Company Valuation: United Internet AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 6,524 3,527 3,982 2,708 4,784 4,445 - -
Change - -45.94% 12.89% -31.98% 76.64% -7.08% - -
Enterprise Value (EV) 1 8,236 5,642 6,418 5,407 7,984 7,918 7,913 7,712
Change - -31.5% 13.76% -15.75% 47.66% -0.83% -0.07% -2.54%
P/E 15.7x 9.64x 17.1x -56x 16.9x 15.8x 12.6x 10.6x
PBR 1.46x 0.74x 0.81x 0.57x 1.02x 0.89x 0.84x 0.78x
PEG - -0.8x -0.5x 0x -0x -25.73x 0.5x 0.5x
Capitalization / Revenue 1.16x 0.6x 0.64x 0.43x 0.78x 0.7x 0.68x 0.66x
EV / Revenue 1.46x 0.95x 1.03x 0.85x 1.3x 1.25x 1.22x 1.15x
EV / EBITDA 6.54x 4.47x 4.97x 4.18x 6.23x 5.53x 5x 4.52x
EV / EBIT 9.93x 7.22x 8.42x 8.47x 13.5x 10.8x 9.17x 7.7x
EV / FCF 13.8x -67.3x -75.5x 114x 15.8x 14.7x 15.1x 11.4x
FCF Yield 7.26% -1.49% -1.32% 0.88% 6.34% 6.82% 6.63% 8.76%
Dividend per Share 2 0.5 0.5 0.5 0.4 0.5 0.535 0.5962 0.6743
Rate of return 1.43% 2.65% 2.17% 2.55% 1.81% 2.08% 2.32% 2.62%
EPS 2 2.22 1.96 1.35 -0.28 1.64 1.63 2.037 2.431
Distribution rate 22.5% 25.5% 37% -143% 30.5% 32.8% 29.3% 27.7%
Net sales 1 5,646 5,915 6,213 6,329 6,120 6,312 6,503 6,693
EBITDA 1 1,259 1,262 1,292 1,294 1,282 1,433 1,581 1,704
EBIT 1 829.9 781.4 762 638.7 593.1 731.7 863 1,002
Net income 1 416.5 367.2 232.7 -47.58 284.9 284.7 344.1 405.1
Net Debt 1 1,713 2,115 2,437 2,699 3,200 3,473 3,467 3,267
Reference price 2 34.94 18.89 23.04 15.67 27.68 25.72 25.72 25.72
Nbr of stocks (in thousands) 1,86,716 1,86,716 1,72,816 1,72,837 1,72,837 1,72,837 - -
Announcement Date 18/03/22 30/03/23 25/03/24 27/03/25 20/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.03x1.3x4.12x7.04% 22TCr
10.44x2.51x6.62x5.96% 20TCr
12.94x2.11x5.46x4.19% 15TCr
13.74x1.85x8.09x3.05% 8.96TCr
11.61x0.88x3.29x6.66% 7.9TCr
11.64x1.79x4.52x2.81% 6.66TCr
14.95x2.66x8.3x5.11% 5.75TCr
22.89x5.2x18.99x4.78% 5.42TCr
15.04x2.75x6.15x4.36% 5.14TCr
Average 13.81x 2.34x 7.28x 4.88% 10.71TCr
Weighted average by Cap. 12.66x 2.10x 6.36x 5.31%

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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  5. Valuation United Internet AG