freenet AG (FNTN.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+351.7%

€103.53

vs €22.92 price

Levered DCF

€96.11

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.15

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.76×	13.24×	19.49×	30.48×	14.36×	11.54×	13.72×	9.82×
P/B	2.26×	2.2×	2.09×	1.65×	1.73×	1.2×	1.99×	1.73×
P/S	1.42×	1.32×	1.15×	0.95×	1.11×	0.85×	0.89×	0.75×
EV / EBITDA	8.38×	7.27×	7.33×	6.52×	9.13×	7.04×	10.87×	10.31×
Gross margin	25.9%	40.3%	27.0%	35.7%	34.3%	34.3%	31.3%	31.8%
Operating margin	14.5%	15.8%	22.8%	6.3%	12.0%	11.6%	11.4%	10.8%
Net margin	11.1%	10.0%	5.9%	3.1%	7.8%	7.4%	6.5%	7.7%
Current ratio	0.64×	0.71×	0.66×	0.7×	0.75×	0.98×	0.51×	0.68×
Debt / equity	0.54×	0.47×	0.54×	0.63×	0.69×	0.81×	1.71×	1.57×
Interest coverage	13.03×	12.78×	20.54×	6.76×	10.29×	6.44×	6.07×	5.75×
Dividend yield	6.8%	6.4%	6.6%	7.7%	7.2%	0.2%	8.1%	9.7%
Payout ratio	86.3%	85.3%	129.2%	235.3%	102.8%	2.7%	110.6%	94.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.7%	16.6%	10.7%	5.4%	12.1%	10.5%	14.5%	17.7%
Return on invested capital	9.8%	13.6%	16.9%	4.2%	8.8%	7.3%	6.7%	7.8%
Return on assets	7.4%	7.4%	4.5%	2.2%	5.0%	4.2%	3.9%	4.8%
Free cash flow yield	10.5%	10.0%	11.4%	13.7%	11.2%	14.0%	12.2%	14.3%
Earnings yield	7.8%	7.5%	5.1%	3.3%	7.0%	8.7%	7.3%	10.2%
Enterprise value	€4.1B	€3.8B	€3.6B	€3.2B	€3.7B	€3B	€4.7B	€4B
Net debt / EBITDA	1.34×	0.99×	1.25×	1.54×	2.09×	1.9×	4.86×	4.73×
Cash conversion cycle (days)	-3	-9	3	48	38	20	11	-13