EQS-Adhoc: Deutsche Rohstoff AG: Increased guidance for 2023 and 2024
|
EQS-Ad-hoc: Deutsche Rohstoff AG / Key word(s): Forecast
Deutsche Rohstoff AG: Increased guidance for 2023 and 2024
27-Sep-2023 / 16:57 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Deutsche Rohstoff AG: Increased guidance for 2023 and 2024Mannheim. Deutsche Rohstoff AG raises its guidance for 2023 and 2024, due to the strong development of the WTI oil price and the US Dollar, a strong operational development and, as a consequence of the increased planning certainty from the successful issuance of the corporate bond 2023/2028 a few days ago, an accelerated completion of the current drilling program with increased working interest in current development wells. Guidance 2023 (increase)REVENUE
- New guidance: EUR 188 to 198 million revenue in 2023
- Assumptions:
- WTI 85 USD/BBL in Q4 und 2.5 USD/MMBtu gas price, 1.08 EUR/USD
- Guidance to date:
- EUR 150 to 170 million, at 75 USD/BBL WTI and 3 USD/MMBtu gas price, 1.12 EUR/USD
- EUR 165 to 185 million, at 85 USD/BBL WTI and 4 USD/MMBtu gas price, 1.12 EUR/USD
EBITDA
- New guidance: EUR 138 to 148 million EBTIDA in 2023
- Assumptions:
- WTI 85 USD/BBL in Q4 and 2.5 USD/MMBtu gas price, 1.08 EUR/USD
- Guidance to date:
- EUR 115 to 130 million, at 75 USD/BBL WTI and 3 USD/MMBtu gas price, 1.12 EUR/USD
- EUR 125 to 140 million, at 85 USD/BBL WTI and 3 USD/MMBtu gas price, 1.12 EUR/USD
Guidance 2024 (increase)
The assumptions for the basis of the 2024 guidance remain unchanged at a EUR/USD exchange rate of 1.12 EUR/USD, a natural gas price of 3 USD, and a WTI price of 75 USD in the base scenario and 85 USD in the increased price scenario.
For 2024, the Deutsche Rohstoff increases the guidance as follows: Base scenario:
- Group revenue: EUR 190 to 210 million (previously EUR 170 to 190 million)
- EBITDA: EUR 145 to 160 million (previously EUR 130 to 145 million)
Increased price scenario:
- Group revenue: EUR 210 to 230 million (previously EUR 190 to 210 million)
- EBITDA: EUR 165 to 180 million (previously EUR 155 to 170 million)
End of Inside Information
Information and Explanation of the Issuer to this announcement:
Notes:
- Successful placement of EUR 100 million bond provides high level of planning certainty
- Strong rise in WTI oil price from USD 70 to USD 90 since July
- Strong Dollar: 1.06 EUR/USD compared to guidance of 1.12 EUR/USD
- Acceleration of completion of four wells in the Powder River Basin with significantly higher working interest then originally scheduled at 1876 Resources, leading to increased capex guidance 2023 & 2024 of EUR 230 million instead of EUR 200 million
- New wells in Wyoming with very strong production
- Record hedge book: expansion by 300,000 barrels to 1.6 million barrels of oil
- Total 2023 and 2024 production expected higher due to accelerated completion and strong performance of Wyoming wells
Jan-Philipp Weitz, CEO, commented: “With the completion of the successful bond placement, we have been able to achieve even higher planning certainty and a solid financial base. On this basis, we intend to actively exploit the currently very attractive price environment and bring the ongoing drilling projects into production even faster. At the same time, we are taking the opportunity to develop new wells at rates higher than planned. Our ability to react quickly to changing oil prices and the short investment cycles help us optimize our operational and financial performance.”
Oil prices recently rose significantly to USD 90, providing for increased revenues in September and Q4. The company now expects oil prices of USD 85/BBL WTI in Q4. The stronger US Dollar compared to the guidance of 1.12 EUR/USD also has a positive impact on revenues and earnings.
The high prices of recent weeks were also used to further expand hedging. The hedge book has thus reached by far the highest volume ever hedged by Deutsche Rohstoff. For the fourth quarter, around 330,000 BO have been hedged at USD 77. For 2024, around 1 million BO at USD 76 and for 2025 already 300,000 BO at USD 70. The company has thus hedged a total of 1.6 million BO. New and existing production is hedged at approximately 50% on an ongoing basis and the hedge is being rolled steadily further into the future.
Results from recent wells in Wyoming have been consistently very encouraging. In particular, the recent wells in the joint venture in Wyoming were well above original expectations in the first months of production.
Based on the high oil prices and the financing security provided by the placement of the 2023/2028 corporate bond, the Company has decided to bring the four wells drilled in July and August by 1876 Resources in Wyoming into production as early as November. This means that the investments will be accelerated into the current year.
In addition, the wells are now executed with a significantly higher working interest then originally budgeted. This is also the case for the other four wells planned by 1876. In total, this will increase capital expenditure by around EUR 30 million or to around EUR 230 million (previously around EUR 200 million) in 2023 and 2024. The increase in capex is exclusively due to accelerated commissioning of wells and higher working interest.
For the definition of EBITDA, please refer to the website of Deutsche Rohstoff AG at https://rohstoff.de/en/apm/.
Mannheim, 27 September 2023
Contact
Deutsche Rohstoff AG
Phone +49 621 490 817 0
[email protected]
27-Sep-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
|
| Language: |
English |
| Company: |
Deutsche Rohstoff AG |
|
Q7, 24 |
|
68161 Mannheim |
|
Germany |
| Phone: |
0621 490 817 0 |
| E-mail: |
[email protected] |
| Internet: |
www.rohstoff.de |
| ISIN: |
DE000A0XYG76 |
| WKN: |
A0XYG7 |
| Indices: |
Scale |
| Listed: |
Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: |
1736045 |
| |
| End of Announcement |
EQS News Service |
1736045 27-Sep-2023 CET/CEST
|
Die wichtigsten Finanzdaten auf einen Blick
|
| |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023e |
| Umsatzerlöse1 |
53,75 |
109,05 |
41,20 |
38,68 |
73,32 |
165,44 |
196,66 |
| EBITDA1,2 |
36,13 |
97,93 |
22,72 |
23,90 |
66,06 |
139,09 |
158,26 |
| EBITDA-Marge3 |
67,22 |
89,80 |
55,15 |
61,79 |
90,10 |
84,07 |
|
| EBIT1,4 |
6,13 |
32,70 |
5,63 |
-16,10 |
32,59 |
91,43 |
95,00 |
| EBIT-Marge5 |
11,40 |
29,99 |
13,67 |
-41,62 |
44,45 |
55,27 |
48,31 |
| Jahresüberschuss1 |
7,63 |
17,95 |
0,19 |
-16,10 |
26,36 |
66,19 |
67,48 |
| Netto-Marge6 |
14,20 |
16,46 |
0,46 |
-41,62 |
35,95 |
40,01 |
34,31 |
| Cashflow1,7 |
37,85 |
68,67 |
34,93 |
13,99 |
51,82 |
142,73 |
139,26 |
| Ergebnis je Aktie8 |
1,51 |
3,54 |
0,04 |
-3,17 |
5,00 |
12,15 |
13,02 |
| Dividende8 |
0,65 |
0,70 |
0,10 |
0,00 |
0,60 |
1,30 |
0,60 |
Quelle: boersengefluester.de und Firmenangaben
Geschäftsbericht 2023 - Kostenfrei herunterladen. 
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de
Wirtschaftsprüfer: Falk
|
| INVESTOR-INFORMATIONEN |
| ©boersengefluester.de |
| Deutsche Rohstoff |
| WKN |
Kurs in € |
Einschätzung |
Börsenwert in Mio. € |
| A0XYG7 |
44,900 |
Kaufen |
224,64 |
| KGV 2025e |
KGV 10Y-Ø |
BGFL-Ratio |
Shiller-KGV |
| 4,58 |
4,90 |
0,93 |
10,01 |
| KBV |
KCV |
KUV |
EV/EBITDA |
| 1,31 |
1,61 |
1,14 |
1,92 |
| Dividende '22 in € |
Dividende '23e in € |
Div.-Rendite '23e
in % |
Hauptversammlung |
| 1,30 |
1,75 |
3,90 |
18.06.2024 |
| Q1-Zahlen |
Q2-Zahlen |
Q3-Zahlen |
Bilanz-PK |
| 11.05.2023 |
15.08.2023 |
02.11.2023 |
23.04.2024 |
| Abstand 60Tage-Linie |
Abstand 200Tage-Linie |
Performance YtD |
Performance 52 Wochen |
| 29,05% |
39,96% |
38,37% |
55,36% |
|
|
Deutsche Rohstoff AG DE000A0XYG76