Company Valuation: secunet Security Networks AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,675 1,271 944.5 753.1 1,199 1,122 - -
Change - -52.5% -25.66% -20.27% 59.28% -6.47% - -
Enterprise Value (EV) 1 2,556 1,268 922.4 719.5 1,132 1,031 1,004 971.5
Change - -50.39% -27.25% -21.99% 57.36% -8.92% -2.69% -3.19%
P/E 62.1x 40.6x 32.4x 26.9x 36x 29.1x 23.7x 20.8x
PBR 20.6x 9.96x 6.86x 5x 7.18x 5.97x 5.02x 4.25x
PEG - -1.5x -4.75x -6.39x 1.9x 1.5x 1x 1.5x
Capitalization / Revenue 7.92x 3.66x 2.4x 1.85x 2.61x 2.22x 2.01x 1.83x
EV / Revenue 7.57x 3.65x 2.34x 1.77x 2.47x 2.04x 1.8x 1.58x
EV / EBITDA 34.6x 20.5x 15.3x 11.9x 15.1x 12.6x 10.7x 9.15x
EV / EBIT 40x 27x 21.5x 16.9x 21.9x 17.5x 13.9x 11.8x
EV / FCF 54.4x -133x 21.4x 15.4x 20.9x 25.3x 22.6x 18.6x
FCF Yield 1.84% -0.75% 4.68% 6.51% 4.79% 3.95% 4.42% 5.37%
Dividend per Share 2 3.37 2.86 2.36 2.73 2.58 2.963 3.507 4.004
Rate of return 0.81% 1.46% 1.62% 2.35% 1.39% 1.66% 1.96% 2.24%
EPS 2 6.66 4.84 4.51 4.32 5.15 6.137 7.523 8.59
Distribution rate 50.6% 59.1% 52.3% 63.2% 50.1% 48.3% 46.6% 46.6%
Net sales 1 337.6 347.2 393.7 406.4 458.8 505.4 557.1 614
EBITDA 1 73.81 61.88 60.44 60.32 74.88 81.83 93.97 106.2
EBIT 1 63.9 47.01 42.98 42.52 51.65 58.87 72.07 82.3
Net income 1 43 31.31 29.15 27.95 33.34 39.63 48.57 55.47
Net Debt 1 -119.5 -2.666 -22.18 -33.52 -67.22 -90.53 -118.3 -150.3
Reference price 2 413.50 196.40 146.00 116.40 185.40 178.60 178.60 178.60
Nbr of stocks (in thousands) 6,470 6,470 6,470 6,470 6,470 6,470 - -
Announcement Date 25/03/22 24/03/23 20/03/24 28/03/25 30/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
29.1x2.11x13.01x1.66% 133.95Cr
22.72x3.71x12.97x2.92% 22TCr
13.97x1.54x8.09x3.43% 12TCr
-111.87x17.78x102.83x-.--% 11TCr
15.33x2.81x10.59x5.36% 9.03TCr
20.61x5.4x13.26x2.76% 6.22TCr
15.15x2.21x9.38x5.14% 4.93TCr
22.27x1.83x11.26x1.36% 4.28TCr
21.73x1.65x10.48x0.85% 4.15TCr
18.65x2.39x11.23x4.68% 3.85TCr
Average 6.77x 4.14x 20.31x 2.82% 7.7TCr
Weighted average by Cap. 0.24x 5.06x 24.38x 2.88%

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

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