ZEAL Network SE (TIMA.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

+381.9%

€191.78

vs €39.80 price

Levered DCF

€319.76

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.69

Safe 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	26.57×	18.52×	56.44×	39.1×	82.92×	124.46×	242.97×	6.49×
P/B	4.81×	4.53×	2.78×	1.86×	2.28×	2.57×	1.13×	3.64×
P/S	5.08×	5.74×	6.21×	5.79×	10.31×	11.46×	3.96×	2.9×
EV / EBITDA	16.07×	17.21×	20.87×	18.02×	29.34×	44.77×	21.08×	8.12×
Gross margin	68.8%	90.2%	70.2%	89.9%	88.5%	87.5%	74.2%	71.4%
Operating margin	26.8%	28.5%	20.4%	21.8%	22.8%	4.2%	12.6%	24.8%
Net margin	19.1%	31.0%	11.1%	15.2%	12.9%	9.4%	1.3%	17.2%
Current ratio	1.52×	1.81×	1.6×	3.13×	3.62×	2.9×	3.49×	3.85×
Debt / equity	0.38×	0.42×	0.11×	0.1×	0.04×	0.02×	0.03×	0×
Interest coverage	12.57×	16.78×	13.26×	30.73×	11.16×	6.37×	15.64×	187.78×
Dividend yield	4.6%	2.2%	10.8%	7.7%	2.3%	1.8%	0.0%	1.9%
Payout ratio	121.4%	40.8%	606.8%	294.3%	186.6%	219.1%	0.0%	31.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.1%	24.5%	5.0%	4.9%	2.9%	2.1%	0.4%	21.6%
Return on invested capital	12.3%	14.2%	4.2%	4.0%	2.8%	0.8%	0.6%	21.2%
Return on assets	9.2%	12.8%	3.3%	3.5%	2.1%	1.7%	0.3%	15.8%
Free cash flow yield	5.5%	6.9%	3.5%	4.4%	3.0%	0.5%	1.2%	8.4%
Earnings yield	3.8%	5.4%	1.8%	2.6%	1.3%	0.8%	0.3%	5.9%
Enterprise value	€1.1B	€1.1B	€691.1M	€581.1M	€787.5M	€922.3M	€381.4M	€319.5M
Net debt / EBITDA	-0.45×	-0.26×	-0.91×	-0.88×	-2.77×	-3.63×	-3.75×	-3.27×
Cash conversion cycle (days)	6	-93	82	1,747	-29	-13	-38	-181