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 1,095 - -
Change - -52.5% -25.66% -20.27% 59.28% -8.74% - -
Enterprise Value (EV) 1 2,556 1,268 922.4 719.5 1,132 993.6 961.7 926.4
Change - -50.39% -27.25% -21.99% 57.36% -12.25% -3.21% -3.67%
P/E 62.1x 40.6x 32.4x 26.9x 36x 27.7x 22.9x 19.9x
PBR 20.6x 9.96x 6.86x 5x 7.18x 5.64x 4.77x 4.03x
PEG - -1.5x -4.75x -6.39x 1.9x 1.5x 1.1x 1.3x
Capitalization / Revenue 7.92x 3.66x 2.4x 1.85x 2.61x 2.18x 1.97x 1.8x
EV / Revenue 7.57x 3.65x 2.34x 1.77x 2.47x 1.97x 1.73x 1.52x
EV / EBITDA 34.6x 20.5x 15.3x 11.9x 15.1x 12.2x 10.4x 8.82x
EV / EBIT 40x 27x 21.5x 16.9x 21.9x 17x 13.6x 11.4x
EV / FCF 54.4x -133x 21.4x 15.4x 20.9x 22.6x 19.8x 16.9x
FCF Yield 1.84% -0.75% 4.68% 6.51% 4.79% 4.42% 5.04% 5.92%
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% 1.74% 2.04% 2.34%
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 2 413.50 196.40 146.00 116.40 185.40 169.20 169.20 169.20
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.($)
27.72x1.97x12.25x1.74% 125.26Cr
23.25x3.6x12.66x3.11% 20TCr
-96.65x15.29x88.53x-.--% 9.56TCr
10x1.1x5.75x4.82% 8.23TCr
14.27x2.6x9.81x5.76% 8.29TCr
19.21x5.05x12.47x2.96% 5.77TCr
14.2x2.07x8.69x5.49% 4.61TCr
20.6x1.53x9.68x0.96% 3.66TCr
19.3x1.56x9.78x1.54% 3.62TCr
15.89x2.03x9.46x5.44% 3.29TCr
Average 6.78x 3.68x 17.91x 3.18% 6.76TCr
Weighted average by Cap. 1.89x 4.55x 21.45x 3.26%

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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