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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 68.9%
Price (€) 0.00
Target Price (€) 0.00
Market Cap (€M) 6.74
Perf. 1W: -12.5%
Perf. 1M: 0.00%
Perf. 3M: 75.0%
Perf Ytd: 40.0%
10 day relative perf. to stoxx600: -11.1%
20 day relative perf. to stoxx600: 1.17%
Target Change28/09/2022
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Costly financing cuts the target price
Change in Target Price€ 0.14 vs 0.40-66.0%

In the aftermath of last week's developments on equity line financing, we have updated our model. The massive dilution resulted in a 3x increase in the number of outstanding shares. We are expecting the financing woes to continue into next year, and have hence downgraded our target price.
Change in EPS2022 : € -0.01 vs -0.02ns
2023 : € -0.01 vs -0.03ns

The dilution as a result of the conversion of the bonds (NEGMA OCABSA) into shares had a significant impact on our EPS forecast as the conversion created 70.8 million shares.
Change in NAV€ 0.27 vs 0.83-67.2%

The downgrade in the NAV is also explained by the increase in the number of outstanding shares. We are not expecting a very immediate recovery in NAV.
Change in DCF€ 0.22 vs 0.66-67.3%

The downward change in DCF is also explained by the massive dilution. However, for FY2023, our forecast takes into account the assumption of the sale of a floater technology. This could give a significant boost to next year's cash flow.



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