Daldrup & Söhne - Reshaping the business
Daldrup & Söhne (D&S) continues to implement its corporate restructuring programme and in July it sold 49% of Geysir Europe to IKAV. H119 results showed a small decline in profitability versus H18 (but an improvement versus FY18) and D&S believes the transition will continue into FY20. The executive board continues to guide for a total group output of €40m and an operational break-even for FY19. Consensus remains more optimistic than guidance and based on consensus forecasts, D&S is trading on an EV/sales multiple for FY19 of 1.2x, compared with a peer group average of 4.1x.Daldrup & Soehne AG is a provider of drilling and environmental services in Germany and Central Europe. Co.'s activities are organized into the following business units: Geothermal Energy business unit provides drilling services for near-surface geothermal energy; In the Raw Materials & Exploration business unit, Co. carries out drilling operations on behalf of national and international mining companies in exploration of deposits of fossil fuels and mineral raw materials; The Water Procurement business unit includes drilling wells to obtain drinking water; EDS provides environmental technology services to clients.
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