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 25.1%
Price (€) 0.00
Market Cap (€M) 8.66
Perf. 1W: 0.00%
Perf. 1M: 125%
Perf. 3M: 80.0%
Perf Ytd: 80.0%
10 day relative perf. to stoxx600: -1.06%
20 day relative perf. to stoxx600: 196%
Target Change28/09/2022

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.