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 1,025 - -
Change - -52.5% -25.66% -20.27% 59.28% -14.56% - -
Enterprise Value (EV) 1 2,556 1,268 922.4 719.5 1,132 923.7 891.8 856.5
Change - -50.39% -27.25% -21.99% 57.36% -18.42% -3.45% -3.95%
P/E 62.1x 40.6x 32.4x 26.9x 36x 26x 21.4x 18.6x
PBR 20.6x 9.96x 6.86x 5x 7.18x 5.28x 4.46x 3.77x
PEG - -1.5x -4.75x -6.39x 1.9x 1.4x 1x 1.2x
Capitalization / Revenue 7.92x 3.66x 2.4x 1.85x 2.61x 2.04x 1.85x 1.68x
EV / Revenue 7.57x 3.65x 2.34x 1.77x 2.47x 1.84x 1.61x 1.4x
EV / EBITDA 34.6x 20.5x 15.3x 11.9x 15.1x 11.4x 9.66x 8.15x
EV / EBIT 40x 27x 21.5x 16.9x 21.9x 15.8x 12.6x 10.5x
EV / FCF 54.4x -133x 21.4x 15.4x 20.9x 21.1x 18.4x 15.6x
FCF Yield 1.84% -0.75% 4.68% 6.51% 4.79% 4.75% 5.43% 6.4%
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% 1.86% 2.18% 2.5%
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 2 413.50 196.40 146.00 116.40 185.40 158.40 158.40 158.40
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.($)
25.95x1.84x11.38x1.86% 116.68Cr
21.16x3.48x12.12x3.16% 20TCr
-93.89x14.84x85.94x-.--% 9.29TCr
10.88x1.2x6.29x4.42% 8.99TCr
14.62x2.66x10.06x5.62% 8.47TCr
20.17x5.29x13.01x2.84% 5.98TCr
13.61x1.98x8.38x5.73% 4.38TCr
17.31x2.21x10.6x5.02% 3.57TCr
18.74x1.51x9.48x1.58% 3.47TCr
19.59x1.45x9.18x1.01% 3.44TCr
Average 6.81x 3.65x 17.65x 3.12% 6.79TCr
Weighted average by Cap. 2.27x 4.42x 20.66x 3.24%

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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