EPS CHANGE
CHANGE IN EPS
2019 : € -0.15 vs -0.12 ns
2020 : € -0.32 vs -0.07 ns

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.