Company Valuation: secunet Security Networks AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,675 1,271 944.5 753.1 1,199 1,152 - -
Change - -52.5% -25.66% -20.27% 59.28% -3.99% - -
Enterprise Value (EV) 1 2,556 1,268 922.4 719.5 1,132 1,051 1,019 983.3
Change - -50.39% -27.25% -21.99% 57.36% -7.22% -3.04% -3.46%
P/E 62.1x 40.6x 32.4x 26.9x 36x 29.2x 24.1x 20.9x
PBR 20.6x 9.96x 6.86x 5x 7.18x 5.93x 5.01x 4.24x
PEG - -1.5x -4.75x -6.39x 1.9x 1.6x 1.1x 1.4x
Capitalization / Revenue 7.92x 3.66x 2.4x 1.85x 2.61x 2.29x 2.08x 1.89x
EV / Revenue 7.57x 3.65x 2.34x 1.77x 2.47x 2.09x 1.84x 1.61x
EV / EBITDA 34.6x 20.5x 15.3x 11.9x 15.1x 12.9x 11x 9.36x
EV / EBIT 40x 27x 21.5x 16.9x 21.9x 18x 14.4x 12.1x
EV / FCF 54.4x -133x 21.4x 15.4x 20.9x 23.9x 21x 17.9x
FCF Yield 1.84% -0.75% 4.68% 6.51% 4.79% 4.18% 4.76% 5.58%
Dividend per Share 2 3.37 2.86 2.36 2.73 2.58 2.95 3.447 3.967
Rate of return 0.81% 1.46% 1.62% 2.35% 1.39% 1.66% 1.94% 2.23%
EPS 2 6.66 4.84 4.51 4.32 5.15 6.103 7.39 8.497
Distribution rate 50.6% 59.1% 52.3% 63.2% 50.1% 48.3% 46.6% 46.7%
Net sales 1 337.6 347.2 393.7 406.4 458.8 503.1 554.3 609.7
EBITDA 1 73.81 61.88 60.44 60.32 74.88 81.13 92.37 105
EBIT 1 63.9 47.01 42.98 42.52 51.65 58.4 70.57 81.37
Net income 1 43 31.31 29.15 27.95 33.34 39.43 47.7 54.87
Net Debt 1 -119.5 -2.666 -22.18 -33.52 -67.22 -101.1 -133 -168.2
Reference price 2 413.50 196.40 146.00 116.40 185.40 178.00 178.00 178.00
Nbr of stocks (in thousands) 6,470 6,470 6,470 6,470 6,470 6,470 - -
Announcement Date 3/25/22 3/24/23 3/20/24 3/28/25 3/30/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
29.16x2.09x12.95x1.66% 1.32B
28.15x4.51x15.75x2.33% 272B
-91.12x14.39x83.34x-.--% 90.17B
10.21x1.12x5.88x4.73% 84.05B
13.47x2.45x9.09x6.14% 79.55B
18.39x4.85x11.97x3.1% 54.92B
13.54x1.98x8.33x5.73% 44.51B
13.19x1.51x10.36x1.22% 35.78B
19.31x1.42x9.05x1.03% 34.28B
15.52x1.98x9.21x5.57% 32.37B
Average 6.98x 3.63x 17.59x 3.15% 72.91B
Weighted average by Cap. 6.39x 4.58x 20.63x 3.03%

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

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