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

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: DELTICOM_AG_20260818
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/