ZEAL Network SE

Recommendation

Buy

Price Target

€65.00

Upside

34.30%

Chart
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€48.40

0 (0.00%)
Realtime-Data from 23.09.2025 15:50:16

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
€1.05B
Enterprise Value
€1.03B
26 week avg vol.
3796
Primar Exchange
Frankfurt
IPO
2005
Sector
others
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
Sales188.20M212.16M230.21M
EBITDA61.86M64.59M75.77M
EBIT53.66M55.84M67.03M
EPS2.701.611.96
FCF73.59M44.95M53.75M

Valuation

KPI20242025e2026e
EV / Sales5.49x4.90x4.41x
EV / EBITDA16.71x16.11x13.39x
EV / EBIT19.26x18.63x15.14x
Price / Earnings17.95x30.06x24.72x
EV / FCF14.04x23.14x18.88x

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