Märkte & Kurse

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Original-Research: Delticom AG - from Quirin Privatbank Kapitalmarktgeschäft

07.04.2026 / 14:55 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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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:                       07.04.2026
     Target price:               3.90
     Last rating change:
     Analyst:                    Daniel Kukalj, CEFA, CIIA

Tough market, tougher discipline

Delticom's FY2025 results tell a story of deliberate transformation rather
than stagnation. Revenue of EUR 484m was flat yoy, but beneath the surface
the business is structurally sounder than at any point in recent years;
leaner cost base, stronger free cash flow, and a management team that has
demonstrated it will protect margins over volume when market conditions
demand it. The reported EBITDA of EUR 19.8m, delivered despite a EUR -1.3m
FX headwind and a deliberate Q4 volume sacrifice, confirms that the earnings
floor is holding. It is worth noting that the Q4 EBITDA margin was at 9.6%
(Q4 EBIT margin: 7.7%), one of the highest values of the last Q4 quarters
and shows the potential if the recessionary phase in the DACH region were to
end. At EUR 4.1m or EUR 0.28 per share, consolidated net income was stable
to previous year (EUR 4.0m or EUR 0.27 per share). The Management Board and
Supervisory Board of Delticom AG are demonstrating a clear and continued
commitment to their shareholder-friendly distribution policy: a dividend of
EUR 0.12 per share will be proposed at the AGM on 7th July, representing an
attractive yield of approximately 5.3%. The planned payment in October 2026
reflects the company's prudent and forward-looking approach to liquidity
management. For FY 2026, management is guiding operative EBITDA of EUR
19-24m on revenue of EUR 480-520m. The floor is credible: FY25 proved the
business can hold EUR ~20m EBITDA even in adverse conditions. At an
EV/EBITDA of roughly 5.0x Delticom trades at a deep discount to its closest
peer OPONEO (typically 8-12x EBITDA); and a dividend yield of close to 5%,
the market is pricing this as a structurally declining business. The
earnings trajectory says otherwise. Applying our ROE/COE valuation approach,
we derive a new fair value of 3.90 (3.80), therefore we confirm our BUY
rating.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=a626931e433dbf720fa9a6fd92e83b01
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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2304344 07.04.2026 CET/CEST

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