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06 Apr 22

Daldrup & Söhne - Termination of coverage

Edison Investment Research is terminating coverage on: • 2G Energy (2GB) • Apontis Pharma (APPH) • Artec technologies (A6T) • Beta Systems (BSSA) • Blue Cap (B7E) • Cyan (CYR) • Consus Real Estate (CC1) • Daldrup & Soehne (4DS) • DATAGROUP (D6H) • Datron (DAR) • Delignit (DLX) • Deutsche Börse (DB1) • Deutsche Grundstücksauktionen (DGR) • Deutsche Rohstoff (DR0) • DVS Technology (DIS) • Edel (EDL) • Ernst Russ (HXCK) • Exasol (EXL) • expert.ai (EXAI/EXSY) • Fashionette (FSNT) • Formycon (FYB)

Companies: Daldrup & Soehne AG

Edison

14 Oct 21

Daldrup & Söhne - Business as usual during pandemic

Daldrup & Söhne (Daldrup) reported business as usual in H121 despite the COVID-19 pandemic. Management maintained its FY21 guidance of a total output of around €43m and an underlying EBIT margin of 2–4%. The long-term growth prospects for Daldrup are very positive because geothermal energy offers a great alternative to fossil fuels for governments’ policies on reducing carbon emissions. Geothermal electricity and heat are generated in an almost CO2-neutral manner.

Companies: Daldrup & Soehne AG

Edison

15 Jun 21

Daldrup & Söhne - Emission reduction will drive drilling demand

Daldrup & Söhne (Daldrup) felt hardly any impact from the pandemic, reporting 14% growth in total output in FY20. Divestment of the loss-making power plants, efficiency improvements in business operations and more effective cost control were the drivers behind the strong recovery in profitability. The market outlook remains positive, driven by the aim of many governments to reduce carbon emissions, while geothermal electricity and heat are generated in an almost CO2-neutral manner. Management ex

Companies: Daldrup & Soehne AG

Edison

02 Nov 20

Daldrup & Söhne AG - EKF interview

daldrup-amp-s-hne-ag-ekf-interview-02-11-2020

22 Oct 20

Daldrup & Söhne - Leading drilling specialist in Central Europe

Daldrup & Söhne is a leading drilling specialist in Europe and focuses on energy topics such as geothermal heat recovery, environmental protection and drinking water quality. With its drilling services, the company provides its customers geothermal energy sources as an alternative to fossil fuels. Over the next few years, Daldrup also aims to build up a portfolio of minority interests in medium-sized geothermal power plants, especially heating plants. Market conditions in the drilling segment re

Companies: Daldrup & Soehne AG

Edison

13 Oct 20

Daldrup & Söhne - Profitable again in H120 with further upside

Daldrup & Söhne reported a strong set of results in H120, with minimal impact from the coronavirus-pandemic. Total output increased by 5% to €23m, driven by positive sentiment in the drilling market, and EBIT turned positive to €0.5m after a loss of €1.0m in H119. The company won several large contracts this year, proving that market conditions in the drilling segment remain positive, driven by customers’ long-term goal to increase renewable energy sources and reduce carbon emissions. Management

Companies: Daldrup & Soehne AG

Edison

11 Jun 20

Daldrup & Söhne - New business focus should benefit FY20

FY19 was a year of significant change for Daldrup & Söhne (D&S), marked by the disposal of Geysir Europe. With a strengthened balance sheet, a renewed focus on its drilling activities, a healthy order book and further improvements to internal control mechanisms targeted, the management board (and consensus forecasts) expect an improvement in profitability in FY20.

Companies: Daldrup & Soehne AG

Edison

11 Oct 19

Daldrup & Söhne - Reshaping the business

Daldrup & Söhne (D&S) continues to implement its corporate restructuring programme and in July it sold 49% of Geysir Europe to IKAV. H119 results showed a small decline in profitability versus H18 (but an improvement versus FY18) and D&S believes the transition will continue into FY20. The executive board continues to guide for a total group output of €40m and an operational break-even for FY19. Consensus remains more optimistic than guidance and based on consensus forecasts, D&S is trading on a

Companies: Daldrup & Soehne AG

Edison

13 Jun 19

Daldrup & Söhne - Improving outlook expected for 2019

Following a disappointing 2018, Daldrup & Söhne has embarked on a strategic realignment. Although the realignment will take some time to bear fruit, the outlook for FY19 appears more promising and the financial position of the company should improve after the recently announced disposals. For FY19 Daldrup & Söhne is expecting group revenue of €40m and a breakeven performance at the EBIT level. Based on consensus forecasts, the company is trading on an EV/Sales multiple for 2019 of 1.2x, towards

Companies: Daldrup & Soehne AG

Edison

17 Oct 18

Daldrup & Söhne - Favourable growth outlook

Daldrup & Söhne (D&S) continues to increase its presence in geothermal generation and was recently awarded a new drilling concession for the Neuried claim. The order book remains strong and the macro environment is positive in our view. Daldrup & Söhne is on track to meet FY18 management guidance and we believe further growth is likely in the coming years.

Companies: Daldrup & Soehne AG

Edison

26 Jun 18

Daldrup & Söhne - Increased profits and business activity

Daldrup & Söhne made progress in building its presence in geothermal generation during FY17 and this is expected to yield additional benefits in FY18. A stable regulatory framework, an order book at record levels and additional geothermal projects under development (Neuried and Puchheim) are also expected to contribute to growing profitability in the forecast period (see consensus forecasts).

Companies: Daldrup & Soehne AG

Edison

18 Oct 17

- Improving profitability and order backlog

Daldrup & Söhne continues to benefit from regulatory support for geothermal energy in Germany. This is evidenced by its order backlog of €75m to date, sufficient to support its full engineering capacity for all business divisions into 2019. Meanwhile, its geothermal power plants in Landau and Taufkirchen are scheduled to come online before the end of 2017. Management confirmed, in a press release on 4 October, FY17 guidance of €40m in output (revenue plus change in work-in-progress) and an EBIT

Companies: Daldrup & Soehne AG

Edison

14 Jun 17

- Running at full capacity through 2018

Daldrup & Söhne is benefiting from the regulatory support for geothermal energy, primarily in Germany. This is evidenced by its order backlog of €65m to date, sufficient to support its full engineering capacity for all business divisions through 2018. Meanwhile, management is stepping up efforts in project development and ownership to help counterbalance the volatility of the drilling/engineering business with predictable revenue streams as an independent power producer.

Companies: Daldrup & Soehne AG

Edison