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

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Original-Research: Delticom AG - from Quirin Privatbank Kapitalmarktgeschäft

18.08.2026 / 10:40 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: 18.08.2026

Target price: 3.60

Last rating change:

Analyst: Daniel Kukalj, CIIA, CEFA

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:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=e8b89ed93642f34e090a7dc9ad69631c

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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2384864 18.08.2026 CET/CEST

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