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Original-Research: Deutsche Rohstoff AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Deutsche Rohstoff AG
First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes upgraded the stock to BUY and maintained his EUR 51.00 price target. Abstract: H1/24 production jumped ca. 41% to ca. 14,800 boepd (H1/23: 10,533 boepd). The rise in output was due to new wells coming on stream at better than expected production rates. We estimate that DRAG's subsidiaries brought 21 net new 2-mile-lateral wells on line between May 2023 and end-June 2024. DRAG has maintained its FY/24 guidance of 14,700-15,700 boepd, the midpoint of which equates to a 19.1% increase on last year's figure of 12,762 boepd. 2024 sales and EBITDA guidance of €210m-€230m and €160m-€180m respectively is also unchanged. On the basis of current commodity strips, which are little changed on our most recent update of 8 May, we continue to believe that DRAG is capable of sustaining revenue at around €200m in the mid-term, while reducing net gearing. Our price target of €51 is unchanged, but we have raised the recommendation from Add to Buy because the upside to our price target is now over 25%. Comprehensive H1/24 results are scheduled for mid-August. First Berlin Equity Research hat ein Research Update zu Deutsche Rohstoff AG (ISIN: DE000A0XYG76) veröffentlicht. Analyst Simon Scholes stuft die Aktie auf BUY herauf und bestätigt sein Kursziel von EUR 51,00. Zusammenfassung: H1/24 stieg die Produktion um ca. 41% auf ca. 14.800 boepd (H1/23: 10.533 boepd). Der Produktionsanstieg ist auf die Inbetriebnahme neuer Bohrungen zurückzuführen, deren Förderraten die Erwartungen übertrafen. Wir schätzen, dass die Tochtergesellschaften der DRAG zwischen Mai 2023 und Ende Juni 2024 netto 21 neue 2-Meilen-Bohrungen in Betrieb genommen haben. Die DRAG hat ihre Prognose für das Geschäftsjahr 2024 von 14.700 bis 15.700 boepd beibehalten, was einer Steigerung von 19,1 % gegenüber dem Vorjahreswert von 12.762 boepd entspricht. Die Umsatz- und EBITDA-Prognose für 2024 von €210 Mio. bis €230 Mio. bzw. €160 Mio. bis €180 Mio. bleibt ebenfalls unverändert. Auf der Grundlage der aktuellen Rohstoffpreise, die sich gegenüber unserer letzten Aktualisierung vom 8. Mai kaum verändert haben, sind wir weiterhin der Ansicht, dass die DRAG in der Lage ist, mittelfristig einen Umsatz von rund €200 Mio. zu erzielen und gleichzeitig den Verschuldungsgrad zu senken. Unser Kursziel von €51 bleibt unverändert, aber wir haben die Empfehlung von Hinzufügen auf Kaufen hochgestuft, da das Aufwärtspotenzial gegenüber unserem Kursziel nun über 25 % beträgt. Endgültige Ergebnisse für H1/24 werden für Mitte August erwartet. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/30355.pdf 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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1960185 02.08.2024 CET/CEST
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