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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 EQ

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 sale

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 burden

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

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