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 16,4 %
Cours (€) 0,00
Capi (M€) 10,6
Perf. 1S: 0,00 %
Perf. 1M: -26,7 %
Perf. 3M: 57,1 %
Perf Ytd: 120 %
Perf. relative/stoxx600 10j: 8,16 %
Perf. relative/stoxx600 20j: 0,35 %
EPS change14/04/2020

Changement d’EPS2019 : € -0,08 vs -0,06ns
2020 : € -0,16 vs -0,04ns

Model update as we revise our estimates on oil & gas activities and integrate the collaboration in renewables.
We lower our estimates on Dolfines/Dietswell as oil & gas companies are trimming their expenditures in light of the $30 oil. We expect oil companies’ intense focus on capital discipline to weigh on oil & gas activities for the next two years, especially on the Factorig division (audit/inspection) and, to a lesser extent, on the Services division (technical assistance).
This crosses paths with the positive update in renewables. We believe the collaboration with CIMC Raffles alleviates R&D spending needs for the group, as this validates Dolfines’ floater.
Lastly, due to the extreme volatility, we keep our modelling of the €3m financing line unchanged for the moment. As a reminder, we assume the conversion of €3m of bonds into 3.53m shares (assuming €0.85 per share), split between 2020 and 2021.

EPSs are down on our lower estimates, now seeing revenues of €3.50m for Factorig and €1.8m for Services in 2020 vs €4.8m for Factorig and €2.7m for Services previously.



Mises à Jour
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