PRESS RELEASE
from Delticom AG (ETR:DEX)
Original-Research: Delticom AG (von Quirin Privatbank Kapitalmarktgeschäft): BUY
Original-Research: Delticom AG - from Quirin Privatbank Kapitalmarktgeschäft
21.05.2026 / 12:03 CET/CEST
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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: 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