United Internet AG (UTDI.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

+102.0%

€49.34

vs €24.42 price

Levered DCF

€66.53

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.25

Distress 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	16.78×	-55.96×	17.5×	9.59×	15.67×	22.21×	13.75×	40.6×
P/B	1.02×	0.57×	0.84×	0.74×	1.46×	1.43×	1.35×	1.78×
P/S	0.78×	0.43×	0.67×	0.6×	1.16×	1.2×	1.12×	1.49×
EV / EBITDA	7.59×	5.72×	5.73×	5.12×	6.72×	7.74×	6.09×	7.97×
Gross margin	28.9%	31.7%	33.1%	34.0%	34.7%	29.8%	34.0%	34.2%
Operating margin	8.5%	10.1%	12.1%	13.2%	14.7%	10.7%	15.6%	15.8%
Net margin	4.7%	-0.8%	3.7%	6.2%	7.4%	5.4%	8.2%	3.7%
Current ratio	0.67×	1.06×	0.91×	0.91×	0.99×	1.01×	1.08×	1.05×
Debt / equity	0.96×	0.81×	0.67×	0.59×	0.53×	0.43×	0.49×	0.47×
Interest coverage	3.02×	4.33×	8.01×	20.69×	24.01×	15.44×	23.52×	25.75×
Dividend yield	6.9%	3.2%	2.1%	2.6%	1.4%	1.5%	0.2%	2.2%
Payout ratio	115.3%	-181.6%	37.1%	25.4%	22.5%	32.2%	2.4%	90.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.1%	-1.0%	4.8%	7.7%	9.3%	6.4%	9.8%	4.4%
Return on invested capital	3.9%	1.2%	4.6%	5.5%	6.6%	4.7%	6.8%	6.3%
Return on assets	2.4%	-0.4%	2.1%	3.5%	4.3%	3.1%	4.6%	2.3%
Free cash flow yield	7.7%	6.6%	0.7%	-2.4%	9.1%	7.4%	9.9%	2.8%
Earnings yield	6.0%	-1.8%	5.6%	10.4%	6.4%	4.5%	7.3%	2.5%
Enterprise value	€9.2B	€6.5B	€7.4B	€6.3B	€8.8B	€8.3B	€7.8B	€9.6B
Net debt / EBITDA	3.66×	3.33×	2.52×	2.25×	1.71×	1.69×	1.56×	1.63×
Cash conversion cycle (days)	20	11	27	26	18	26	21	17