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 1,184 - -
Change - -52.5% -25.66% -20.27% 59.28% -1.29% - -
Enterprise Value (EV) 1 2,556 1,268 922.4 719.5 1,132 1,093 1,066 1,034
Change - -50.39% -27.25% -21.99% 57.36% -3.43% -2.54% -3%
P/E 62.1x 40.6x 32.4x 26.9x 36x 29.8x 24.3x 21.3x
PBR 20.6x 9.96x 6.86x 5x 7.18x 6.11x 5.15x 4.35x
PEG - -1.5x -4.75x -6.39x 1.9x 1.6x 1.1x 1.5x
Capitalization / Revenue 7.92x 3.66x 2.4x 1.85x 2.61x 2.34x 2.13x 1.93x
EV / Revenue 7.57x 3.65x 2.34x 1.77x 2.47x 2.16x 1.91x 1.68x
EV / EBITDA 34.6x 20.5x 15.3x 11.9x 15.1x 13.4x 11.3x 9.73x
EV / EBIT 40x 27x 21.5x 16.9x 21.9x 18.6x 14.8x 12.6x
EV / FCF 54.4x -133x 21.4x 15.4x 20.9x 26.8x 24x 19.8x
FCF Yield 1.84% -0.75% 4.68% 6.51% 4.79% 3.73% 4.17% 5.05%
Dividend per Share 2 3.37 2.86 2.36 2.73 2.58 2.963 3.507 4.004
Rate of return 0.81% 1.46% 1.62% 2.35% 1.39% 1.62% 1.92% 2.19%
EPS 2 6.66 4.84 4.51 4.32 5.15 6.137 7.523 8.59
Distribution rate 50.6% 59.1% 52.3% 63.2% 50.1% 48.3% 46.6% 46.6%
Net sales 1 337.6 347.2 393.7 406.4 458.8 505.4 557.1 614
EBITDA 1 73.81 61.88 60.44 60.32 74.88 81.83 93.97 106.2
EBIT 1 63.9 47.01 42.98 42.52 51.65 58.87 72.07 82.3
Net income 1 43 31.31 29.15 27.95 33.34 39.63 48.57 55.47
Net Debt 1 -119.5 -2.666 -22.18 -33.52 -67.22 -90.53 -118.3 -150.3
Reference price 2 413.50 196.40 146.00 116.40 185.40 183.00 183.00 183.00
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.($)
29.82x2.16x13.36x1.62% 1.37B
23.13x3.77x13.16x2.87% 222B
14.09x1.55x8.16x3.41% 116B
-114.74x18.24x105.52x-.--% 114B
15.17x2.77x10.47x5.42% 88.66B
20.92x5.47x13.43x2.72% 63.28B
14.99x2.19x9.28x5.2% 48.47B
22.03x1.81x11.13x1.37% 42.34B
21.31x1.62x10.27x0.87% 40.69B
18.17x2.3x11.01x4.81% 37.26B
Average 6.49x 4.19x 20.58x 2.83% 77.38B
Weighted average by Cap. -0.47x 5.19x 25.09x 2.86%

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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