Original-Research: Daldrup & Söhne AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Daldrup & Söhne AG
Daldrup wins tender for major geothermal energy contract The success story continues: Daldrup & Söhne has won the EU-wide tender issued by Innovative Energie für Pullach GmbH (IEP GmbH)) for the drilling of seven geothermal wells. The go-ahead will be given when the planned exploration insurance in the KfW Program 572 comes into force; it will take place with the adoption of the federal budget at the end of September, but does not depend on it. As general contractor, Daldrup will drill the boreholes for the extraction of geothermal energy from the Malm deposit (Upper Jurassic) at the Pullach Süd and Baierbrunn sites over a period of around two and a half years from December 2025. Depending on the results, Daldrup will drill up to three more wells. This is the largest single project in the company's history. The anticipated contract value will be in the upper double-digit EUR million range. Daldrup expects drilling lengths of between 4,000 m and 5,100 m. The project was put out to tender throughout Europe; Daldrup presented the best concept, and factors such as technology, experience, price and reference projects were taken into account in the decision-making process by IEP GmbH. The company can use its existing drilling rigs to fulfill the Pullach order. In the event of further orders, Daldrup could a) enter into strategic partnerships to utilize third-party drilling capacities or b), lease and/or purchase equipment from the rig producer directly. We have significantly raised our estimates (total output and EBIT) for the years 2026, 2027 and 2028 and increased our DCF-based target price from EUR 18.00 to EUR 20.00. The recommendation remains Buy. The Pullach order is another flagship project that underlines Daldrup's expertise in geothermal energy, and other municipalities could follow suit. You can download the research here: DALDRUP20250728 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. | ||||||||||||||||||
2175584 28.07.2025 CET/CEST
© 2025 EQS Group
