Daldrup & Söhne continues to benefit from regulatory support for geothermal energy in Germany. This is evidenced by its order backlog of €75m to date, sufficient to support its full engineering capacity for all business divisions into 2019. Meanwhile, its geothermal power plants in Landau and Taufkirchen are scheduled to come online before the end of 2017. Management confirmed, in a press release on 4 October, FY17 guidance of €40m in output (revenue plus change in work-in-progress) and an EBIT margin of 2-5% (compared to 2% in FY16). We believe that the company needs to achieve at least 2.5% EBIT margin in order to cover its interest expenses.

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