ZEAL Network SE (TIMA) Fair Value & Analysis
Consumer Cyclical · DE · Market cap €954M
Fair value as of: Jul 17, 2026
From 26 valuation models · updated 24 days ago
Fair value updated Jul 17, 2026, revised from €43.49 to €39.64 (−8.9%) since Jun 24, 2026. Share price +0.5% over the past month.
A strong business, currently priced close to our fair value.
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- Our model range runs from €30.09 (bear) to €49.19 (bull), base €39.64. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 81/100 (high quality) with high evidence: the data supports the verdict.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.
How to read this chart
60‑month range €20.17 – €51.09 · fair‑value band €30.09 – €49.19 · the €43.40 price screens above the €39.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.
Analysis
ZEAL Network SE (TIMA) currently trades at €43.40, while our model-based Fair Value estimate is €39.64, implying the stock looks roughly 8.7% fairly valued today. The Quality Score stands at 81/100 (high quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, ZEAL Network SE generated revenue of €223M at a net margin of 18.0%. Revenue grew 6.2% year over year. It earns a return on equity of 16.5%. The balance sheet holds a net cash position of €30.5M. Fundamentals as of Jul 17, 2026
Our scenario range runs from €30.09 (bear case) to €49.19 (bull case); at €43.40, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -11% fair-value upside, at -9%, TIMA screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: DCF Models (€47.82) versus Asset-Based (€7.32). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 78 · Market factors (momentum, volatility) 46
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.
About the company
ZEAL Network SE engages in the online lottery brokerage business in Germany. The company operates through three segments: Germany, ONCE, and ZEAL Ventures.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
ZEAL Network SE reported revenue of €218M in FY2025 versus €83.6M in FY2021, a compound +27.1%/yr. Reported net income was €41.7M in FY2025, compounding +40.2%/yr from FY2021.
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Peer Group
Gambling · 54 stocks
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 Multiples vs Gambling median · lower = cheaper
Snowflake
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Gambling stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Flutter Entertainment plc FLUT | $110.66 | $88.33 | -20% |
| Evolution AB EVO | kr 684.00 | kr 974.80 | +43% |
| The Lottery Corporation TLC | A$5.62 | A$2.99 | -47% |
| Super Group SGHC | $14.73 | $9.39 | -36% |
| Lottomatica Group LTMC | €25.62 | €16.38 | -36% |
| Light & Wonder, Inc LNWO | $78.94 | $70.17 | -11% |
| Churchill Downs Incorporated CHDN | $83.95 | $94.74 | +13% |
| FDJ United FDJ | €23.24 | €20.97 | -10% |
| Brightstar Lottery PLC BRSL | $10.71 | $17.61 | +64% |
| Tabcorp Holdings TAH | A$0.8750 | A$0.3700 | -58% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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