First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes reiterated his BUY rating and increased the price target from EUR 86.00 to EUR 139.00.

Abstract
Preliminary 2025 revenue of €195.1m (FBe: €186.4m; 2024: €235.4m) was 4.7% above our forecast and 8.4% above the mid-point of guidance, while EBITDA of €132m (FBe: €126.2m; 2024: €167.6m) was 4.6% above our forecast and 5.6% above the mid-point of guidance. The after tax value of DRAG’s holdings in Almonty’s shares (8.1% stake), convertibles and debt has risen 49% from €278m at the time of our most recent study of 5 February to €415m now. The increase stems largely from a 36% rise in Almonty’s share price from USD13.36 to USD18.16, which has in turn been driven by a 60% increase in the tungsten APT price from USD1,355/mtu to USD2,165/mtu. DRAG’s holdings in Almonty currently account for 69% of its EV (5 February: 67%). Furthermore, the average levels of the 2026 and 2026-2030 (five years) oil futures strips have risen by 34% and 14% respectively since our most recent study. Better oil pricing prompted DRAG to announce the expansion of its 2026 drilling programme by 60% from 7.4 to 11.9 net wells on 13 March. Management also stated that further expansion – by an additional 7.5 net wells – is under consideration. We now see fair value for the DRAG share at €139 (previously: €86). We maintain our Buy recommendation.