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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 EQS
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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 expects
revenue to be in the range of EUR 490m to EUR 510m (QPe: EUR 501m; previous
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 earnings
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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