AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in 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 430%
Price (€) 0.00
Market Cap (€M) 1.48
Perf. 1W: 0.00%
Perf. 1M: 25.0%
Perf. 3M: -87.5%
Perf Ytd: -92.9%
10 day relative perf. to stoxx600: 1.26%
20 day relative perf. to stoxx600: 1.09%
Earnings/sales releases30/10/2020

H1: a semester to forget in oil activities


H1 :
Turnover: €1.5m (-50% yoy)
EBITDA: €-1.1m (vs €-0.3m in H1 19)
Net income: €-1.3m (vs €-0.5m in H1 19)

Net debt: €0.4m
Treasury: €0.7m


In renewables, nothing new since the positive update at the beginning of the month.

In oil & gas, Dolfines has been seriously impacted by the oil price crash. By way of comparison, CGG’s revenue was down 20% yoy. Despite operating in activities that are deemed to be more recurring (drilling for Dolfines/exploration for CGG), Dolfines’ small size and concentration of customers/contracts make it more vulnerable to abrupt changes in the environment. Hopefully this will also hold true for the recovery…


We will revise downwards the forecasts in our model for oil & gas.


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

19 Jul 21 Other news/comments
Green shoots

25 May 21 M&A /Corp. Action
Strategic acquisition in wind services

27 Apr 21 Earnings/sales releases
FY20: expanding services into wind

07 Feb 21 Other news/comments
Green bond issued, contract in oil & gas

12 Nov 20 Other news/comments
Another partnership to keep the momentum up

30 Oct 20 Earnings/sales releases
H1: a semester to forget in oil activities

07 Oct 20 Other news/comments
Focus stays on floater, rig inspection rebounds