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


Bloomberg   ALDOL FP
Ingénierie lourde  /  France  Web Site   |   Investors Relation
Acquisitions and new management ensure growth but financing still a headache
Potentiel 42,6 %
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: -1,02 %
Perf. relative/stoxx600 20j: -13,9 %
EPS change19/05/2021

Changement d’EPS2021 : € -0,07 vs -0,08ns
2022 : € -0,05 vs -0,04ns

We have updated our model and now see 2021 revenues of €3.1m (with €1.7m in Factorig, €1m in Services) vs €5.3m previously, and closer to the company’s backlog. This revision is offset by the current cost savings programme (external charges down by €1.5m in 2020, personnel expenses down by €1.7m in 2020) and results in a minor impact on net income.

Changement d’Objectif de cours€ 0,68 vs 0,70-2,02 %

On top of the EPS updates (see below), note that we have changed our assumptions on the New Energies division following the five-year strategy plan (Cash & Value 21/25). For simplicity purposes, we now value the floater based on a commercial offering throughout licensing to a larger Engineering, Procurement & Construction (EPC) contractor, rather than on Dolfines handling the procurement and construction (on top of the engineering and design). In our view, this is justified as Dolfines now targets a floater that can support a 15MW turbine, with a potential order intake that could be large and executed by an EPC company. This new set of assumptions has no major impact on the overall valuation.

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