Original-Research: Delticom AG (von Quirin Privatbank Kapitalmarktgeschäft):…

Original-Research: Delticom AG – from Quirin Privatbank Kapitalmarktgeschäft

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07.04.2026 / 14:55 CET/CEST

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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

[email protected]

https://research.quirinprivatbank.de/

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2304344 07.04.2026 CET/CEST

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Quelle: dpa-AFX