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

Original-Research: Delticom AG - from Quirin Privatbank Kapitalmarktgeschäft



18.08.2026 / 10:40 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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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