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 1,501 - -
Change - -52.5% -25.66% -20.27% 59.28% 25.13% - -
Enterprise Value (EV) 1 2,556 1,268 922.4 719.5 1,132 1,411 1,383 1,352
Change - -50.39% -27.25% -21.99% 57.36% 24.64% -1.97% -2.31%
P/E 62.1x 40.6x 32.4x 26.9x 36x 37.8x 30.8x 27x
PBR 20.6x 9.96x 6.86x 5x 7.18x 7.75x 6.53x 5.52x
PEG - -1.5x -4.75x -6.39x 1.9x 2x 1.4x 1.9x
Capitalization / Revenue 7.92x 3.66x 2.4x 1.85x 2.61x 2.97x 2.69x 2.44x
EV / Revenue 7.57x 3.65x 2.34x 1.77x 2.47x 2.79x 2.48x 2.2x
EV / EBITDA 34.6x 20.5x 15.3x 11.9x 15.1x 17.2x 14.7x 12.7x
EV / EBIT 40x 27x 21.5x 16.9x 21.9x 24x 19.2x 16.4x
EV / FCF 54.4x -133x 21.4x 15.4x 20.9x 35.7x 31.2x 25.9x
FCF Yield 1.84% -0.75% 4.68% 6.51% 4.79% 2.8% 3.2% 3.86%
Dividend per Share 2 3.37 2.86 2.36 2.73 2.58 2.963 3.507 4.003
Rate of return 0.81% 1.46% 1.62% 2.35% 1.39% 1.28% 1.51% 1.73%
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 -89.7 -117.4 -149.4
Reference price 2 413.50 196.40 146.00 116.40 185.40 232.00 232.00 232.00
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.($)
37.81x2.79x17.25x1.28% 171.05Cr
22.15x3.63x12.69x3% 21TCr
-131.72x18.37x101.87x-.--% 12TCr
13.08x1.46x7.67x3.67% 11TCr
13.48x2.45x9.24x6.1% 7.86TCr
19.72x5.2x12.78x2.88% 5.82TCr
22.67x1.87x11.67x1.29% 4.44TCr
13.12x1.89x8x5.94% 4.23TCr
20.9x1.59x10.12x0.89% 4.06TCr
98.2x9.76x36.48x-.--% 3.41TCr
Average 12.94x 4.90x 22.78x 2.5% 7.39TCr
Weighted average by Cap. -1.96x 5.64x 26.54x 2.74%

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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