First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes reiterated his BUY rating and decreased the price target from EUR 145.00 to EUR 105.00.

Abstract
On 22 July DRAG raised 2026 EBITDA guidance by €65m from €290m-€310m to €355m-€375m on the back of the sale of 5m Almonty shares which generated pretax profit of €65m. DRAG began 2026 with 23m Almonty shares (including shares arising from bond conversion). 9m shares were sold in late March. The latest transaction lowers DRAG’s position in Almonty from 14m shares to 9m shares (including shares from bond conversion). We estimate total proceeds (based on book value per Almonty share of €0.75) at €69m implying a price per share of €13.75 (USD15.69). The 15-day VWAP ahead of the transaction was USD14.92. The transaction further strengthens what was already a very robust balance sheet. We now see FY/26 net debt/trailing twelve month EBITDA at 0.1x (0.3x in our most recent study of 8 May). We maintain our Buy recommendation but have lowered the price target from €145 to €105 (upside: 31%) to reflect lower oil and gas prices as well as a 32% decline in 15-day VWAP for the Almonty share from USD21.53 to USD14.60 since our May note.