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 485 %
Cours (€) 0,01
Capi (M€) 0,23
Perf. 1S: 18,6 %
Perf. 1M: 72,9 %
Perf. 3M: -47,4 %
Perf Ytd: 72,9 %
Perf. relative/stoxx600 10j: 39,8 %
Perf. relative/stoxx600 20j: 54,8 %
Target Change28/09/2022

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.



Mises à Jour

23 nov. 22 Target Change
Capital increase slashes the valuation

28 sept. 22 Target Change
Costly financing cuts the target price

26 sept. 22 Question de financement
Dolfines dans la tempête du refinancement

31 mars 22 Autres News / Commentaires
Un bon début d’année

11 janv. 22 Autres News / Commentaires
Pré-qualification pour les futurs appels d’offres ...

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