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 4,117 - -
Change - -45.94% 12.89% -31.98% 76.64% -13.95% - -
Enterprise Value (EV) 1 8,236 5,642 6,418 5,407 7,984 7,823 7,620 7,462
Change - -31.5% 13.76% -15.75% 47.66% -2.01% -2.6% -2.07%
P/E 15.7x 9.64x 17.1x -56x 16.9x 13.6x 11.7x 10.5x
PBR 1.46x 0.74x 0.81x 0.57x 1.02x 0.83x 0.79x 0.71x
PEG - -0.8x -0.5x 0x -0x 1.95x 0.7x 0.9x
Capitalization / Revenue 1.16x 0.6x 0.64x 0.43x 0.78x 0.65x 0.63x 0.62x
EV / Revenue 1.46x 0.95x 1.03x 0.85x 1.3x 1.23x 1.17x 1.12x
EV / EBITDA 6.54x 4.47x 4.97x 4.18x 6.23x 5.39x 4.84x 4.46x
EV / EBIT 9.93x 7.22x 8.42x 8.47x 13.5x 10.2x 8.74x 7.79x
EV / FCF 13.8x -67.3x -75.5x 114x 15.8x 14x 14.5x 11x
FCF Yield 7.26% -1.49% -1.32% 0.88% 6.34% 7.14% 6.92% 9.06%
Dividend per Share 2 0.5 0.5 0.5 0.4 0.5 0.545 0.5962 0.6867
Rate of return 1.43% 2.65% 2.17% 2.55% 1.81% 2.29% 2.5% 2.88%
EPS 2 2.22 1.96 1.35 -0.28 1.64 1.754 2.039 2.269
Distribution rate 22.5% 25.5% 37% -143% 30.5% 31.1% 29.2% 30.3%
Net sales 1 5,646 5,915 6,213 6,329 6,120 6,343 6,528 6,676
EBITDA 1 1,259 1,262 1,292 1,294 1,282 1,452 1,576 1,673
EBIT 1 829.9 781.4 762 638.7 593.1 764.6 871.8 957.4
Net income 1 416.5 367.2 232.7 -47.58 284.9 300.1 348.2 404.4
Net Debt 1 1,713 2,115 2,437 2,699 3,200 3,706 3,503 3,345
Reference price 2 34.94 18.89 23.04 15.67 27.68 23.82 23.82 23.82
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.($)
9.14x2.38x6.38x6.41% 184B
12.37x2.04x5.38x4.55% 136B
13.18x2.06x5.18x2.36% 79.97B
11.6x1.73x7.34x3.71% 73.44B
15.63x2.72x8.53x5.04% 58.2B
16.9x5.44x19.71x4.25% 56.33B
17.09x1.85x5.8x4.69% 50.96B
14.12x2.59x5.94x4.81% 45.89B
23.4x3.28x7.24x4.25% 40.53B
Average 14.83x 2.68x 7.94x 4.45% 80.66B
Weighted average by Cap. 13.23x 2.51x 7.34x 4.72%

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