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

06.06.2025 / 09:57 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: 06.06.2025
Target price: 18.00
Last rating change:
Analyst: Ralf Marinoni

FY 2024: EBIT more than doubled

Daldrup & Söhne closed 2024 extremely successfully: the company managed to
increase EBIT from EUR 2.6m (FY 2023) to EUR 6.9m. At EUR 54.6m, its total
output was significantly higher than the previous year (EUR 48.4m). The
consolidated net profit for the past business year amounted to EUR 2.5m (FY
2023: EUR 0.9m). EPS thus amounted to EUR 0.42 (previous year: EUR 0.15).
Its equity ratio is comfortable at 68.8% (previous year: 50.6%). As of the
balance sheet date of 31 December 2024, Daldrup also had cash and cash
equivalents of EUR 6.4m (previous year: EUR 3.6m). Due to smart working
capital management and higher earnings, cash flow from operating activities
increased from EUR 3.5m (FY 2023) to EUR 12.1m. After taking investments
into account, its free cash flow jumped to EUR 9.7m (previous year: EUR
0.5m). The company was able to turn a net debt position (EUR 4,2m in FY
2023) to a net cash position of EUR 4.8m - a EUR 9m improvement.
Guidance: the company expects to generate total output of around EUR 52m in
FY 2025 and to achieve an EBIT margin of between 9% and 12% of total output.
We regard this outlook to be conservative; one should keep in mind that
there is substantial support from the government and state authorities in
addition to original, fundamental demand for Daldrup's services. We
therefore confirm our Buy recommendation and increase our TP to EUR 18.00 to
reflect its improved cash position.

You can download the research here: http://www.more-ir.de/d/32816.pdf
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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2152046 06.06.2025 CET/CEST

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