Original-Research: Daldrup & Söhne AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy

Classification of Quirin Privatbank Kapitalmarktgeschäft to Daldrup & Söhne AG

Company Name:	Daldrup & Söhne AG
ISIN:	DE0007830572
Reason for the research:	Update
Recommendation:	Buy
from:	25.08.2025
Target price:	20.00
Last rating change:
Analyst:	Ralf Marinoni

The next major contract Following the award of a major EU-wide geothermal energy contract last month, Daldrup can once again announce that it has won a big contract in the double-digit million Euro range: The company has been awarded a contract as general contractor worth around EUR 16.8m by Amperland Thermalwärme GmbH (“ATW”), based in Olching, northwest of Munich. Daldrup will drill two deflected deep geothermal wells with drilling lengths of around 2,430 meters and 3,300 meters on the site of the Geiselbullach cogeneration plant. Work on the construction of the drilling site is scheduled to begin in September 2025. According to the schedule, drilling is to be carried out from December 2025 to May 2026. As a result, we have increased our estimates in particular for FY 2026: We estimate sales of EUR 88.7m (old: EUR 73.7m) and EBIT of EUR 12.3m (old: EUR 8.7m). Since the drilling will once again take place in the greater Munich area and the drilling equipment can be transported over short distances, we expect cost advantages for both Daldrup and the client. The company is already in talks with other potential municipal and private-sector clients. ATW has received a grant of EUR 8.8m for the financial implementation of the geothermal project. The money comes from the Federal Government's Effective Heating Networks (BEW) program. We therefore confirm our buy recommendation and target price of EUR 20.00.   You can download the research here: DALDRUP20250825 For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/