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
Tough market, tougher discipline Delticom's FY2025 results tell a story of deliberate transformation rather than stagnation. Revenue of EUR 484m was flat yoy, but beneath the surface the business is structurally sounder than at any point in recent years; leaner cost base, stronger free cash flow, and a management team that has demonstrated it will protect margins over volume when market conditions demand it. The reported EBITDA of EUR 19.8m, delivered despite a EUR -1.3m FX headwind and a deliberate Q4 volume sacrifice, confirms that the earnings floor is holding. It is worth noting that the Q4 EBITDA margin was at 9.6% (Q4 EBIT margin: 7.7%), one of the highest values of the last Q4 quarters and shows the potential if the recessionary phase in the DACH region were to end. At EUR 4.1m or EUR 0.28 per share, consolidated net income was stable to previous year (EUR 4.0m or EUR 0.27 per share). The Management Board and Supervisory Board of Delticom AG are demonstrating a clear and continued commitment to their shareholder-friendly distribution policy: a dividend of EUR 0.12 per share will be proposed at the AGM on 7th July, representing an attractive yield of approximately 5.3%. The planned payment in October 2026 reflects the company's prudent and forward-looking approach to liquidity management. For FY 2026, management is guiding operative EBITDA of EUR 19-24m on revenue of EUR 480-520m. The floor is credible: FY25 proved the business can hold EUR ~20m EBITDA even in adverse conditions. At an EV/EBITDA of roughly 5.0x Delticom trades at a deep discount to its closest peer OPONEO (typically 8-12x EBITDA); and a dividend yield of close to 5%, the market is pricing this as a structurally declining business. The earnings trajectory says otherwise. Applying our ROE/COE valuation approach, we derive a new fair value of 3.90 (3.80), therefore we confirm our BUY rating. You can download the research here: DELTICOM_AG_20260407 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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2304344 07.04.2026 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 | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026e | ||
| Sales1 | 541,26 | 585,37 | 509,30 | 475,69 | 481,64 | 483,72 | 500,00 | |
| EBITDA1,2 | 15,04 | 17,09 | 15,00 | 20,64 | 20,29 | 19,80 | 20,60 | |
| EBITDA-Margin3 | 2,78 | 2,92 | 2,95 | 4,34 | 4,21 | 4,09 | 4,12 | |
| EBIT1,4 | 5,36 | 7,06 | 4,22 | 11,52 | 10,21 | 8,87 | 9,25 | |
| EBIT-Margin5 | 0,99 | 1,21 | 0,83 | 2,42 | 2,12 | 1,83 | 1,85 | |
| Net Profit (Loss)1 | 6,87 | 6,81 | 2,81 | 8,03 | 4,04 | 4,08 | 4,55 | |
| Net-Margin6 | 1,27 | 1,16 | 0,55 | 1,69 | 0,84 | 0,84 | 0,91 | |
| Cashflow1,7 | 35,89 | 21,93 | -5,52 | 33,06 | 4,86 | 10,31 | 15,50 | |
| Earnings per share8 | 0,55 | 0,49 | 0,19 | 0,54 | 0,27 | 0,28 | 0,31 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,12 | 0,12 | 0,12 | |
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 | 37,38 Mio € | 26.10.2006 | Kaufen | 9F4F8X9P+MJ |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 10,96 | 9,11 | 1,20 | 9,00 | 0,71 | 3,63 | 0,08 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,12 | 0,12 | 4,76% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 07.07.2026 | 12.05.2026 | 13.08.2026 | 12.11.2026 | 26.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +3,03% | +10,14% | +23,53% | +11,01% | -93,00% |
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