AlphaValue Corporate Services
This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under 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 26.4%
Price (€) 0.00
Market Cap (€M) 9.63
Perf. 1W: -23.1%
Perf. 1M: 0.00%
Perf. 3M: 42.9%
Perf Ytd: 100%
10 day relative perf. to stoxx600: 1.61%
20 day relative perf. to stoxx600: 1.05%
Earnings/sales releases28/07/2022

H1: Growth in both segments

Revenue stood at €4.3m in H1, confirming the positive momentum communicated in Q1. The Oil & Gas activities recovered sharply with the high oil price, while the strong growth continued at 8.2 France. The prospects also look good for H2, with drilling activity remaining elevated and with the workforce growing in Renewable energies. Overall, a positive update, which will help to support the stock price.


H1 (comparison including 8.2 France):
Group revenue: €4.3m (+34% yoy)

  • Oil & Gas: €2.6m (+63% yoy)
  • Renewable energies: €1.6m (+33% yoy)
  • Engineering & Technologies: €0.1m (-75% yoy)


In Oil & Gas, the Audit & Inspection activities were up 67% to €1.5m, leading the division’s gains. Projects were executed in active regions/countries such as Brazil and the Middle East. The revenue for Technical Assistance stood at €1.1m, a 47% yoy increase, with contracts that had been halted during the pandemic now restarting.

In Renewables, 8.2 France is now consolidated. The company recorded yoy growth in offshore activity, specifically on the Banc de Guérande project (Saint-Nazaire), with 80 wind turbines. 8.2 France had 8 people for the manufacturing (inspection), installation and commissioning phases of the project.


No change to our recommendation


28 Jul 22 Earnings/sales releases
H1: Growth in both segments

09 Jun 22 Strategic Plan
Development continues in renewables

03 May 22 Earnings/sales releases
FY21: recap as investments accelerate in rene...

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

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

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