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 69.0%
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: -11.2%
20 day relative perf. to stoxx600: -12.4%
Target Change24/01/2020

Change in Target Price€ 0.84 vs 1.04-18.9%

We have integrated the €3m financing line in our model. The dilution has impacted our target price (on both NAV and DCF) and assumes the progressive conversion of the bonds. Note that the financing line is flexible (at Dietswell’s request) and that only €300k has been issued so far. Yet, we assume the conversion of €3m of bonds into 3.53m shares (assuming €0.85 per share), split between 2020 and 2021, as the group makes progressive use of the financing tranches. This partly replaces previous hypothesis, in which the group issued €7.5m of debt in 2020 to finance its renewables activities (now assuming €4m). All other assumptions remain the same for now.