AlphaValue Corporate Services Fundamental Analysis FR
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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
Capital increase to invest in renewables
Target
Upside 577%
Price (€) 0.06
Market Cap (€M) 1.15
Perf. 1W: -17.6%
Perf. 1M: -76.6%
Perf. 3M: -76.5%
Perf Ytd: -82.4%
10 day relative perf. to stoxx600: -43.3%
20 day relative perf. to stoxx600: -82.7%
EPS change27/05/2019

Change in EPS2019 : € -0.04 vs -0.08ns
2020 : € -0.05 vs 0.02ns

We have updated our model with the FY18 figures.

We have revised our growth expectations for the oil & gas activities, as we see a dynamic Audit & Inspection division but a slower recovery of the Technical Assistance division. We now target a 2019 turnover of €4m for the Technical Assistance division (vs. €6m previously) and keep our revenue forecast at €5m for the Audit & Inspection division.


In New Energies, we shift our scenario by one year, with an order for a 4M floater pilot in 2020. Note that we have modelled the renewable division around the creation of an ad hoc SPV with Dietswell sharing ownership with an industrial partner (Dietswell keeping 50% + 1 share in the entity). We stick to this scenario for now and model for a start in 2020 (against 2019 previously).

The 2019 and 2020 EPS are impacted by the one-year shift in New Energies (2019 positively and 2020 negatively).



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