Company Valuation: freenet AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,792 2,428 3,013 3,275 3,425 2,930 - -
Change - -13.03% 24.09% 8.68% 4.6% -14.45% - -
Enterprise Value (EV) 1 3,636 3,133 3,594 3,764 3,678 3,433 3,371 3,320
Change - -13.82% 14.7% 4.73% -2.27% -6.66% -1.81% -1.51%
P/E 14.4x 30.5x 19.5x 13.2x 12.8x 11.8x 10.7x 9.8x
PBR 1.69x 1.65x 2.09x 2.2x 2.26x 1.97x 1.93x 1.9x
PEG - -0.5x 0.2x 0.2x 1.2x -1.57x 1x 1.08x
Capitalization / Revenue 1.09x 0.95x 1.15x 1.32x 1.4x 0.96x 0.94x 0.9x
EV / Revenue 1.42x 1.23x 1.37x 1.52x 1.51x 1.12x 1.08x 1.02x
EV / EBITDA 8.13x 6.55x 7.18x 7.48x 7.14x 6.65x 6.1x 5.62x
EV / EBIT 14.5x 24.2x 14.6x 10.5x 9.77x 9.38x 8.28x 7.37x
EV / FCF 11.4x 9.42x 13.7x 12.9x 12.6x 11.9x 10.6x 9.84x
FCF Yield 8.77% 10.6% 7.31% 7.77% 7.94% 8.42% 9.46% 10.2%
Dividend per Share 2 1.57 1.68 1.77 1.97 2.07 2.034 2.15 2.191
Rate of return 6.75% 8.23% 6.99% 7.15% 7.06% 8.1% 8.57% 8.73%
EPS 2 1.62 0.67 1.3 2.08 2.3 2.127 2.349 2.562
Distribution rate 96.9% 251% 136% 94.7% 90% 95.6% 91.5% 85.5%
Net sales 1 2,556 2,557 2,627 2,478 2,440 3,065 3,116 3,246
EBITDA 1 447.3 478.7 500.2 503.1 515.4 516.7 552.9 591.1
EBIT 1 250 129.4 246.1 357.1 376.5 366.1 407.2 450.6
Net income 1 198.2 79.29 154.6 246.8 271.3 245.1 267.7 291.8
Net Debt 1 844 705.3 580.9 489.3 253.3 503.1 441 390.1
Reference price 2 23.27 20.42 25.34 27.54 29.34 25.10 25.10 25.10
Nbr of stocks (in thousands) 119,974 118,901 118,901 118,901 116,737 116,737 - -
Announcement Date 3/1/22 A 3/24/23 A 3/26/24 A 3/26/25 A 2/25/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.06x1.31x4.15x7.02% 223B
10.66x2.53x6.71x5.84% 201B
13.76x2.17x5.01x3.99% 156B
14.14x1.88x8.21x2.97% 94.07B
11.8x0.87x3.24x6.55% 80.3B
11.73x1.8x4.54x2.79% 68.98B
15.29x2.68x8.37x5.06% 58B
23.81x5.38x19.64x4.58% 56.56B
15.24x2.82x6.31x4.32% 52B
Average 14.17x 2.38x 7.35x 4.79% 109.93B
Weighted average by Cap. 13.00x 2.14x 6.39x 5.19%

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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