Company Valuation: freenet AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,792 2,428 3,013 3,275 3,425 2,830 - -
Change - -13.03% 24.09% 8.68% 4.6% -17.38% - -
Enterprise Value (EV) 1 3,636 3,133 3,594 3,764 3,678 3,336 3,280 3,227
Change - -13.82% 14.7% 4.73% -2.27% -9.3% -1.7% -1.6%
P/E 14.4x 30.5x 19.5x 13.2x 12.8x 11.5x 10.4x 9.49x
PBR 1.69x 1.65x 2.09x 2.2x 2.26x 1.9x 1.88x 1.84x
PEG - -0.5x 0.2x 0.2x 1.2x -1.4x 1x 0.95x
Capitalization / Revenue 1.09x 0.95x 1.15x 1.32x 1.4x 0.92x 0.91x 0.87x
EV / Revenue 1.42x 1.23x 1.37x 1.52x 1.51x 1.09x 1.05x 0.99x
EV / EBITDA 8.13x 6.55x 7.18x 7.48x 7.14x 6.47x 5.96x 5.46x
EV / EBIT 14.5x 24.2x 14.6x 10.5x 9.77x 9.31x 8.12x 7.16x
EV / FCF 11.4x 9.42x 13.7x 12.9x 12.6x 11.8x 10.6x 9.65x
FCF Yield 8.77% 10.6% 7.31% 7.77% 7.94% 8.5% 9.45% 10.4%
Dividend per Share 2 1.57 1.68 1.77 1.97 2.07 2.034 2.128 2.191
Rate of return 6.75% 8.23% 6.99% 7.15% 7.06% 8.39% 8.78% 9.04%
EPS 2 1.62 0.67 1.3 2.08 2.3 2.111 2.324 2.556
Distribution rate 96.9% 251% 136% 94.7% 90% 96.4% 91.6% 85.7%
Net sales 1 2,556 2,557 2,627 2,478 2,440 3,070 3,123 3,254
EBITDA 1 447.3 478.7 500.2 503.1 515.4 515.5 550 591.4
EBIT 1 250 129.4 246.1 357.1 376.5 358.4 404 450.7
Net income 1 198.2 79.29 154.6 246.8 271.3 235.7 263.7 290.8
Net Debt 1 844 705.3 580.9 489.3 253.3 506.5 449.8 397.3
Reference price 2 23.27 20.42 25.34 27.54 29.34 24.24 24.24 24.24
Nbr of stocks (in thousands) 119,974 118,901 118,901 118,901 116,737 116,737 - -
Announcement Date 3/1/22 3/24/23 3/26/24 3/26/25 2/25/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.4x1.34x4.22x6.93% 226B
11.05x2.59x6.85x5.63% 209B
13.96x2.2x5.65x3.9% 162B
13.42x1.83x7.86x3.15% 86.65B
12.72x0.93x3.5x6.09% 82.72B
11.93x1.81x4.58x2.74% 71.06B
15.68x2.74x8.56x4.95% 59.31B
24.27x5.46x19.93x4.43% 57.89B
15.82x2.78x6.24x4.38% 51.19B
Average 14.47x 2.41x 7.49x 4.69% 111.63B
Weighted average by Cap. 13.28x 2.17x 6.54x 5.09%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield