freenet AG (FNTN) fair value: what the stock is really worth
We calculate from audited financials what freenet AG is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
Watch it or check another stockalert when fair value or trend changes
Communication Services · DE · Market cap €2.9B · ISIN DE000A0Z2ZZ5
At a glance
FAfreenet AGFNTN · XETRA
Price€24.48
Fair Value€45.32
Upside+85.1%
Quality66/100
A solid business, trading 46% below our fair value of €45.32.
As of Sep 7, 2026, the fair value of freenet AG is €45.32 per share against a price of €24.48, so the fair value sits 85% above the price. A model estimate from reported figures, not an analyst target.
!Weak Growth (revenue 5y −1.1 %/yr)
!Thin margins · 10.0% net margin
✓Low debt · generates free cash flow
·8.46% dividend yield
✓Ranks above peers (11/15)
!Moderate moat 54/100
Evidence: HighRange €31.89 to €62.65
Fair value as of: Sep 7, 2026
From 24 valuation models · updated 3 days ago
Share price +4.9% over the past month.
This is the short version. In the app for freenet AG:
Watch freenet AG for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for free
69 individual criteria per stock, every one traceable See the method →
What matters now
The price is below even our cautious bear case (€31.89). The market is more pessimistic than our downside scenario.
Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
A fairly wide model range (€31.89 to €62.65) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 7, 2026.
How to read this chart
60‑month range €13.81 – €32.60 · fair‑value band €31.89 – €62.65 · the €24.48 price screens below the €45.32 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 7, 2026.
freenet AG (FNTN) currently trades at €24.48, while our model-based Fair Value estimate is €45.32, implying the stock looks roughly 46.0% undervalued today. The Quality Score stands at 66/100 (solid quality), in the Communication Services sector. Bull case: the Multiples group reads highest at a median of €45.08 per share, and 19 of the 24 models we run sit above the €24.48 price. Bear case: the Asset-Based group reads lowest at €8.70, and 5 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, freenet AG generated revenue of €2.6B at a net margin of 10.0%. Revenue grew 25.9% year over year. It earns a return on equity of 16.8%. Net debt stands at €839M. Fundamentals as of Sep 7, 2026
Scenario range: €31.89 (bear) to €62.65 (bull), the price of €24.48 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 22% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 29% fair-value upside, at 85%, FNTN screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (€0.0898 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
Free, no payment details. Unsubscribe anytime in one click.
Key figures & financial health
P/E ratio11.1
P/S ratio1.24P/E × margin
EPS (TTM)€2.20price ÷ EPS = P/E 11.1
Dividend yield8.5%payout 94.1%
Net margin11.1%FY2025
Return on equity16.8%TTM
More key figures
Profitability
Return on assets (EBIT)8.5%avg 5y
Operating margin10.7%TTM
Growth
Revenue (TTM)€2.6BTTM
Revenue growth (YoY)+25.9%3y avg −1.5%
EPS growth (YoY)−17.2%
Balance sheet & cash flow
Free cash flow€364MFY2025
Net debt€839MFY2025 · ≈ 2.3 yrs of FCF
Figures from reported company fundamentals · as of Sep 7, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality66/100
Of which business quality 63
· Market factors (momentum, volatility) 48
Profitability49
Margins and returns on capital today
Quality Growth28
Are margins and returns improving?
Cashflow71
Earnings quality: real cash, not paper profit
Fin. Strength59
Balance sheet, leverage, solvency risk
Investment97
Disciplined investing over empire-building
Low Volatility88
Calm price path (market factor)
Momentum34
Price trend over the last 3–12 months (market factor)
52W Momentum27
Distance to the 52-week high (market factor)
Net Issuance87
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
freenet AG provides telecommunications, broadcasting, and multimedia services for mobile communications/mobile internet, and digital lifestyle sectors in Germany. It operates through Mobile Communications, TV and Media, and Other/Holding segments.
Full company description
freenet AG provides telecommunications, broadcasting, and multimedia services for mobile communications/mobile internet, and digital lifestyle sectors in Germany. It operates through Mobile Communications, TV and Media, and Other/Holding segments. The Mobile Communications segment engages in marketing mobile communications services, which include voice and data services from the mobile network operators; planning, set up, installation, and maintenance services for WiFi networks; and selling and distribution of mobile devices, as well as offering additional services for mobile data communications and digital lifestyle. This segment also provides network-independent services and tariffs; tariffs of the network operators; and freenet Internet, an app-based Internet product. The TV and Media segment is involved in the planning, project management, construction, operation, service, and marketing services for broadcast-related solutions for business clients in the broadcasting and media sectors; and the provision of services to end users in the field of DVB-T2 and IPTV. The Other/Holding segment offers portal services, such as e-commerce/advertising services; payment services; various digital products and entertainment formats for downloading and displaying, as well as use on mobile devices; communication development solutions, IT services, and other services; narrowband voice services; data services; and distribution services. The company was formerly known as telunico holding AG and changed its name to freenet AG in March 2005. freenet AG was incorporated in 2005 and is headquartered in Büdelsdorf, Germany.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
freenet AG reported revenue of €2.4B in FY2025 versus €2.6B in FY2021, a compound −1.2%/yr. Reported net income was €271M in FY2025, compounding +8.2%/yr from FY2021.
Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€2.4B
Latest YoY
−1.5%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.5%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.1%
Avg. revenue growth/yr (21Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.2%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
≈ +17.5%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+9.0%
Dividend yield8.5%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 9.0% vs 10Y 2.6%, picking up
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11.6% (2020) → 16.9% (2025) · rising
Worst earnings drop76% (2008) · in EUR
⚠ Revenue per share shrinking 1.5%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Final year 2025 sits 77% above trend (one-off), rate approximate
Revenue−1.2%/yr
FY21€2.6B
FY22€2.6B
FY23€2.6B
FY24€2.5B
FY25€2.4B
Net income+8.2%/yr
FY21€198M
FY22€79.3M
FY23€155M
FY24€247M
FY25€271M
Character of growth · EPS growth decomposed (2014-2025)+0.5 % p.a.
Revenue per share−1.7 %
of which total revenue −2.6 % · buybacks/dilution +0.9 %
EBIT margin+4.7 %
Tax rate−1.8 %
Residual (interest, one-offs)−0.6 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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.
Valuation
Quality Score66 · Top 25%
Fair Value upside+86% · Top 25%
Profitability
Return on equity (TTM)17% · Above median
Return on assets7% · Top 25%
Net margin (TTM)10% · Above median
Operating margin (TTM)11% · Above median
Growth and dividend
Revenue growth26% · Top 25%
Dividend yield (TTM)8.5% · Top 25%
Balance sheet
Debt / equity0.13× · Below median
Valuation Multiples vs Telecom Services median · lower = cheaper
P/E (TTM)11.1× · Cheaper than median
P/B2.11× · Pricier than median
P/S (TTM)1.23× · Pricier than median
P/FCF8.9× · Pricier than median
EV/EBITDA7.8× · Pricier than median
PEG0.85× · Cheaper than median
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must freenet AG deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years-5.8 % per year
Achieved revenue growth, 5 years-1.1 % p.a.
Sector median revenue growth+1.9 %
FCF yield on price12.61 %
Discount rate (WACC) in the models8.3 %
The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE100· sector 28
FUTURE100· sector 15
PAST67· sector 28
HEALTH94· sector 89
DIVIDEND100· sector 74
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Sep 7, 2026).
As of Sep 7, 2026, our model estimates a fair value of €45.32 versus a price of €24.48, about +85% upside (undervalued).
What is the fair value of FNTN?
Our model-based fair value for freenet AG is €45.32 (as of Sep 7, 2026), built from audited fundamentals. The current price: €24.48.
What is the quality score of FNTN?
freenet AG has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for freenet AG (FNTN)?
Our model-based price target is the fair value of €45.32 (as of Sep 7, 2026) from 24 valuation models. Cautious scenario €31.89, optimistic scenario €62.65. It is a calculation from audited fundamentals, not an analyst target.
What is the freenet AG stock forecast for 2026?
Our models put fair value at €45.32, about +85% upside versus a price of €24.48 (undervalued). Cautious scenario €31.89, optimistic scenario €62.65. The calculation is refreshed regularly with new filings.
What is the revenue of freenet AG (FNTN)?
freenet AG reported trailing-twelve-month revenue of about €2.6B (latest available figure, as of Sep 7, 2026).
What is the net profit margin of FNTN?
The net profit margin of freenet AG is about 10.0%, meaning it keeps roughly 10.0% of revenue as net income. Based on the latest reported figures.
Does freenet AG pay a dividend?
freenet AG currently shows a dividend yield of about 8.46% relative to its recent price (as of Sep 7, 2026).
What growth is priced into freenet AG (FNTN)?
For today's price to be fair in a discounted-cash-flow model, freenet AG would have to grow free cash flow by -5.8 % per year for ten years (discount rate 8.3 %, then 2 % perpetual growth). Over the last 5 years revenue grew -1.1 % per year. As of Sep 7, 2026.
What discount rate (WACC) does the fair value of FNTN use?
Our models discount freenet AG at 8.3 %: a base by market capitalisation (mid), damped by beta 0.28, country premium for Germany. The same rate applies in all 26 models.
What is the intrinsic value of freenet AG (FNTN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For freenet AG it is €45.32 per share (as of Sep 7, 2026), against a price of €24.48. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is freenet AG stock overvalued or undervalued in 2026?
As of Sep 7, 2026, FNTN trades below its calculated fair value: price €24.48, fair value €45.32, a gap of about +85% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FNTN?
No. The price is what the market pays today (€24.48); the fair value is what the company's own numbers justify (€45.32). For freenet AG the two are €20.84 per share apart. That gap is exactly why we show both numbers side by side.
How much is freenet AG worth?
The market values freenet AG at about €2.9B (market capitalisation, as of Sep 7, 2026). Per share that is €24.48; our models calculate a fair value of €45.32 per share.
What do the bullish and bearish scenarios say about FNTN?
Our models span a range for freenet AG: cautious scenario €31.89, base €45.32, optimistic €62.65 per share (as of Sep 7, 2026, price €24.48). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FNTN?
freenet AG trades at a price-to-earnings ratio of 11.1 (as of Sep 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €45.32 is built from several models across several years. Other multiples: PEG 0.8, P/B 2.1, P/S 1.2, EV/EBITDA 7.8.
What is the PEG ratio of FNTN?
The PEG ratio of freenet AG is 0.85 (P/E divided by earnings growth, as of Sep 7, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of freenet AG (FNTN)?
Balance-sheet figures for freenet AG (as of Sep 7, 2026): return on equity 16.8%, debt of 0.13 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is FNTN from its 52-week high?
freenet AG trades at €24.48, about 22% below its 52-week high of €31.31 and 5% above the low of €23.37 (as of Sep 7, 2026). Distance from the high says nothing about value: that is what the fair value of €45.32 is for.
Which stocks are comparable to freenet AG?
From the same area (Communication Services) we also value China Mobile Limited, T-Mobile US, Inc, Verizon Communications Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is freenet AG stock attractive at the current price?
The data as of Sep 7, 2026: price €24.48, calculated fair value €45.32 (+85%), Quality Score 66/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FNTN calculated?
We run freenet AG through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €45.32, with the spread shown as a cautious and an optimistic scenario.
Free · no account needed
Watch freenet AG in the live analysis
One click puts freenet AG on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
