Original-Research: Daldrup & Söhne AG (von Quirin Privatbank Kapitalmarktges...

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Original-Research: Daldrup & Söhne AG - from Quirin Privatbank

Kapitalmarktgeschäft

28.07.2025 / 17:07 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Daldrup & Söhne

AG

Company Name: Daldrup & Söhne AG

ISIN: DE0007830572

Reason for the research: Update

Recommendation: Buy

from: 28.07.2025

Target price: 20.00

Last rating change:

Analyst: Ralf Marinoni

Daldrup wins tender for major geothermal energy contract

The success story continues: Daldrup & Söhne has won the EU-wide tender

issued by Innovative Energie für Pullach GmbH (IEP GmbH)) for the drilling

of seven geothermal wells. The go-ahead will be given when the planned

exploration insurance in the KfW Program 572 comes into force; it will take

place with the adoption of the federal budget at the end of September, but

does not depend on it. As general contractor, Daldrup will drill the

boreholes for the extraction of geothermal energy from the Malm deposit

(Upper Jurassic) at the Pullach Süd and Baierbrunn sites over a period of

around two and a half years from December 2025. Depending on the results,

Daldrup will drill up to three more wells. This is the largest single

project in the company's history. The anticipated contract value will be in

the upper double-digit EUR million range. Daldrup expects drilling lengths

of between 4,000 m and 5,100 m.

The project was put out to tender throughout Europe; Daldrup presented the

best concept, and factors such as technology, experience, price and

reference projects were taken into account in the decision-making process by

IEP GmbH.

The company can use its existing drilling rigs to fulfill the Pullach order.

In the event of further orders, Daldrup could a) enter into strategic

partnerships to utilize third-party drilling capacities or b), lease and/or

purchase equipment from the rig producer directly.

We have significantly raised our estimates (total output and EBIT) for the

years 2026, 2027 and 2028 and increased our DCF-based target price from EUR

18.00 to EUR 20.00. The recommendation remains Buy. The Pullach order is

another flagship project that underlines Daldrup's expertise in geothermal

energy, and other municipalities could follow suit.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=b682393af006fd44c267647d60142242

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/

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2175584 28.07.2025 CET/CEST

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