sur Deutsche Rohstoff AG (isin : DE000A0XYG76)
First Berlin Equity Research Recommends Buying Deutsche Rohstoff AG Stock
First Berlin Equity Research GmbH has updated its rating on Deutsche Rohstoff AG (ISIN: DE000A0XYG76), elevating the stock from 'Add' to 'Buy'. Analyst Simon Scholes maintains a target price of €51, reflecting over 25% upside potential.
In the first half of 2024, production rose by approximately 41% to around 14,800 boepd, up from 10,533 boepd in the same period last year. This increase was driven by the activation of new wells exceeding expected production rates. Between May 2023 and end-June 2024, DRAG subsidiaries reportedly introduced 21 net new 2-mile-lateral wells.
The company has upheld its full-year 2024 guidance of 14,700-15,700 boepd, which indicates a 19.1% increase over the previous year's production figure of 12,762 boepd. Sales and EBITDA guidance for 2024 remain unchanged at €210m-€230m and €160m-€180m respectively. Based on current commodity prices, analysts believe DRAG can sustain mid-term revenue of around €200m while reducing net gearing.
Comprehensive H1/24 results are expected by mid-August.
R. H.
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