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 1,256 - -
Change - -52.5% -25.66% -20.27% 59.28% 4.75% - -
Enterprise Value (EV) 1 2,556 1,268 922.4 719.5 1,132 1,155 1,123 1,088
Change - -50.39% -27.25% -21.99% 57.36% 2.04% -2.76% -3.14%
P/E 62.1x 40.6x 32.4x 26.9x 36x 31.8x 26.3x 22.9x
PBR 20.6x 9.96x 6.86x 5x 7.18x 6.47x 5.47x 4.63x
PEG - -1.5x -4.75x -6.39x 1.9x 1.7x 1.2x 1.5x
Capitalization / Revenue 7.92x 3.66x 2.4x 1.85x 2.61x 2.5x 2.27x 2.06x
EV / Revenue 7.57x 3.65x 2.34x 1.77x 2.47x 2.3x 2.03x 1.78x
EV / EBITDA 34.6x 20.5x 15.3x 11.9x 15.1x 14.2x 12.2x 10.4x
EV / EBIT 40x 27x 21.5x 16.9x 21.9x 19.8x 15.9x 13.4x
EV / FCF 54.4x -133x 21.4x 15.4x 20.9x 26.3x 23.2x 19.8x
FCF Yield 1.84% -0.75% 4.68% 6.51% 4.79% 3.8% 4.31% 5.04%
Dividend per Share 2 3.37 2.86 2.36 2.73 2.58 2.95 3.447 3.967
Rate of return 0.81% 1.46% 1.62% 2.35% 1.39% 1.52% 1.77% 2.04%
EPS 2 6.66 4.84 4.51 4.32 5.15 6.103 7.39 8.497
Distribution rate 50.6% 59.1% 52.3% 63.2% 50.1% 48.3% 46.6% 46.7%
Net sales 1 337.6 347.2 393.7 406.4 458.8 503.1 554.3 609.7
EBITDA 1 73.81 61.88 60.44 60.32 74.88 81.13 92.37 105
EBIT 1 63.9 47.01 42.98 42.52 51.65 58.4 70.57 81.37
Net income 1 43 31.31 29.15 27.95 33.34 39.43 47.7 54.87
Net Debt 1 -119.5 -2.666 -22.18 -33.52 -67.22 -101.1 -133 -168.2
Reference price 2 413.50 196.40 146.00 116.40 185.40 194.20 194.20 194.20
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.($)
31.82x2.3x14.24x1.52% 145.13Cr
23.55x3.79x13.24x2.85% 22TCr
-115.86x18.44x106.47x-.--% 12TCr
13.19x1.46x7.66x3.64% 11TCr
15.89x2.91x10.99x5.17% 9.2TCr
20.57x5.38x13.22x2.77% 6.16TCr
15.39x2.25x9.54x5.07% 5.02TCr
21.73x1.58x10.05x0.87% 4.08TCr
20.98x1.72x10.51x1.4% 4.06TCr
18.48x2.37x11.38x4.68% 3.85TCr
Average 6.57x 4.22x 20.73x 2.8% 7.73TCr
Weighted average by Cap. -0.98x 5.28x 25.53x 2.86%

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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