Report

Immeasurable dilution smashes valuation, once more (Dolfines)

Immeasurable dilution smashes valuation, once more

TARGET CHANGE

CHANGE IN TARGET PRICE € 0.00 vs 0.01 -65.8%

In the aftermath of our latest update 2 weeks ago, Dolfines has completed another round of share issuance with 1.9bn new shares. While there have been no changes to our financial estimates given no new updates on the business front, the dilution has slashed the valuation and massively weighed on the target price.

CHANGE IN NAV € 0.01 vs 0.03 -65.1%

Given the significant number of new shares which has increased the share count by 1.86 times, the NAV valuation has materially fallen together with the other metrics.
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
Elif Binici

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