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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:
https://eqs-cockpit.com/c/fncls.ssp?u=92e7c4827c89f73413844bf9c14230ca
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

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