Original-Research: ZEAL Network SE (von NuWays AG): BUY
Original-Research: ZEAL Network SE - von NuWays AG
Einstufung von NuWays AG zu ZEAL Network SE
Unternehmen: ZEAL Network SE
ISIN: DE000ZEAL241
Anlass der Studie: Update
Empfehlung: BUY
seit: 05.01.2024
Kursziel: 51
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch
Online transformation with ongoing momentum Topic: Yesterday, the state lottery operator DLTB released its 2023 lottery data, revealing a continuous and strong outperformance of the online distribution channel.
Online transformation in full swing: In total, lottery players played for c. € 2bn via online channels, marking a solid 10.4% growth and 25% online penetration in 2023. While brick-and-mortar lottery still accounted for 75% of overall lottery stakes, it could only grow by 0.7% yoy. Hence, the online transformation remains in full swing and still offers plenty of growth potential for ZEAL's lottery business, as online penetration still stands at a mere 25% (vs. 23% in 2022). Going forward, we expect this trend to continue and catch up to penetration rates of other industries (online banking: 50%; online music: 80%; online holiday booking: 66%) and other European countries such as Sweden (48% online penetration and +11% yoy growth of online in 2022).
Slight outperformance against main competitor: Out of the € 2.04bn online billings, ZEAL should make up a market share of 41.2% in 2023 (vs. 41% in 2022), based on our estimate of € 841m billings in FY23e. This implies a growth rate of 11% yoy, slightly outgrowing the state lottery's landing page Lotto.de and the federal states' online presences (€ 1.2bn in billings, +10% yoy).
Strong current trading due to peaking jackpots. Currently, the jackpots of both major lottery products are close to record levels resulting in an increasing user activity. We hence expect solid Q4'23e figures that should reflect the higher activity levels. Even better, the EuroJackpot currently peaks at € 120m and the Lotto 6aus49 reached its highest jackpot in history of € 48m (€ 50m maximum jackpot, before Nov' 23: € 45m) indicating a strong start into Q1'24e. Mind you that this is the time, when ZEAL acquires most of its new users and hence increases marketing activities.
Games roll-out to drive top line in FY'24e: Following the better than expected first full quarter (Q3'23) of the new Games business, we expect an improved Q4'23e as well as continous expansion of the rollout throughout the year, In sum, we expect some additional revenue from Games of € 10m, that comes on top of the intact growth of the lottery business (eNuW: € 119m, +12% yoy) for FY'24e.
All in all, ZEAL continues to drive the online transformation while the Games roll-out should serve as a cherry on top. BUY with unchanged PT of € 51.00, based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28613.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 154,75 | 113,48 | 87,02 | 83,33 | 105,20 | 116,05 | 182,00 | |
| EBITDA1,2 | 38,31 | 17,91 | 17,33 | 27,73 | 31,66 | 32,91 | 58,00 | |
| EBITDA-Margin3 | 24,76 | 15,78 | 19,92 | 33,28 | 30,10 | 28,36 | 31,87 | |
| EBIT1,4 | 38,31 | 9,07 | 5,38 | 19,05 | 22,93 | 23,65 | 48,00 | |
| EBIT-Margin5 | 24,76 | 7,99 | 6,18 | 22,86 | 21,80 | 20,38 | 26,37 | |
| Net Profit (Loss)1 | 26,66 | 1,72 | 7,89 | 11,40 | 16,57 | 13,72 | 31,00 | |
| Net-Margin6 | 17,23 | 1,52 | 9,07 | 13,68 | 15,75 | 11,82 | 17,03 | |
| Cashflow1,7 | 38,20 | 5,30 | 5,37 | 26,16 | 28,49 | 25,57 | 0,00 | |
| Earnings per share8 | 3,18 | 0,09 | 0,37 | 0,48 | 0,72 | 0,59 | 1,43 | |
| Dividend per share8 | 1,00 | 0,80 | 0,90 | 2,10 | 3,60 | 1,10 | 1,10 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Ernst & Young
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| ZEAL Network | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| ZEAL24 | DE000ZEAL241 | SE | 1.039,79 Mio € | 12.10.2005 | Halten | 9F5FHXJG+9R |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 41,38 | 20,32 | 2,04 | 50,21 | 4,42 | 40,67 | 8,96 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 3,60 | 1,10 | 1,10 | 2,29% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 21.05.2025 | 07.05.2025 | 06.08.2025 | 06.11.2024 | 26.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +16,58% | +30,95% | +44,14% | +54,84% | +134,15% |
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