Original-Research: Delticom AG - from Quirin Privatbank Kapitalmarktgeschäft 21.05.2026 / 12:03 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
Classification of Quirin Privatbank Kapitalmarktgeschäft to Delticom AG
| Company Name: | Delticom AG |
| ISIN: | DE0005146807 |
| |
| Reason for the research: | Update |
| Recommendation: | BUY |
| from: | 21.05.2026 |
| Target price: | 3.70 |
| Last rating change: | |
| Analyst: | Daniel Kukalj, CIIA, CEFA |
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:
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