Deutsche Rohstoff AG: Buy Rating with Target Price Adjustment

First Berlin Equity Research has issued an update on Deutsche Rohstoff AG, maintaining its "Buy" recommendation. Analyst Simon Scholes lowered the target price from €68 to €63, citing a 12.5% revenue decline to €150.1 million and a 16.8% fall in EBITDA to €101.7 million as of the first nine months of 2025. This downturn is linked to reduced capital expenditure, down to €81.9 million due to lower oil prices.

Deutsche Rohstoff AG has held its 2025 sales and EBITDA guidance between €170 million - €190 million and €115 million - €135 million, respectively. The management predicts the upper end of these estimates is likely achievable. Capital expenditure for 2026 and 2027 is expected to remain stable between €90 million and €100 million.

Additionally, the company's investment in tungsten producer Almonty has surged, now representing approximately 35% of its enterprise value.