Dolfines

In the aftermath of our latest update 2 weeks ago, Dolfines has completed another round of share issuance with 1.9bn new shares. While there have been no changes to our financial estimates given no new updates on the business front, the dilution has slashed the valuation and massively weighed on the target price.

Given the significant number of new shares which has increased the share count by 1.86 times, the NAV valuation has materially fallen together with the other metrics.