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
Discipline over volume; guidance reiterated Delticom's Q1 2026 trading update confirms what we view as the central thesis on the stock: management has shifted decisively from a volume-led growth model to a margin- and cash-disciplined operating model, and the early evidence is that this approach is stabilising the bottom line even against a softer top line (Group net result came in at EUR -1.2m, exactly in line with the prior-year quarter, despite a 6.1% yoy revenue decline). Operating EBITDA at EUR 1.1m is genuinely modest in absolute terms, the relevant frame is full year; Q1 is structurally the smallest profit quarter for Delticom and historically contributes less than 10% of full-year operating EBITDA. Crucially, full-year guidance is reiterated (revenue EUR 480-520m; operating EBITDA EUR 19-24m), implying a sharp acceleration in profitability over the remaining nine months as the seasonally larger tyre-change quarters arrive. To hit the midpoint of guidance (EUR 21.5m), Delticom needs to deliver ~EUR 20m across Q2-Q4. We see this in general as achievable given (i) the seasonal Q2 summer-tyre catch-up, (ii) the lower fixed-cost base post-DeltiLog deconsolidation, and (iii) a high-margin winter-tyre Q3/Q4 that benefits from the structural growth of all-season tyres in Delticom's mix. However, due to the difficult macroeconomic environment we position our estimates at the lower end range. Applying our ROE/COE valuation approach, we derive a lower fair value of 3.70 (3.90), mainly driven by higher interest rates, nevertheless we confirm our BUY rating. You can download the research here: DELTICOM_AG_20260521 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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2331562 21.05.2026 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 | 40,05 Mio € | 26.10.2006 | Kaufen | 9F4F8X9P+MJ |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 11,74 | 9,19 | 1,28 | 9,64 | 0,76 | 3,88 | 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 | 4,44% |
| 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 |
| +7,70% | +16,08% | +32,35% | +9,31% | -92,50% |
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