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MarketScreener Homepage  >  Equities  >  Euronext Growth Paris  >  Dolfines    ALDOL   FR0010377127

DOLFINES

(ALDOL)
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H1: volatile crude prices impact results (Dietswell)

10/14/2019 | 05:36am EST

H1: volatile crude prices impact results
EARNINGS/SALES RELEASES

While the renewables division pursues its development, the volatility in the oil markets has affected the oil & gas activities. H1 sales increased by 3% year on year, with management mentioning a wait-and-see stance from oil & gas operators. H2 looks more positive though, with Dietswell carrying out rig inspection work contracts awarded in H1.


FACT

Turnover: €3m (+3% yoy)
EBITDA: €-0.3m (+25% yoy)
Net result: €-0.5m (+17% yoy)


ANALYSIS

Oil & Gas

Of note, the group has reactivated its subsidiary in Brazil and has been awarded five contracts for rig inspection work starting in H2. Dietswell has also signed its first contracts for the re-certification of Shenkai’s blow-out prevention equipment (BOP) in Germany and Thailand and signed a partnership agreement in Nigeria for the rehabilitation and management of offshore drilling rigs.

The press release mentioned the wait-and-see stance by operators, postponing campaigns, and suspending development projects until H2. Management expects the maintenance of ageing fields and/or the slowdown in US shale to sustain the recovery (of conventional oil & gas investments). We reckon the maintenance and rig inspection activities are likely to persist as the international rig count is showing signs of robustness. The latter is up c.20% yoy at 1,131 rigs (source: Baker Hughes), against a 20% decline for US rigs. We see this as positive and shows that the industry has adjusted its break-even levels during the previous downturn to withstand lower prices.

Renewables

Development continues in the renewables division (Dolfines), with the hiring of a senior commercial manager with an international profile. This is wise as it should increase the reach of the floater to the, more dynamic, global scene.


IMPACT

We will revise our forecasts to account for the slower growth in oil and gas.

Copyright 2019, Alphavalue
1er Bureau indépendant en Europe avec 470 valeurs passées au crible


Stocks mentioned in the article
ChangeLast1st jan.
3M COMPANY 1.69% 177.08 Delayed Quote.0.37%
AT HOME GROUP INC. 6.58% 17.99 Delayed Quote.227.09%
BAKER HUGHES COMPANY 5.19% 20.26 Delayed Quote.-20.95%
DOLFINES -3.65% 1.32 Real-time Quote.54.21%
EURO / BRAZILIAN REAL (EUR/BRL) 0.05% 6.4027 Delayed Quote.42.99%
GENERAL ELECTRIC COMPANY 3.77% 10.45 Delayed Quote.-6.36%
JUST GROUP PLC 1.43% 60.15 Delayed Quote.-23.86%
LONDON BRENT OIL 0.61% 48.23 Delayed Quote.-31.62%
MAX CO., LTD. 1.95% 1467 End-of-day quote.-33.14%
THE GLOBAL LTD. 8.48% 243 End-of-day quote.-48.41%
WILL GROUP, INC. 6.52% 980 End-of-day quote.-21.73%
WTI 0.88% 45.195 Delayed Quote.-30.81%
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Financials
Sales 2019 6,36 M 7,56 M 7,56 M
Net income 2019 -2,66 M -3,16 M -3,16 M
Net Debt 2019 1,06 M 1,26 M 1,26 M
P/E ratio 2019 -2,06x
Yield 2019 -
Capitalization 11,0 M 13,0 M 13,1 M
EV / Sales 2018 0,67x
EV / Sales 2019 1,03x
Nbr of Employees 39
Free-Float 98,2%
Chart DOLFINES
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Technical analysis trends DOLFINES
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Income Statement Evolution
Managers
NameTitle
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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