Original-Research: Delticom AG - from Quirin Privatbank Kapitalmarktgeschäft 26.08.2025 / 10:28 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

Original-Research: Delticom AG - from Quirin Privatbank Kapitalmarktgeschäft

26.08.2025 / 10:28 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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:                       26.08.2025
     Target price:               3.90
     Last rating change:
     Analyst:                    Daniel Kukalj, CIIA, CEFA

Business model remains stable and growth-oriented

Delticom achieved revenue growth of 11.6% in H1 2025, this shows that the
company is able to further expand its market position even in a generally
stagnant replacement tire business and is benefiting from its strong online
presence and the combination of its shop business and platform model. With a
FY 2025 target revenue range of EUR 470-490m and planned operating EBITDA of
EUR 19-21m (Quirin estimates: EUR 477m and EUR 19m, respectively), the
company is signaling confidence in its operational strength. TTM sales
increased by EUR 16m to EUR 506m and were therefore 3.3% higher than TTM
sales in the same period of the previous year, so the current TTM
development can be seen as quite positive. TTM EBITDA of EUR 17.8m (18%
lower than TTM EBITDA in the same period last year) was negatively impacted
by special items not by operational issues, the prospect that these burdens
could be reversed in the second half of the year underscores the resilience
of the business model. Measures to further reduce costs are also
strengthening competitiveness. Applying our ROE/COE valuation approach, we
derive a new fair value of 3.90 (4.20), therefore we confirm our BUY rating.
Despite temporary earnings pressures, the qualitative development clearly
points to a business model that remains stable and growth-oriented.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=3663eef4bcef1c06390b0673b90c080b
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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2188714 26.08.2025 CET/CEST