^

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 EQ

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.

---------------------------------------------------------------------------

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 activitie

increased from EUR 3.5m (FY 2023) to EUR 12.1m. After taking investment

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/

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com

---------------------------------------------------------------------------

2152046 06.06.2025 CET/CEST

°