ZEAL Network SE

Recommendation

Buy

Price Target

€64.00

Upside

32.23%

Chart
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€48.40

€1.30 (2.76%)
Realtime-Data from 30.06.2025 15:43:48

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
€1.08B
Enterprise Value
€1.07B
26 week avg vol.
3796
Primar Exchange
Frankfurt
IPO
2005
Sector
Other
Headquarters
Hamburg, DE
Employees
172
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%
05.08.2025
Publication of Q2 report
04.11.2025
Publication of Q3 report

KPIs in EUR

KPI20252026e2027e
Sales217.50M239.50M258.40M
EBITDA65.89M81.40M88.85M
EBIT57.15M72.66M80.10M
EPS1.682.172.41
FCF46.37M57.94M60.40M

Valuation

KPI20252026e2027e
EV / Sales4.94x4.36x3.92x
EV / EBITDA16.30x12.83x11.41x
EV / EBIT18.79x14.37x12.66x
Price / Earnings28.77x22.28x20.10x
EV / FCF23.16x18.02x16.79x

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