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Daldrup & Söhne

Improving profitability and order backlog

Update | General Industrials | 18 Oct 2017

Daldrup & Söhne continues to benefit from regulatory support for geothermal energy in Germany. This is evidenced by its order backlog of EUR 75m to date, sufficient to support its full engineering capacity for all business divisions into 2019. Meanwhile, its geothermal power plants in Landau and Taufkirchen are scheduled to come online before the end of 2017. Management confirmed, in a press release on 4 October, FY17 guidance of EUR 40m in output (revenue plus change in work-in-progress) and an EBIT margin of 2-5% (compared to 2% in FY16). We believe that the company needs to achieve at least 2.5% EBIT margin in order to cover its interest expenses.

Daldrup & Söhne

Running at full capacity through 2018

Initiation | General Industrials | 14 Jun 2017

Daldrup & Söhne is benefiting from the regulatory support for geothermal energy, primarily in Germany. This is evidenced by its order backlog of EUR 65m to date, sufficient to support its full engineering capacity for all business divisions through 2018. Meanwhile, management is stepping up efforts in project development and ownership to help counterbalance the volatility of the drilling/engineering business with predictable revenue streams as an independent power producer.