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 4,162 - -
Change - -45.94% 12.89% -31.98% 76.64% -13.01% - -
Enterprise Value (EV) 1 8,236 5,642 6,418 5,407 7,984 7,642 7,641 7,443
Change - -31.5% 13.76% -15.75% 47.66% -4.28% -0.01% -2.59%
P/E 15.7x 9.64x 17.1x -56x 16.9x 14.3x 11.9x 9.93x
PBR 1.46x 0.74x 0.81x 0.57x 1.02x 0.83x 0.79x 0.73x
PEG - -0.8x -0.5x 0x -0x 5.69x 0.6x 0.5x
Capitalization / Revenue 1.16x 0.6x 0.64x 0.43x 0.78x 0.66x 0.64x 0.62x
EV / Revenue 1.46x 0.95x 1.03x 0.85x 1.3x 1.21x 1.17x 1.11x
EV / EBITDA 6.54x 4.47x 4.97x 4.18x 6.23x 5.34x 4.83x 4.36x
EV / EBIT 9.93x 7.22x 8.42x 8.47x 13.5x 10.5x 8.84x 7.42x
EV / FCF 13.8x -67.3x -75.5x 114x 15.8x 14.1x 14.6x 11x
FCF Yield 7.26% -1.49% -1.32% 0.88% 6.34% 7.07% 6.87% 9.08%
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% 2.22% 2.48% 2.8%
EPS 2 2.22 1.96 1.35 -0.28 1.64 1.681 2.029 2.426
Distribution rate 22.5% 25.5% 37% -143% 30.5% 31.8% 29.4% 27.8%
Net sales 1 5,646 5,915 6,213 6,329 6,120 6,316 6,507 6,701
EBITDA 1 1,259 1,262 1,292 1,294 1,282 1,432 1,583 1,707
EBIT 1 829.9 781.4 762 638.7 593.1 730.9 864.3 1,004
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 3,480 3,479 3,281
Reference price 2 34.94 18.89 23.04 15.67 27.68 24.08 24.08 24.08
Nbr of stocks (in thousands) 186,716 186,716 172,816 172,837 172,837 172,837 - -
Announcement Date 3/18/22 A 3/30/23 A 3/25/24 A 3/27/25 A 3/20/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11x1.3x4.13x7.03% 222B
10.15x2.47x6.53x6.14% 191B
12.78x2.14x5.49x4.24% 143B
13.3x1.84x8.01x3.15% 87.71B
11.68x0.9x3.36x6.54% 80.58B
11.49x1.77x4.48x2.85% 63.93B
14.82x2.64x8.24x5.17% 56.84B
22.87x5.28x19.27x4.78% 54.26B
14.49x2.69x6.01x4.48% 50.15B
Average 13.62x 2.34x 7.28x 4.93% 105.49B
Weighted average by Cap. 12.49x 2.09x 6.35x 5.38%

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