Reviewed listing: XETR:DLX · Analysis dated Oct 30, 2026
It has not been confirmed whether the basis of this analysis still holds today. Read it as a dated earlier assessment; it does not establish a current buying opportunity.
How does the company make money?
Delignit primarily makes components and finished systems from beech wood, such as floors and protective walls for vans and floors for trains. Vehicle manufacturers, train manufacturers and other industrial customers pay for these materials and customized solutions.
What supports the business?
Revenue from technical applications, such as rail vehicles and energy systems, rose in the first half 2026 to 7.8 million euros from 4.0 million euros. However, some of the increase came from the temporarily leased business in Italy.
What could improve?
For 2026, Delignit continues to expect revenue of 68 million euros and an earnings contribution of 7 to 8 percent before interest, taxes, depreciation, and amortization. Previously, revenue of 66 million euros had been projected. If this is achieved and the technical business grows sustainably, Delignit could become less dependent on the automotive business.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
At 2.46 euros, the price cannot clearly be classified as cheap or expensive: the calculated enterprise value is about 3.7 to 4.2 times the earnings before interest, taxes, depreciation, and amortization expected for 2026. This conditional calculation relies on an uncertain forecast; in addition, cash flow from operating activities remained negative and the Italian business is leased only for a limited term.
What is the main risk?
The automotive business grew only slightly in the first half, and cash continued to flow out of operating activities: 0.670 million euros, compared with 1.687 million euros in the prior-year period. It also remains unclear whether Delignit can continue operating the leased rail and ship business on a lasting basis and on viable terms.
What is the overall assessment?
Delignit increased revenue and earnings in the first half; its technical division also grew strongly. Even so, the overall valuation is not yet compelling at the specified price: Cash generated from operating activities remained negative despite improving, the automotive business grew hardly at all, and the future of the rented Italian business remains uncertain.
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