Original-Research: Delticom AG (von Quirin Privatbank Kapitalmarktgeschäft): BUY
|
Original-Research: Delticom AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Delticom AG
Focus on profitability is paying off In the first half of 2026, Delticom demonstrated that its consistent focus on profitability is paying off and is improving across the board, the gross margin has risen to 24.9%, EBIT has turned positive, and Q2 2026 was particularly strong, with EBIT up 330% yoy and EBITDA up 19% yoy. At the same time, the company achieved a cash flow turnaround: operating cash flow jumped from EUR -4.6m to EUR +4.9m. The balance sheet also became more solid, with an equity ratio of 23.7%, while efficiency measures, automation, and the use of AI are structurally reducing the cost base. European consumers remained reluctant to spend in the second quarter as well, thus TTM sales fell by EUR 45m to EUR 461m and were therefore 8.9% (Q1 2026 TTM figure -2.7% yoy) lower than TTM sales in the same period of the previous year. Q2 2026 Group EBITDA was higher yoy at EUR 4.6m (Q2 2025: EUR 3.8m), resulting in a TTM EBITDA of EUR 20.2m (13.4% higher than TTM EBITDA in the same period last year). If you look at the TTM figures at sales and EBITDA level, the company's 2026 forecast (Sales EUR 480-520m; operating EBITDA EUR 19-24m; Quirin estimates: EUR 484m and EUR 20.0m, respectively) can be considered realistic. The winter season as a value driver: The fourth quarter, which traditionally features strong margins, is still ahead, the replacement cycles for recently acquired new customers are expected to bring them back as repeat buyers. Applying our ROE/COE valuation approach, we derive a lower fair value of 3.60 (3.70), mainly driven by higher interest rates, we confirm our BUY rating. You can download the research here: DELTICOM_AG_20260818 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/
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||
2384864 18.08.2026 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 | 32,63 Mio € | 26.10.2006 | Kaufen | 9F4F8X9P+MJ |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 9,57 | 8,96 | 1,07 | 7,86 | 0,62 | 3,17 | 0,07 |
|
Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,12 | 0,12 | 5,45% |
| 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 |
| -5,09% | -7,25% | +7,84% | -3,51% | -93,89% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
