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
Capital increase to bring some order
Objectif
Potentiel 629 %
Cours (€) 0,01
Capi (M€) 0,19
Perf. 1S: -15,7 %
Perf. 1M: -50,0 %
Perf. 3M: -88,3 %
Perf Ytd: -97,1 %
Perf. relative/stoxx600 10j: -21,2 %
Perf. relative/stoxx600 20j: -51,3 %
EPS change17/10/2019

Changement d’EPS2019 : € -0,06 vs -0,04ns
2020 : € -0,08 vs -0,05ns

We have updated our model to account for the slower growth in oil & gas. As highlighted by the trading update, the volatility in oil prices are affecting operators in their investment decisions. We therefore take a more cautious stance for 2019-20, with now a gradual recovery (2019 flat yoy / 2020 +8% yoy). Note that, for 2019, we forecast sales stemming from the Services (2019: €2.70m) and Factorig (2019: €4.50m) divisions. As engineering projects are less recurring, we forecast revenues in the Solutions and Contracting divisions receding in 2020 (€0.20m in 2020).



Changement de NAV€ 2,07 vs 2,17-4,77 %

The NAV is impacted as we now evaluate the Contracting/Solutions divisions at €0.5m vs €2m to take into account the less predictable engineering projects.



Changement de DCF€ 1,68 vs 1,86-9,26 %

The DCF is impacted by the slower growth expected in 2019-20 (see comments above). Our long-term assumptions remain (+4% growth).



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