ZEAL Network SE (0QJQ) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of ZEAL Network SE €46.42, price €40.00, upside +16.1%, quality 84 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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ZEAL Network SE
0QJQ · LSEUndervalued, solidQuality growthFair Value upside is positive and quality is strong.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range €13.45 – €50.83 · fair‑value band €35.24 – €58.19 · the €40.00 price screens below the €46.42 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Company profile
ZEAL Network SE engages in the online lottery brokerage business in Germany. The company operates through three segments: Germany, ONCE, and ZEAL Ventures.
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ZEAL Network SE engages in the online lottery brokerage business in Germany. The company operates through three segments: Germany, ONCE, and ZEAL Ventures. The company's lottery products include LOTTO 6aus49, Spiel 77, Super 6, Eurojackpot, GlücksSpirale, Keno, lotterys clubs, instant lotteries, and Deutsche Fernsehlotterie, as well as charity lotteries, including freiheit+ and Traumhausverlosung. It also engages in the operation of portals, such as Lotto24 and Tipp24 online lottery brokerage business; operation of games; and online lottery operation for the national organizations, as well as invests in lottery-related start-ups. The company was formerly known as Tipp24 SE and changed its name to ZEAL Network SE in November 2014. ZEAL Network SE was founded in 1999 and is headquartered in Hamburg, Germany.
Stock analysis
ZEAL Network SE (0QJQ) currently trades at €40.00, while our model-based Fair Value estimate is €46.42, implying the stock looks roughly 13.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €52.22 per share, and 11 of the 26 models we run sit above the €40.00 price.
Bear case: the Asset-Based group reads lowest at €7.32, and 15 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: €35.24 (bear) to €58.19 (bull), the price of €40.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 84/100 (high quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
ZEAL Network SE reported revenue of €218M in FY2025 versus €83.3M in FY2021, a compound +27.2%/yr. Reported net income was €41.7M in FY2025, compounding +40.2%/yr from FY2021.
Key figures
Market cap €1.1B · P/E ratio 0.7 · P/S ratio 0.14 · EPS (TTM) €0.5940 · Dividend yield 3.5% · Net margin 19.1% · Return on equity 16.5% · Return on assets (EBIT) 7.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 33% fair-value upside, at 16%, 0QJQ screens richer than that median.
Fair Value models
All 26 models by family
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Set up alert →Quality Score breakdown
Of which business quality 81 · Market factors (momentum, volatility) 42
Revenue & earnings trend
Growth Forecast
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Compare ZEAL Network SE with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Gambling · 50 stocks
Valuation Multiplesvs Gambling median · lower = cheaper
Context: sector, industry, market
- Is the Consumer Discretionary sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: UK Stocks
- Valuation of the UK market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Gambling stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Evolution AB EVO | kr 802.40 | kr 2,263 | +182% |
| Flutter Entertainment plc FLUT | $83.23 | $148.10 | +78% |
| The Lottery Corporation TLC | A$4.81 | A$2.08 | −57% |
| Lottomatica Group LTMC | €26.54 | €29.19 | +10% |
| Super Group SGHC | $11.72 | $12.89 | +10% |
| Light & Wonder, Inc LNWO | $77.14 | $102.32 | +33% |
| Churchill Downs Incorporated CHDN | $76.16 | $105.50 | +39% |
| Rush Street Interactive, Inc RSI | $19.87 | $21.86 | +10% |
| FDJ United FDJU | €21.14 | €23.25 | +10% |
| Brightstar Lottery PLC BRSL | $9.89 | $13.37 | +35% |
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Key figures of ZEAL Network SE
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