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Original-Research: Delticom AG - from Quirin Privatbank Kapitalmarktgeschäft

01.12.2025 / 09:49 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

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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: 01.12.2025

Target price: 3.80

Last rating change:

Analyst: Daniel Kukalj, CIIA, CEFA

A strong final quarter is expected

Following a solid Q3 in terms of topline revenue and a satisfactory start to

the winter tire business at the beginning of the fourth quarter, Delticom

increased its revenue forecast for the 2025 financial year and now expect

revenue to be in the range of EUR 490m to EUR 510m (QPe: EUR 501m; previou

company forecast: EUR 470m to EUR 490m). With TTM revenue at EUR 506m, we do

not consider this uplift to be surprising or unachievable. In recent days,

demand is also likely to have been positively influenced by weather

conditions. Management continues to forecast operating EBITDA in the range

of EUR 19-21m. Looking at the last Q4 of previous years, a strong Q4 is not

surprising, so we consider the forecast to be achievable. After nine months,

net income stood at EUR -3.2m, so we expect net income for this year to be

slightly below last year's level. The company has shown that despite poor

consumer sentiment in Germany, top-line growth is continuing, with price

effects most likely supporting sales growth. We expect sales to continue to

rise moderately in the coming years, with a focus on stable earning

development and possible earnings increases. Noteworthy, the EU has launched

a second punitive tariff procedure against passenger car tires from China:

In addition to the ongoing anti-dumping procedure, there is now an

anti-subsidy procedure due to possible state aid. Both could result in

punitive tariffs, which would likely make Chinese tires in the EU

significantly more expensive and scarce. Applying our ROE/COE valuation

approach, we derive a new fair value of 3.80 (3.90), therefore we confirm

our BUY rating.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=5e3798e50da81d619ab8fa4ed991eca8

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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2238056 01.12.2025 CET/CEST

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