Company Valuation: United Internet AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 6,524 3,527 3,982 2,708 4,784 4,722 - -
Change - -45.94% 12.89% -31.98% 76.64% -1.3% - -
Enterprise Value (EV) 1 8,236 5,642 6,418 5,407 7,984 7,974 8,182 7,982
Change - -31.5% 13.76% -15.75% 47.66% -0.13% 2.62% -2.45%
P/E 15.7x 9.64x 17.1x -56x 16.9x 16.1x 13.4x 11.7x
PBR 1.46x 0.74x 0.81x 0.57x 1.02x 0.96x 0.89x 0.83x
PEG - -0.8x -0.5x 0x -0x 4.53x 0.7x 0.8x
Capitalization / Revenue 1.16x 0.6x 0.64x 0.43x 0.78x 0.75x 0.73x 0.71x
EV / Revenue 1.46x 0.95x 1.03x 0.85x 1.3x 1.26x 1.26x 1.2x
EV / EBITDA 6.54x 4.47x 4.97x 4.18x 6.23x 5.52x 5.17x 4.68x
EV / EBIT 9.93x 7.22x 8.42x 8.47x 13.5x 10.7x 9.47x 8.23x
EV / FCF 13.8x -67.3x -75.5x 114x 15.8x 14.3x 15.5x 11.8x
FCF Yield 7.26% -1.49% -1.32% 0.88% 6.34% 6.97% 6.44% 8.47%
Dividend per Share 2 0.5 0.5 0.5 0.4 0.5 0.5217 0.5962 0.6743
Rate of return 1.43% 2.65% 2.17% 2.55% 1.81% 1.91% 2.18% 2.47%
EPS 2 2.22 1.96 1.35 -0.28 1.64 1.698 2.042 2.335
Distribution rate 22.5% 25.5% 37% -143% 30.5% 30.7% 29.2% 28.9%
Net sales 1 5,646 5,915 6,213 6,329 6,120 6,312 6,503 6,675
EBITDA 1 1,259 1,262 1,292 1,294 1,282 1,445 1,581 1,704
EBIT 1 829.9 781.4 762 638.7 593.1 743.6 864.4 969.6
Net income 1 416.5 367.2 232.7 -47.58 284.9 292.7 345.1 405.1
Net Debt 1 1,713 2,115 2,437 2,699 3,200 3,252 3,460 3,260
Reference price 2 34.94 18.89 23.04 15.67 27.68 27.32 27.32 27.32
Nbr of stocks (in thousands) 186,716 186,716 172,816 172,837 172,837 172,837 - -
Announcement Date 3/18/22 3/30/23 3/25/24 3/27/25 3/20/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.3x1.33x4.19x6.99% 224B
11.06x2.59x6.85x5.62% 209B
13.84x2.18x5.02x3.96% 158B
13.86x1.86x7.99x3.05% 89.92B
12.46x0.94x3.52x6.21% 83.16B
11.53x1.77x4.48x2.84% 68.64B
15.42x2.69x8.42x5.03% 58.32B
24.03x5.42x19.8x4.54% 57.3B
15.47x2.73x6.12x4.48% 50.05B
Average 14.33x 2.39x 7.38x 4.75% 110.94B
Weighted average by Cap. 13.17x 2.16x 6.42x 5.14%

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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  5. Valuation United Internet AG