Price (€) 0.01

Target Price (€) 0.06

Market Cap (€M) 1.59

Perf. 1W:	9.80%
Perf. 1M:	19.1%
Perf. 3M:	-24.3%
Perf Ytd:	-20.0%

10 day relative perf. to stoxx600:	-6.77%
20 day relative perf. to stoxx600:	25.1%

EPS change10/11/2021

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Change in EPS	2021 : € -0.06 vs -0.05	ns
	2022 : € -0.04 vs -0.03	ns
The EPS are down as we have adjusted our estimates following the H1 update. All in all, we have increased the cost base slightly, justified by the restarting of the services division and the end of temporary unemployment measures.
Change in NAV	€ 1.19 vs 1.23	-3.48%
The NAV is down as we have trimmed our valuation for the audit & inspection division, taking the average of the EBIT for FY23-24, at €0.33m vs €0.4m previously, and using a multiple of 8.5x vs 9x previously, as a discount against our estimates.
Change in DCF	€ 1.06 vs 1.14	-7.11%
The DCF is down on our lower estimates for FY21 and FY22, with EBITDA down by c. €250k for FY21 and €120k for FY22.

01 Apr 22 EPS change
The company has published a positive release, ...

31 Mar 22 Other news/comments
Strong start of the year

11 Jan 22 Other news/comments
Prequalified in Saudi Arabia for rig inspection

22 Dec 21 Target Change
Updating shares outstanding on potential debt ...

01 Dec 21 Other news/comments
Second green bond, rig sale resurfaces

10 Nov 21 EPS change
The EPS are down as we have adjusted our est...

02 Nov 21 Earnings/sales releases
H1: activity recovers in oil & gas

27 Aug 21 EPS change
We have updated our model following the acqui...

02 Aug 21 Other news/comments
Transaction completed in wind services

19 Jul 21 Other news/comments
Green shoots