ZEAL Network SE

NuWays RecommendationRecommendation
Buy
Price Target
€64.00
Upside
32.23%
- 1M
- 3M
- 6M
- YTD
- 1Y
- 3Y
€48.40
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.
KPIs in EUR
KPI | 2025 | 2026e | 2027e |
---|---|---|---|
Sales | 217.50M | 239.50M | 258.40M |
EBITDA | 65.89M | 81.40M | 88.85M |
EBIT | 57.15M | 72.66M | 80.10M |
EPS | 1.68 | 2.17 | 2.41 |
FCF | 46.37M | 57.94M | 60.40M |
Valuation
KPI | 2025 | 2026e | 2027e |
---|---|---|---|
EV / Sales | 4.94x | 4.36x | 3.92x |
EV / EBITDA | 16.30x | 12.83x | 11.41x |
EV / EBIT | 18.79x | 14.37x | 12.66x |
Price / Earnings | 28.77x | 22.28x | 20.10x |
EV / FCF | 23.16x | 18.02x | 16.79x |