freenet AG (FNTN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of freenet AG stock €39.08, price €23.34, upside +67.4%, quality 66 out of 100. Rating: strongly undervalued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range €14.24 – €32.60 · fair‑value band €29.31 – €51.84 · the €23.34 price screens below the €39.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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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.
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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.
Stock analysis
freenet AG (FNTN) currently trades at €23.34, while our model-based Fair Value estimate is €39.08, implying the stock looks roughly 40% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of €47.98 per share, and 19 of the 22 models we run sit above the €23.34 price.
Bear case: the Dividend Discount group reads lowest at €23.20, and 3 of the 22 models stay below the price. Data coverage for this calculation is high.
Scenario range: €29.31 (bear) to €51.84 (bull), the price of €23.34 sits below 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 66/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
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.
Key figures
Market cap €2.7B Mid · P/E ratio 11.4 · P/S ratio 0.99 · EPS (TTM) €2.04 · Dividend yield 8.9% · Net margin 8.8% · Return on equity 17.7% · Return on assets (EBIT) 8.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 51% fair-value upside, at 67%, FNTN screens cheaper than that median.
Fair Value models
Bear€29.31Fair Value €39.08Bull€51.84
Price €23.34 · Upside +67.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘ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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−1.5%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−1.5%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−1.1%
Start year 2020 (pandemic). Over 10 years: −2.4% a year
Revenue growth 21 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+1.2%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+17.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.0%
Dividend (yield on the price)8.9%
Pace: 5 vs 10 years ⓘ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.9.0% vs 2.6%, picking up
Profit margin 2020 to 2025 ⓘ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.12% → 17%
2025 sits 77% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ 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.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−8.9%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −10.8% a year for the price and +4.5% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (44 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: The business shows neutral quality with thin evidence overall, where the main strength lies in potential IPTV scaling and capital returns while the main weak point remains margin pressure in the core mobile segment due to operator agreements.
Main risk: The network operator agreement creates ongoing margin pressure in the mobile segment and would hit profitability in the core business.
freenet is directing part of the proceeds from its Ceconomy stake sale toward completing the waipu.tv acquisition and launching a share buyback program of up to 75 million euros. The move occurs against a backdrop of margin pressure in mobile from a network operator agreement that has already affected first-half results. Our models see the stock as undervalued. Will the scaling IPTV business and capital return outweigh the drag in the core mobile segment, or will telecom competition keep growth in check?
Price, fair value, quality and upside side by side.
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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.Telecom Services · 235 stocks
Beats the industry median on 13/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+67.4% · Top 25%
Profitability
Return on equity (12 months)17.7% · Top 25%
Return on assets7.4% · Top 25%
Net margin (12 months)8.8% · Above median
Operating margin (12 months)10.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)23.4% · Top 25%
Dividend yield (12 months)8.9% · Top 25%
Balance sheet
Debt / equity0.13× · Below median
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (12 months)11.4× · Cheaper than median
P/B1.78× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)0.99× · Cheaper than median
Price / free cash flow (fiscal year)7.5× · Cheaper than median
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.
Cite: Fair Value Calculator (2026). "freenet AG Fair Value". https://www.fairvalue-calculator.com/stock/FNTN
Frequently asked questions
Is freenet AG (FNTN) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of €39.08 versus a price of €23.34, about +67% upside (undervalued).
What is the fair value of FNTN?
Our model-based fair value for freenet AG is €39.08 (as of Nov 5, 2026), built from audited fundamentals. The current price: €23.34.
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 €39.08 (as of Nov 5, 2026) from 22 valuation models. Cautious scenario €29.31, optimistic scenario €51.84. 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 €39.08, about +67% upside versus a price of €23.34 (undervalued). Cautious scenario €29.31, optimistic scenario €51.84. 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 €2.7B (latest available figure, as of Nov 5, 2026).
Does freenet AG pay a dividend?
freenet AG currently shows a dividend yield of 8.87% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of freenet AG (FNTN) and when is the ex-dividend date?
freenet AG pays a dividend of €2.07 per share a year, a dividend yield of 8.9%. The last ex-dividend date was May 14, 2026. A dividend has been paid every year since 2010. The payout ratio is 101% of earnings. Free cash flow covers the dividend 1.49 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
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 -8.9 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.1 % per year. As of Nov 5, 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 0.29, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For freenet AG that is -8.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has freenet AG (FNTN) delivered so far?
Over the past 5 years revenue at freenet AG grew -1.1 % a year. The price currently implies free-cash-flow growth of -8.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of freenet AG (FNTN) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into freenet AG (-8.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of freenet AG (FNTN)?
The free-cash-flow yield on the price is 13.36 %: that much free cash flow freenet AG produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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 €39.08 per share (as of Nov 5, 2026), against a price of €23.34. It is the blended result of 22 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is freenet AG stock overvalued or undervalued in 2026?
As of Nov 5, 2026, FNTN trades below its calculated fair value: price €23.34, fair value €39.08, a gap of about +67% (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 (€23.34); the fair value is what the company's own numbers justify (€39.08). For freenet AG the two are €15.74 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 €2.7B (market capitalisation, as of Nov 5, 2026). Per share that is €23.34; our models calculate a fair value of €39.08 per share.
What do the bullish and bearish scenarios say about FNTN?
Our models span a range for freenet AG: cautious scenario €29.31, base €39.08, optimistic €51.84 per share (as of Nov 5, 2026, price €23.34). 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 11.4 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €39.08 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 13.7. Other multiples: PEG 0.8, P/B 1.8, P/S 1.0, EV/EBITDA 6.8.
What is the PEG ratio of FNTN?
The PEG ratio of freenet AG is 0.85 (P/E divided by earnings growth, as of Nov 5, 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 Nov 5, 2026): return on equity 17.7%, 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 €23.34, about 25% below its 52-week high of €31.09 and 7% above the low of €21.86 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €39.08 is for.
Which stocks are comparable to freenet AG?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, 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 Nov 5, 2026: price €23.34, calculated fair value €39.08 (+67%), Quality Score 66/100, from 22 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 22 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €39.08 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. freenet AG currently trades 40% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of freenet AG (FNTN)?
The closing price on Nov 6, 2026 was €23.34. Our model-based fair value is €39.08, about +67% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with freenet AG right now?
The price is below even our cautious bear case (€29.31). 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.
Where does the earnings growth of freenet AG (FNTN) come from?
Earnings per share at freenet AG grew +0.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share −1.7 %, EBIT margin +4.7 %, tax rate −1.8 %, residual (interest, one-offs) −0.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of freenet AG
How large is the market capitalisation of freenet AG (FNTN)?
The market capitalisation of freenet AG is €2.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of freenet AG (FNTN)?
The price-to-sales ratio of freenet AG is 0.99 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of freenet AG (FNTN)?
Earnings per share at freenet AG are €2.04 (price ÷ EPS = P/E 11.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of freenet AG (FNTN)?
The dividend yield of freenet AG is 8.9% (payout 101%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of freenet AG (FNTN)?
The net margin of freenet AG is 8.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of freenet AG (FNTN)?
The return on equity (ROE) of freenet AG is 17.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of freenet AG (FNTN)?
On an EBIT basis the return on assets of freenet AG is 8.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of freenet AG (FNTN)?
The operating margin of freenet AG is 10.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at freenet AG (FNTN)?
Revenue at freenet AG is growing +23.4% versus a year earlier (3y avg −1.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at freenet AG (FNTN)?
Earnings per share at freenet AG are growing −30.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does freenet AG (FNTN) carry?
The net debt of freenet AG is €839M (fiscal year 2025, ≈ 2.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 5, 2026