Original-Research: Delticom AG (von Quirin Privatbank Kapitalmarktgeschäft): BUY
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Original-Research: Delticom AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Delticom AG
A strong final quarter is expected Following a solid Q3 in terms of topline revenue and a satisfactory start to the winter tire business at the beginning of the fourth quarter, Delticom increased its revenue forecast for the 2025 financial year and now expects revenue to be in the range of EUR 490m to EUR 510m (QPe: EUR 501m; previous company forecast: EUR 470m to EUR 490m). With TTM revenue at EUR 506m, we do not consider this uplift to be surprising or unachievable. In recent days, demand is also likely to have been positively influenced by weather conditions. Management continues to forecast operating EBITDA in the range of EUR 19-21m. Looking at the last Q4 of previous years, a strong Q4 is not surprising, so we consider the forecast to be achievable. After nine months, net income stood at EUR -3.2m, so we expect net income for this year to be slightly below last year's level. The company has shown that despite poor consumer sentiment in Germany, top-line growth is continuing, with price effects most likely supporting sales growth. We expect sales to continue to rise moderately in the coming years, with a focus on stable earnings development and possible earnings increases. Noteworthy, the EU has launched a second punitive tariff procedure against passenger car tires from China: In addition to the ongoing anti-dumping procedure, there is now an anti-subsidy procedure due to possible state aid. Both could result in punitive tariffs, which would likely make Chinese tires in the EU significantly more expensive and scarce. Applying our ROE/COE valuation approach, we derive a new fair value of 3.80 (3.90), therefore we confirm our BUY rating. You can download the research here: DELTICOM_AG_20251201 For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/
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2238056 01.12.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 625,76 | 541,26 | 585,37 | 509,30 | 475,69 | 481,64 | 500,00 | |
| EBITDA1,2 | -6,64 | 15,04 | 17,09 | 15,00 | 20,64 | 20,29 | 20,60 | |
| EBITDA-Margin3 | -1,06 | 2,78 | 2,92 | 2,95 | 4,34 | 4,21 | 4,12 | |
| EBIT1,4 | -42,05 | 5,36 | 7,06 | 4,22 | 11,52 | 10,21 | 10,00 | |
| EBIT-Margin5 | -6,72 | 0,99 | 1,21 | 0,83 | 2,42 | 2,12 | 2,00 | |
| Net Profit (Loss)1 | -40,78 | 6,87 | 6,81 | 2,81 | 8,03 | 4,04 | 3,85 | |
| Net-Margin6 | -6,52 | 1,27 | 1,16 | 0,55 | 1,69 | 0,84 | 0,77 | |
| Cashflow1,7 | -22,45 | 35,89 | 21,93 | -5,52 | 33,06 | 4,86 | 0,00 | |
| Earnings per share8 | -3,27 | 0,55 | 0,49 | 0,19 | 0,54 | 0,27 | 0,25 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,12 | 0,08 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: BDO
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Delticom | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 514680 | DE0005146807 | AG | 30,26 Mio € | 26.10.2006 | Kaufen | 9F4F8X9P+MJ |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 7,03 | 15,17 | 0,46 | -34,00 | 0,60 | 6,22 | 0,06 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,12 | 0,08 | 4,01% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 09.07.2025 | 14.05.2025 | 14.08.2025 | 13.11.2025 | 27.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -5,29% | -10,41% | -6,78% | -12,50% | -94,46% |
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