Report

EPS upgrade (2018: from € -0.14 to -0.05, 2019: from € -0.16 to -0.08) (Dietswell)

EPS CHANGE

CHANGE IN EPS2019 : € -0.08 vs -0.16 ns
2020 : € -0.11 vs 0.03 ns
We have updated our model with the FY18 figures.

We have revised our growth expectations for the oil & gas activities, as we see a dynamic Audit & Inspection division but a slower recovery of the Technical Assistance division. We now target a 2019 turnover of €4m for the Technical Assistance division (vs. €6m previously) and keep our revenue forecast at €5m for the Audit & Inspection division.


In New Energies, we shift our scenario by one year, with an order for a 4M floater pilot in 2020. Note that we have modelled the renewable division around the creation of an ad hoc SPV with Dietswell sharing ownership with an industrial partner (Dietswell keeping 50% + 1 share in the entity). We stick to this scenario for now and model for a start in 2020 (against 2019 previously).

The 2019 and 2020 EPS are impacted by the one-year shift in New Energies (2019 positively and 2020 negatively).
Underlying
Dietswell

Dietswell. Dietswell SA is a France-based company that provides drilling operation management services for the oil industry. The Company specializes in the design, drilling, work-over and completion engineering. It offers well engineering services, such as well engineering, preparation and evaluation of tenders, offset wells reviews; drilling project management, management of the stock of spare parts, supply of communications and logistic support, among others; drilling contracting; rig design and contracting, which designs, constructs and refurbish rigs; rig inspection and audits, which provide customized inspection and audit services; and provision of technical assistance. Dietswell SA principally provides its services to ageing oilfields that need updating, or that need to be decommissioned in an environmentally friendly manner. The Company holds stakes in two companies: Dolfines Logistique and Feumag Holding Company Limited. In October 2013, it announced the creation of Dietswell Brazil.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

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Analysts
Kevin VO

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