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

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 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%
Target Change01/02/2023

Change in Target Price€ 0.06 vs 0.07-21.6%

The target price is reduced due to the declining DCF and NAV values. At such low prices, a slight change in the price brings about significant change.



Change in NAV€ 0.10 vs 0.14-27.4%

The NAV decrease stems from the massive dilution the company carried out in FY2022 with the number of shares increasing by more than 12x. The share issuance continued in early FY2023, further reducing the NAV.



Change in DCF€ 0.09 vs 0.12-20.3%

The decline in the DCF is driven by the same reason (share dilution) as for the NAV drop.



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