Original-Research: Deutsche Rohstoff (von First Berlin Equity Research GmbH): Buy
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Original-Research: Deutsche Rohstoff - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Deutsche Rohstoff
First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes reiterated his BUY rating and increased the price target from EUR 48.00 to EUR 55.00. Abstract: A pause between the start of production from new wells as well as oil price and USD weakness meant that Q2/25 revenue fell 24% yoy to €43.2m (Q2/24: €56.6m) while EBITDA was down 35% at €27.3m (Q2/24: €42.1m). However, 2025 sales and EBITDA guidance of €170m-€190m and €115m-€135m respectively look to be comfortably achievable. DRAG has already generated over 50% of the upper end (revenue: 54%, EBITDA 52%) of these ranges at the H1/25 stage. Ten new wells will boost H2/25 production significantly, and guidance is based on an average West Texas Intermediate (WTI) oil price of USD60/bbl. The futures curve currently shows USD66/bbl. Our valuation of DRAG's oil and gas business is little changed since our most recent note of 2 June. The increase in our price target from €48 to €55 is based mainly on the 28% increase since early June in our after tax valuation of DRAG's holding in the equity and debt of the tungsten miner Almonty to €94m (equivalent to ca. 30% of current enterprise value). We maintain our Buy recommendation (upside: 42%). First Berlin Equity Research hat ein Research Update zu Deutsche Rohstoff AG (ISIN: DE000A0XYG76) veröffentlicht. Analyst Simon Scholes bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 48,00 auf EUR 55,00. Zusammenfassung: Eine Pause zwischen dem Produktionsstart neuer Bohrlöcher sowie die Schwäche des Ölpreises und des US-Dollars führten dazu, dass der Umsatz im zweiten Quartal 2025 um 24% auf €43,2 Mio. (Q2/24 : €56,6 Mio.) zurückging, während das EBITDA um 35% auf €27,3 Mio. (Q2/24 : €42,1 Mio.) sank. Die Umsatz- und EBITDA-Prognosen für 2025 von €170 Mio. bis €190 Mio. bzw. €115 Mio. bis €130 Mio. scheinen jedoch problemlos erreichbar zu sein. DRAG hat bereits im ersten Halbjahr 2025 weit über 50 % des Mittelwerts dieser Spannen erzielt. Zehn neue Bohrlöcher werden die Produktion im zweiten Halbjahr 2025 deutlich steigern, und die Prognose basiert auf einem durchschnittlichen West Texas Intermediate (WTI)-Ölpreis von USD60/Barrel. Die Terminkurve deutet derzeit auf einen Durchschnittspreis von USD66/Barrel hin. Unsere Bewertung des Öl- und Gasgeschäfts von DRAG hat sich seit unserem letzten Bericht vom 2. Juni kaum verändert. Die Anhebung unseres Kursziels von €48 auf €55 basiert hauptsächlich auf dem seit Anfang Juni erfolgten Anstieg unserer Bewertung nach Steuern der Beteiligung von DRAG am Eigenkapital und Fremdkapital des Wolfram-Bergbauunternehmens Almonty um 28% auf €94 Mio. (entspricht ca. 30% des aktuellen Unternehmenswerts). Wir behalten unsere Kaufempfehlung bei. Aufwärtspotenzial: 42%. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: DR0_GR-2025-09-04_EN Contact for questions: First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com
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2193314 04.09.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 41,20 | 38,68 | 73,32 | 165,44 | 196,66 | 235,43 | 185,00 | |
| EBITDA1,2 | 22,72 | 23,90 | 66,06 | 139,09 | 158,26 | 167,59 | 132,00 | |
| EBITDA-Margin3 | 55,15 | 61,79 | 90,10 | 84,07 | 80,47 | 71,19 | 71,35 | |
| EBIT1,4 | 5,63 | -16,10 | 32,59 | 91,43 | 95,00 | 79,56 | 51,00 | |
| EBIT-Margin5 | 13,67 | -41,62 | 44,45 | 55,27 | 48,31 | 33,79 | 27,57 | |
| Net Profit (Loss)1 | 0,19 | -16,10 | 26,36 | 66,19 | 67,48 | 52,69 | 27,90 | |
| Net-Margin6 | 0,46 | -41,62 | 35,95 | 40,01 | 34,31 | 22,38 | 15,08 | |
| Cashflow1,7 | 34,93 | 13,99 | 51,82 | 142,73 | 139,26 | 143,64 | 90,00 | |
| Earnings per share8 | 0,04 | -3,17 | 5,00 | 12,15 | 13,02 | 10,26 | 5,40 | |
| Dividend per share8 | 0,10 | 0,00 | 0,60 | 1,30 | 1,75 | 2,00 | 1,50 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Falk
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
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| Deutsche Rohstoff | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0XYG7 | DE000A0XYG76 | AG | 237,01 Mio € | 27.05.2010 | Kaufen | 8FXCFFPF+CC |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 10,07 | 5,39 | 1,87 | 10,28 | 1,21 | 1,65 | 1,01 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 1,75 | 2,00 | 1,50 | 3,17% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 17.06.2025 | 13.05.2025 | 15.08.2025 | 04.11.2025 | 23.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +1,99% | +17,96% | +47,51% | +41,77% | +373,50% |
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