EPS CHANGE
CHANGE IN TARGET PRICE
€ 1.37 vs 1.39 -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.


CHANGE IN EPS
2021 : € (0.14) vs (0.16) ns
2022 : € (0.09) vs (0.08) ns

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.