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ZEAL Network SE (TIMA) Fair Value & Analysis

Consumer Cyclical · DE · Market cap €954M

ZN ZEAL Network SE TIMA · XETRA
Price€43.40
Fair Value€39.64
Upside-8.7%
Quality81/100
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Mixed Growth
Solidly profitable · 18.0% net margin
Low debt · generates free cash flow
3.18% dividend yield
Mixed vs. peers (6/15)
Wide moat 69/100
Evidence: High Range €30.09 – €49.19 Share as image

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.
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Price vs Fair Value (5 years)

€51.09 €20.17 Fair Value €39.64 Jun 2021 Aug 2026

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.

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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.

Model BearBaseBull Evidence
Highest evidence
Growth DCF €32.21 €50.37 €76.54 80
Residual Income €11.19 €13.72 €25.25 76
Rev-Margin DCF €18.73 €26.82 €37.37 74
All 26 models by family
DCF Models
FCF DCF €32.72 €53.48 €85.41 38
Owner Earnings €26.93 €43.78 €69.69 31
5Y Revenue Exit €18.73 €26.56 €36.42 39
5Y EBITDA Exit €29.84 €49.53 €73.98 41
5Y P/E Exit €32.12 €54.25 €79.44 38
10Y Revenue Exit €23.54 €32.42 €44.72 36
10Y EBITDA Exit €30.54 €47.82 €73.52 37
10Y P/E Exit €31.92 €50.99 €77.71 35
Earnings-Based
Graham-Dodd €13.44 €63.21 €86.89 54
Lynch FV €16.74 €23.92 €31.10 50
PEG = 1.0 €16.74 €23.92 €31.10 46
EPV €18.82 €21.12 €23.03 59
Dividend Discount
Gordon GGM €18.65 €33.60 €46.25 70
DDM Multi-Stage €18.65 €30.69 €35.89 61
Multiples
P/E Multiple €32.62 €43.49 €54.36 63
P/S Multiple €9.32 €12.42 €15.53 58
P/B Multiple €25.20 €33.61 €42.01 55
EV/EBIT €39.43 €51.90 €64.37 53
EV/EBITDA €30.66 €40.21 €49.76 54
EV/Revenue €10.72 €14.44 €18.17 43
Asset-Based
NCAV (Graham) €5.46 €7.32 €10.92 50
Growth DCF
Growth DCF €32.21 €50.37 €76.54 80
Rev-Margin DCF €18.73 €26.82 €37.37 74
Economic Profit
Residual Income €11.19 €13.72 €25.25 76
ROIC Compounder €20.69 €25.79 €31.89 72
Growth Earnings
Growth-Adj P/E €27.18 €38.83 €50.48 68

Widest divergence: DCF Models (€47.82) versus Asset-Based (€7.32). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €223M
Revenue growth (YoY) +6.2%
Net margin 18.0%
Return on equity 16.5%
Free cash flow €60.9M FY2025
P/E ratio 19.5
More key figures
Operating margin 24.2%
EPS (TTM) €2.31
Dividend yield 3.1%
EPS growth (YoY) -17.0%
Net cash €30.5M FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 81/100

Of which business quality 78 · Market factors (momentum, volatility) 46

Profitability 59
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 90
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 24
Distance to the 52-week high (market factor)
Net Issuance 96
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.

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.

Growth Quality 92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€218M
Latest YoY
+16.1%
Avg. growth/yr (3Y)
+27.6%
Avg. growth/yr (5Y)
+20.2%
Avg. growth/yr (21Y)
+12.2%
Revenue +27.1%/yr
FY21 €83.6M
FY22 €105M
FY23 €116M
FY24 €188M
FY25 €218M
Net income +40.2%/yr
FY21 €10.8M
FY22 €16.0M
FY23 €12.8M
FY24 €58.4M
FY25 €41.7M

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Cite: Fair Value Calculator (2026). "ZEAL Network SE Fair Value". https://www.fairvalue-calculator.com/stock/TIMA

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.

Quality Score 81 · Top 25%
Fair Value upside −9% · Below median
Return on equity (TTM) 17% · Above median
Return on assets 8% · Top 25%
Net margin (TTM) 18% · Top 25%
Operating margin (TTM) 24% · Top 25%
Revenue growth 6% · Above median
Dividend yield (TTM) 3.2% · Below median
Debt / equity 0.33× · Higher than median

Valuation Multiples vs Gambling median · lower = cheaper

P/E (TTM) 23.8× · Pricier than median
P/B 4.78× · Pricier than 75% of peers
P/S (TTM) 4.94× · Pricier than 75% of peers
P/FCF 18.1× · Pricier than median
EV/EBITDA 16.1× · Pricier than 75% of peers
PEG 0.98× · Pricier than median

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.

VALUE 22 · sector 29
FUTURE 31 · sector 9
PAST 66 · sector 26
HEALTH 84 · sector 89
DIVIDEND 64 · sector 66

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Gambling

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

Is ZEAL Network SE (TIMA) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of €39.64 versus a price of €43.40, about −9% (fairly valued).
What is the fair value of TIMA?
Our model-based fair value for ZEAL Network SE is €39.64 (as of Jul 17, 2026), built from audited fundamentals. The current price is €43.40.
What is the quality score of TIMA?
ZEAL Network SE has a Quality Score of 81/100. 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 revenue of ZEAL Network SE (TIMA)?
ZEAL Network SE reported trailing-twelve-month revenue of about €223M (latest available figure, as of Jul 17, 2026).
What is the net profit margin of TIMA?
The net profit margin of ZEAL Network SE is about 18.0%, meaning it keeps roughly 18.0% of revenue as net income. Based on the latest reported figures.
Does ZEAL Network SE pay a dividend?
ZEAL Network SE currently shows a dividend yield of about 3.11% relative to its recent price (as of Jul 17, 2026).

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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