AlphaValue Corporate Services
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 98,0 %
Cours (€) 0,00
Capi (M€) 5,78
Perf. 1S: -25,0 %
Perf. 1M: -25,0 %
Perf. 3M: 50,0 %
Perf Ytd: 20,0 %
Perf. relative/stoxx600 10j: -14,1 %
Perf. relative/stoxx600 20j: -24,2 %
Target Change09/05/2022

Changement d’Objectif de cours€ 0,43 vs 0,54-20,3 %

Changement d’EPS2022 : € -0,02 vs -0,02ns
2023 : € -0,03 vs -0,03ns

We have updated our model with the integration of the FY21 results and net loss of €1.55m. Estimates for FY22/FY23 are unchanged.



Changement de NAV€ 0,83 vs 1,01-17,0 %

Following the FY21 results, we have added a €4m capital increase, at a subscription price of €0.30 per share, leading to the creation of 13.3m shares. This represents a c. 30% discount on the 29/04/2022 closing price (day of the announcement). Note that this is temporary and will be updated as the split between the conversion of NEGMA’s OCABSA and fresh equity capital remain unknown at this stage.



Changement de DCF€ 0,67 vs 0,90-25,2 %

In line with the NAV, the DCF is impacted by the creation of 13.3m shares following a €4m capital increase.



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