Original-Research: Delticom AG (von Quirin Privatbank Kapitalmarktgeschäft): BUY

Classification of Quirin Privatbank Kapitalmarktgeschäft to Delticom AG

Company Name:	Delticom AG
ISIN:	DE0005146807
Reason for the research:	Update
Recommendation:	BUY
from:	26.08.2025
Target price:	3.90
Last rating change:
Analyst:	Daniel Kukalj, CIIA, CEFA

Business model remains stable and growth-oriented Delticom achieved revenue growth of 11.6% in H1 2025, this shows that the company is able to further expand its market position even in a generally stagnant replacement tire business and is benefiting from its strong online presence and the combination of its shop business and platform model. With a FY 2025 target revenue range of EUR 470-490m and planned operating EBITDA of EUR 19-21m (Quirin estimates: EUR 477m and EUR 19m, respectively), the company is signaling confidence in its operational strength. TTM sales increased by EUR 16m to EUR 506m and were therefore 3.3% higher than TTM sales in the same period of the previous year, so the current TTM development can be seen as quite positive. TTM EBITDA of EUR 17.8m (18% lower than TTM EBITDA in the same period last year) was negatively impacted by special items not by operational issues, the prospect that these burdens could be reversed in the second half of the year underscores the resilience of the business model. Measures to further reduce costs are also strengthening competitiveness. Applying our ROE/COE valuation approach, we derive a new fair value of 3.90 (4.20), therefore we confirm our BUY rating. Despite temporary earnings pressures, the qualitative development clearly points to a business model that remains stable and growth-oriented. You can download the research here: DELTICOM_AG_20250826 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/