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 bring some order
Target
Upside 331%
Price (€) 0.01
Market Cap (€M) 3.66
Perf. 1W: 7.50%
Perf. 1M: 69.7%
Perf. 3M: -37.4%
Perf Ytd: 84.3%
10 day relative perf. to stoxx600: -5.67%
20 day relative perf. to stoxx600: 69.8%
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.



Updates

23 Nov 22 Target Change
Capital increase slashes the valuation

28 Sep 22 Target Change
Costly financing cuts the target price

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

12345Next
.