Deutsche Rohstoff AG: Buy Recommendation and Increased Price Target

First Berlin Equity Research GmbH has reaffirmed its "Buy" recommendation for Deutsche Rohstoff AG, raising the target share price from EUR 40.00 to EUR 43.00. This update follows the company's annual report, confirming preliminary 2024 figures. The Management Board's proposal for a dividend of €2.00 exceeds both forecasts and the previous year’s dividend, indicating a 14% increase.

The Supervisory Board has approved a €4m share buyback, consistent with 2024's buyback. With the current share price, this would allow repurchase of 2.4% of share capital. The 2025 CAPEX guidance has been reduced to €90m-€100m, aligning sales and EBITDA guidance with a lower oil price forecast of USD60/bbl.

While CAPEX and oil prices are adjusted downward, the gas price assumption for 2025 has increased by 50%. The 2025 oil production is partly hedged, stabilizing revenue expectations. Notably, a 17% rise in Almonty's share price, in which Deutsche Rohstoff holds an 11% stake, significantly impacts the company's enterprise value.