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 1,221 - -
Change - -52.5% -25.66% -20.27% 59.28% 1.83% - -
Enterprise Value (EV) 1 2,556 1,268 922.4 719.5 1,132 1,120 1,088 1,053
Change - -50.39% -27.25% -21.99% 57.36% -1.05% -2.85% -3.24%
P/E 62.1x 40.6x 32.4x 26.9x 36x 30.9x 25.5x 22.2x
PBR 20.6x 9.96x 6.86x 5x 7.18x 6.29x 5.32x 4.5x
PEG - -1.5x -4.75x -6.39x 1.9x 1.7x 1.2x 1.5x
Capitalization / Revenue 7.92x 3.66x 2.4x 1.85x 2.61x 2.43x 2.2x 2x
EV / Revenue 7.57x 3.65x 2.34x 1.77x 2.47x 2.23x 1.96x 1.73x
EV / EBITDA 34.6x 20.5x 15.3x 11.9x 15.1x 13.8x 11.8x 10x
EV / EBIT 40x 27x 21.5x 16.9x 21.9x 19.2x 15.4x 12.9x
EV / FCF 54.4x -133x 21.4x 15.4x 20.9x 25.5x 22.5x 19.2x
FCF Yield 1.84% -0.75% 4.68% 6.51% 4.79% 3.92% 4.45% 5.21%
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% 1.56% 1.83% 2.1%
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 2 413.50 196.40 146.00 116.40 185.40 188.80 188.80 188.80
Nbr of stocks (in thousands) 6,470 6,470 6,470 6,470 6,470 6,470 - -
Announcement Date 25/3/22 24/3/23 20/3/24 28/3/25 30/3/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
30.93x2.23x13.81x1.56% 1.41B
23.16x3.74x13.06x2.9% 220B
-111.48x17.73x102.37x-.--% 110B
12.66x1.4x7.35x3.79% 105B
15.37x2.81x10.61x5.35% 90.13B
20.38x5.34x13.12x2.8% 61.17B
15.26x2.23x9.45x5.12% 49.53B
20.92x1.54x9.77x0.91% 39.27B
20.19x1.65x10.09x1.45% 39.19B
18.19x2.33x11.18x4.78% 37.92B
Average 6.56x 4.10x 20.08x 2.87% 75.35B
Weighted average by Cap. -0.18x 5.08x 24.39x 2.94%

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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