Company Valuation: ZEAL Network SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 889.9 629.5 721 1,083 1,110 854.5 - -
Change - -29.26% 14.54% 50.21% 2.47% -23% - -
Enterprise Value (EV) 1 784.5 583.4 662.7 1,067 1,079 821.4 799 763.4
Change - -25.64% 13.6% 61.05% 1.13% -23.9% -2.73% -4.46%
P/E 82.9x 39.1x 56.4x 18.5x 26.6x 20.8x 16.3x 13.9x
PBR 2.35x 1.86x 2.78x 4.53x 4.81x 3.41x 3.1x 2.78x
PEG - 0.8x -3.1x 0x -1x -11.77x 0.6x 0.8x
Capitalization / Revenue 10.7x 5.98x 6.21x 5.76x 5.08x 3.28x 2.84x 2.47x
EV / Revenue 9.41x 5.55x 5.71x 5.67x 4.94x 3.16x 2.66x 2.21x
EV / EBITDA 28.3x 18.4x 20.1x 17.3x 15.7x 11.1x 8.63x 7.15x
EV / EBIT 41.2x 25.4x 28x 19.9x 17.9x 12.4x 9.6x 7.9x
EV / FCF 30.5x 21.6x 26.4x 14.3x 17.8x 23.6x 13x 10.4x
FCF Yield 3.28% 4.64% 3.79% 6.98% 5.62% 4.23% 7.68% 9.63%
Dividend per Share 2 1 1 1.1 1.3 1.4 1.494 1.766 2.008
Rate of return 2.51% 3.55% 3.3% 2.6% 2.66% 3.69% 4.36% 4.96%
EPS 2 0.48 0.72 0.59 2.7 1.98 1.945 2.49 2.916
Distribution rate 208% 139% 186% 48.1% 70.7% 76.8% 70.9% 68.8%
Net sales 1 83.33 105.2 116 188.2 218.5 260.2 300.5 345.7
EBITDA 1 27.73 31.66 32.9 61.86 68.82 73.98 92.56 106.7
EBIT 1 19.04 22.93 23.65 53.66 60.14 65.98 83.23 96.62
Net income 1 10.79 15.96 12.85 58.39 41.71 41.58 52.97 62.28
Net Debt 1 -105.4 -46.17 -58.32 -15.8 -30.53 -33.13 -55.55 -91.15
Reference price 2 39.80 28.15 33.30 50.00 52.60 40.50 40.50 40.50
Nbr of stocks (in thousands) 22,359 22,364 21,653 21,662 21,100 21,100 - -
Announcement Date 3/24/22 3/23/23 3/20/24 3/26/25 3/24/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.23x5.98x14.03x1.68% 24.85B
12.74x2.57x6.81x3.29% 23.47B
12.41x2.04x7.13x5.97% 16.91B
13.35x6.08x9.24x3.79% 15.23B
-72.87x1.3x8.86x-.--% 12.98B
12.52x2.12x7.84x8.88% 11.74B
175.46x1.46x13.84x-.--% 9.23B
16.87x2.28x7.66x1.32% 7.7B
Average 24.21x 2.98x 9.43x 3.12% 15.26B
Weighted average by Cap. 18.34x 3.35x 9.53x 3.21%

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