Original-Research: ZEAL Network SE (von NuWays AG): Kaufen
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Original-Research: ZEAL Network SE - from NuWays AG
Classification of NuWays AG to ZEAL Network SE
Solid Q3 ahead despite a normalized lottery environment Following two very strong lottery quarters, overall demand for ZEAL's most important products from lottery brokerage have normalized in Q3, as no peak jackpots have been reached. For ZEAL, we nevertheless expect solid Q3 results. In detail: Lotto 6aus49 continues its negative streak: Q3 finished off as the fourth quarter in a row without a peak jackpot. Furthermore, the largest jackpot came in at only € 30m (out of max. € 50m), showing that the jackpot situation was well below maximum. Consequently, demand for this product continued to be weak with nationwide stakes of only € 850m in Q3, implying a 15% yoy decline and standing 8% below its LTM average. EuroJackpot normalized: Without a peak EuroJackpot and only one run-up to € 96m (out of max € 120m), the strong demand from Q1 and Q2 could not be sustained into Q3. Hence, nationwide stakes for the EuroJackpot came in at € 1.06bn, which is nevertheless up 9% yoy, but sequentially down 17% qoq and thus only 2% below its LTM average. Combined, nationwide lottery stakes stood at € 1.91bn in the third quarter, which is down 3% yoy, down 10% qoq and 5% below its LTM average, implying a constant user activity yoy, but a lower one qoq. - see p.2 for details Nevertheless solid Q3 results ahead: At ZEAL, billings should grow 7% yoy (eNuW), driven by (1) strong H1 user intake offsetting lower Q3 user activity, and (2) stable average billing per user of € 61 (eNuW). More importantly, measures to raise the billings margin to 'above 15%' (eNuW: 15% vs. 13% LTM average) should boost lottery sales by 27% yoy in Q3 (eNuW; c. 90% of group sales). With marketing expenses expected to be at € 11m, group EBITDA is projected up 15% at € 11m in Q3 (eNuW). Moreover, first tangible results of the newly launched lottery product 'Traumhausverlosung' are expected with the Q3 release, giving more visibility into the product's potential. Against this backdrop, we reiterate our BUY recommendation with unchanged PT of € 54.00, as ZEAL continues the current chapter of elevated growth and market share gains. You can download the research here: http://www.more-ir.de/d/30967.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: 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 ++++++++++ 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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1999063 01.10.2024 CET/CEST
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 | ||||||
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| 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 |
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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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