AlphaValue Corporate Services
SOCIETES SUIVIES A PROPOS CONTACT EN
Cette analyse a été commandée et financée par l’entreprise concernée et constitue donc un avantage non-monétaire mineur tel que défini par MIFID2

Dolfines

CR 		Bloomberg   ALDOL FP
Ingénierie lourde  /  France  Web Site   |   Investors Relation
Acquisitions and new management ensure growth but financing still a headache
Objectif
Potentiel 48,5 %
Cours (€) 0,00
Objectif de cours (€) 0,00
Capi (M€) 7,70
Perf. 1S: 14,3 %
Perf. 1M: 0,00 %
Perf. 3M: 167 %
Perf Ytd: 60,0 %
Perf. relative/stoxx600 10j: 16,5 %
Perf. relative/stoxx600 20j: 1,09 %
EPS change10/11/2021
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Changement d’EPS2021 : € -0,06 vs -0,05ns
2022 : € -0,04 vs -0,03ns

The EPS are down as we have adjusted our estimates following the H1 update. All in all, we have increased the cost base slightly, justified by the restarting of the services division and the end of temporary unemployment measures.
Changement de NAV€ 1,19 vs 1,23-3,48 %

The NAV is down as we have trimmed our valuation for the audit & inspection division, taking the average of the EBIT for FY23-24, at €0.33m vs €0.4m previously, and using a multiple of 8.5x vs 9x previously, as a discount against our estimates.
Changement de DCF€ 1,06 vs 1,14-7,11 %

The DCF is down on our lower estimates for FY21 and FY22, with EBITDA down by c. €250k for FY21 and €120k for FY22.
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