AlphaValue Corporate Services
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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 70,7 %
Cours (€) 0,00
Objectif de cours (€) 0,00
Capi (M€) 6,74
Perf. 1S: -12,5 %
Perf. 1M: -12,5 %
Perf. 3M: 133 %
Perf Ytd: 40,0 %
Perf. relative/stoxx600 10j: -0,39 %
Perf. relative/stoxx600 20j: -12,1 %
Target Change28/09/2022
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Costly financing cuts the target price
Changement d’Objectif de cours€ 0,14 vs 0,40-66,0 %

In the aftermath of last week's developments on equity line financing, we have updated our model. The massive dilution resulted in a 3x increase in the number of outstanding shares. We are expecting the financing woes to continue into next year, and have hence downgraded our target price.
Changement d’EPS2022 : € -0,01 vs -0,02ns
2023 : € -0,01 vs -0,03ns

The dilution as a result of the conversion of the bonds (NEGMA OCABSA) into shares had a significant impact on our EPS forecast as the conversion created 70.8 million shares.
Changement de NAV€ 0,27 vs 0,83-67,2 %

The downgrade in the NAV is also explained by the increase in the number of outstanding shares. We are not expecting a very immediate recovery in NAV.
Changement de DCF€ 0,22 vs 0,66-67,3 %

The downward change in DCF is also explained by the massive dilution. However, for FY2023, our forecast takes into account the assumption of the sale of a floater technology. This could give a significant boost to next year's cash flow.



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