Deutsche Rohstoff

DB: DR0

€90.9m market cap

€17.95 last close

Deutsche Rohstoff identifies, develops and monetises resource projects in North America, Australia and Europe. The company’s current focus is on the development of oil and gas opportunities in the US.

Investment summary

Deutsche Rohstoff’s (DRAG) organic investments, c $145m in FY17 and FY18, helped deliver more than 100% growth in FY18 revenues to €109.1m (€53.7m in FY17). Year-on-year sales growth was supported by a material increase in oil and gas production, which almost doubled to 9.4kboed (from 5.1kboed in FY17), combined with higher price realisations. EBITDA rose more than 250% to €97.9m (€36.1m in FY17), while net income (after minority interests) rose to €13.9m (€7.7m in FY17). DRAG’s key focus remains on its US oil and gas interests, with c $70m of organic and internally funded investment planned in 2019. As a result, DRAG guides to EBITDA in the €25–35m range in FY19 and €55–65m in FY20, reflecting recent divestments and underlying growth from Cub Creek Energy.

Sector
Oil & gas
Share price graph
Price performance
%
1m
3m
12m
Actual (7.2) 6.1 (30.7)
Relative* (6.8) (0.1) (25.0)
52-week high/low €25.6/€13.9
*% relative to local index
Key management
Thomas Gutschlag CEO
Jan-Philipp Weitz Head of Business Development
Patrick Pohl Analyst

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