AlphaValue Corporate Services
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Bloomberg   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Acquisitions and new management ensure growth but financing still a headache
Upside 69.9%
Price (€) 0.00
Market Cap (€M) 6.74
Perf. 1W: 0.00%
Perf. 1M: -12.5%
Perf. 3M: 75.0%
Perf Ytd: 40.0%
10 day relative perf. to stoxx600: 1.30%
20 day relative perf. to stoxx600: 1.46%
Other news/comments19/07/2021

Green shoots

The company released a positive update which triggered a 60% spike in the stock price. While there are various elements in the update, we believe the large stock move is mainly due to the strong growth seen in both oil & gas and wind activities (8.2 France). Furthermore, the company intends to pursue external growth in wind services, as it expects the Dolfines / 8.2 France combination to attract other market players.


  • 1 by 2 stock split, total share count: 19,145,548 shares
  • Acquisition of 8.2 France near completion
  • Acceleration of the development of the 15MW turbine carrier float


Wind services: the acquisition of 8.2 France is ongoing with a signing objective by the end of the month. The growth seen in 2020 (sales +16% yoy) is accelerating in 2021. The company mentions that the Dolfines / 8.2 France combination is paving the way for other value-creating external growth operations. While the funding is still pending, the company will provide more information at a later stage.

Oil & gas: the strong rebound in sales seen in Q1 (sales +68% yoy) continues with the company being in demand for several projects. The commercial activity at Factorig (rig audit and inspection services) is higher than before 2019.


We stick to our recommendation for now and will update our model after the 8.2 France transaction.


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