ZEAL Network SE

Recommendation

Buy

Price Target

€64.00

Upside

44.14%

Chart
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€44.40

-€0.40 (-0.89%)
Realtime-Data from 16.09.2025 11:43:30

ZEAL Network SE, Germany's leading online provider of state-licensed and other permitted lottery products, is a Hamburg-based e-commerce group that primarily brokers customer tickets to the state lottery companies via the lotto24.de and tipp24.com brands and receives a commission in return. The product range includes 'LOTTO 6aus49', 'Spiel 77', 'Super 6', 'Eurojackpot', 'GlücksSpirale', 'Keno', Lotto Clubs, 'Deutsche Fernsehlotterie' and 'freiheit+'. In mid 2023, ZEAL received the license to further offer virtual slot machine Games and currently rolls out this new business. The company was founded in Germany in 1999 as Tipp24 SE and initially operated as a lottery broker. In 2005, the company went public on the Frankfurt Stock Exchange (Prime Standard) and became one of the most successful IPOs in Germany.

ISIN
DE000ZEAL241
Market Cap
€962.67M
Enterprise Value
€946.87M
26 week avg vol.
3796
Primar Exchange
Frankfurt
IPO
2005
Sector
Gambling / Lottery
Headquarters
Hamburg, DE
Employees
175
Incorporated
1999
CEO
Dr. Helmut Becker
Günther Group
35.17%
Working Capital
20.15%
Marc Peters
4.46%
Jens Schumann
3.58%
Free Float
36.64%
05.11.2025
Publication of Q3 report

KPIs in EUR

KPI20242025e2026e
Sales188.20M212.20M230.20M
EBITDA61.86M60.54M71.20M
EBIT53.66M51.80M62.46M
EPS2.701.481.82
FCF74.54M41.83M50.45M

Valuation

KPI20242025e2026e
EV / Sales5.03x4.51x4.06x
EV / EBITDA15.31x15.81x13.13x
EV / EBIT17.64x18.48x14.97x
Price / Earnings16.47x29.93x24.36x
EV / FCF12.70x22.88x18.53x

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