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 1,110 888.3 - -
Change - -29.26% 14.54% 50.21% 2.47% -19.96% - -
Enterprise Value (EV) 1 784.5 583.4 662.7 1,067 1,079 855.2 832.8 797.2
Change - -25.64% 13.6% 61.05% 1.13% -20.77% -2.62% -4.27%
P/E 82.9x 39.1x 56.4x 18.5x 26.6x 21.6x 16.9x 14.4x
PBR 2.35x 1.86x 2.78x 4.53x 4.81x 3.54x 3.22x 2.89x
PEG - 0.8x -3.1x 0x -1x -12.22x 0.6x 0.8x
Capitalization / Revenue 10.7x 5.98x 6.21x 5.76x 5.08x 3.41x 2.96x 2.57x
EV / Revenue 9.41x 5.55x 5.71x 5.67x 4.94x 3.29x 2.77x 2.31x
EV / EBITDA 28.3x 18.4x 20.1x 17.3x 15.7x 11.6x 9x 7.47x
EV / EBIT 41.2x 25.4x 28x 19.9x 17.9x 13x 10x 8.25x
EV / FCF 30.5x 21.6x 26.4x 14.3x 17.8x 24.6x 13.6x 10.8x
FCF Yield 3.28% 4.64% 3.79% 6.98% 5.62% 4.06% 7.37% 9.22%
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% 3.55% 4.19% 4.77%
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 42.10 42.10 42.10
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.($)
19.91x2.37x5.03x8.24% 2.05B
22.21x3.38x11.87x3.46% 1.06B
12.43x0.98x5.06x - 338M
Average 18.18x 2.24x 7.32x 5.85% 1.15B
Weighted average by Cap. 19.88x 2.54x 7.13x 6.61%

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