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 4,815 - -
Change - -45.94% 12.89% -31.98% 76.64% 0.65% - -
Enterprise Value (EV) 1 8,236 5,642 6,418 5,407 7,984 8,067 8,276 8,075
Change - -31.5% 13.76% -15.75% 47.66% 1.04% 2.59% -2.42%
P/E 15.7x 9.64x 17.1x -56x 16.9x 16.4x 13.6x 11.9x
PBR 1.46x 0.74x 0.81x 0.57x 1.02x 0.98x 0.91x 0.84x
PEG - -0.8x -0.5x 0x -0x 4.62x 0.7x 0.8x
Capitalization / Revenue 1.16x 0.6x 0.64x 0.43x 0.78x 0.76x 0.74x 0.72x
EV / Revenue 1.46x 0.95x 1.03x 0.85x 1.3x 1.28x 1.27x 1.21x
EV / EBITDA 6.54x 4.47x 4.97x 4.18x 6.23x 5.58x 5.23x 4.74x
EV / EBIT 9.93x 7.22x 8.42x 8.47x 13.5x 10.8x 9.57x 8.33x
EV / FCF 13.8x -67.3x -75.5x 114x 15.8x 14.5x 15.7x 12x
FCF Yield 7.26% -1.49% -1.32% 0.88% 6.34% 6.89% 6.37% 8.37%
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% 1.87% 2.14% 2.42%
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 27.86 27.86 27.86
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.($)
16.41x1.28x5.58x1.87% 5.6B
11.24x1.32x4.18x7.02% 223B
11.04x2.59x6.85x5.63% 208B
13.73x2.21x5.67x3.99% 158B
13.3x1.82x7.8x3.17% 89.09B
11.97x0.91x3.43x6.46% 81.43B
15.4x2.69x8.41x5.04% 58.26B
24.56x5.52x20.2x4.44% 58.81B
15.53x2.74x6.14x4.47% 50.24B
11.42x1.74x5.26x5.14% 47.28B
Average 14.46x 2.28x 7.35x 4.72% 97.95B
Weighted average by Cap. 13.15x 2.17x 6.63x 5.32%

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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  4. Valuation United Internet AG
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