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    ALDOL   FR0014004QZ9

DIETSWELL S.A.

(ALDOL)
  Report
Real-time Quote. Real-time Euronext Paris - 07/27 08:23:06 am
0.479 EUR   -0.21%
07/22DOLFINES : Division of the par value, effective date July 23, 2021
PU
07/21DOLFINES : Split date on 23 July
AN
07/20DOLFINES : Split - Date
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FY19: revenues decline, positive environment in renewables (Dietswell)

05/28/2020 | 04:50pm EDT

FY19: revenues decline, positive environment in renewables
EARNINGS/SALES RELEASES

While the dynamic is positive in the renewables activities with the CIMC Raffles partnership and the Marine Energy Alliance collaboration, the low oil & gas prices are taking their toll on the results. 2019 seems to have set the trend for the next two years (i.e. slow activity in oil & gas, dynamic environment in renewables), justifying further Dietswell’s strategic move into renewables.


FACT

Turnover: €6m (-15% yoy)
EBITDA: €-1.14m (vs €0.02m in 2018)
Adjusted net income: €-1.53m (vs €-0.25m in 2018)
Net income: €-1.13m (vs €-0.28m in 2018)

Net debt: €1.06m (vs €0.44m in 2018)


ANALYSIS

The share count stands at 7.4m shares, as the group has proceeded with an increase in capital to repay the c. €1m of convertible debt emitted in 2018, as well as the conversion of 50 of the 300 OCABSA issued in January 2020.

In Oil & Gas, Dietswell had sales of €3m in H2, flat against H1. For the full year, sales are down 15% yoy, against oil prices down 10% yoy. The audit and inspection division (Factorig) reported sales of €3.2m (-24% yoy) with inspection contracts in Algeria, Brazil, Iraq and the UAE, both onshore and offshore. The ongoing travel restrictions are impacting the business, and the division has performed a rig audit in China with the help of a remote service. The technical assistance division had sales of €2.1m (-22% yoy) and the contracting division (sales of €0.6m) performed work for Enagas on the natural gas storage platform Gaviota in Spain.

Even with oil prices bouncing off their lows, the outlook remains negative for 2020, with oil prices down by 40% yoy, and majors cutting their capex by 25-30% this year. This explains the reasoning behind the write-down of the Sedlar 160 drilling rig to zero, causing a €1.13m loss. For 2021, while some companies already expect to extend their capex cuts (e.g. Shell), others plan to restart their investment programme in 2021 (e.g. Equinor). This shows how uncertain 2021 is, and we expect the sector to increase its investment later rather than earlier. Nonetheless, we expect the oil & gas sector to go back to the pre-crisis investment level, as opposed to 2014-17 when the industry had to adjust to the shale industry.

The environment is more positive in New Energies, with investment levels holding up better than in oil & gas. Since the start of the year, Dietswell / Dolfines has signed a Memorandum of Understanding with CIMC Raffles (see our previous Latest for more details, on 6 April), and has announced a collaboration with the Marine Energy Alliance (MEA) partners. The MEA partners will work on the design of a floating wind powered offshore hydrogen production unit. The MEA is a European cooperation project, with a total budget of €6m, the goal of which is to progress on the technical and commercial maturity of marine energy technologies. Both are positive news for Dolfines, which can showcase its proprietary floater and will gain knowledge by collaborating with other marine energy experts.


IMPACT

We will update our model after this update.

Copyright 2020, Alphavalue
1er Bureau indÚpendant en Europe avec 470 valeurs passÚes au crible


Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -0.08% 36.99 End-of-day quote.0.00%
DIETSWELL S.A. -0.21% 0.479 Real-time Quote.-68.42%
ENAGÁS, S.A. 0.64% 18.955 Delayed Quote.4.79%
EQUINOR ASA -1.14% 175.82 Real-time Quote.22.70%
EURO / BRAZILIAN REAL (EUR/BRL) 0.41% 6.1341 Delayed Quote.-3.53%
EURO / DIRHAM (EUR/AED) 0.04% 4.3377 Delayed Quote.-3.63%
LONDON BRENT OIL -0.08% 74.66 Delayed Quote.44.68%
MAX CO., LTD. 2.70% 1866 End-of-day quote.29.67%
SHOWCASE INC. 1.72% 710 End-of-day quote.-29.63%
US DOLLAR / DIRHAM (USD/AED) -0.01% 3.67253 Delayed Quote.0.00%
WTI -0.26% 71.9 Delayed Quote.50.10%
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Financials
Sales 2020 2,57 M 3,02 M 3,02 M
Net income 2020 -2,26 M -2,66 M -2,66 M
Net cash 2020 0,66 M 0,78 M 0,78 M
P/E ratio 2020 -12,5x
Yield 2020 -
Capitalization 9,19 M 10,9 M 10,8 M
EV / Sales 2019 1,03x
EV / Sales 2020 10,7x
Nbr of Employees 20
Free-Float 91,3%
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Managers and Directors
Jean-Claude Bourdon Chief Executive Officer
Delphine Bardelet Guejo CAO, Director-Finance & Administration
Jean-Marie Pierrot Deseilligny Director
Dominique Michel Vice President
Julien Warnan Manager-Engineering
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