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United Internet AG (UTDI) Fair Value & Analysis

Communication Services · DE · Market cap €4.2B

UI United Internet AG UTDI · XETRA
Price€23.90
Fair Value€28.02
Upside+17.2%
Quality51/100
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Mixed Growth
Thin margins · 4.8% net margin
Low debt · generates free cash flow
2.09% dividend yield
Mixed vs. peers (8/15)
Narrow moat 41/100
Evidence: Medium Range €18.61 – €35.03 Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 24 days ago

Share price +4.0% over the past month.

A solid business, screening 17% undervalued on our models.

What matters now

  • A fairly wide model range (€18.61 to €35.03) leaves room in how you read the outcome.
  • Our model range runs from €18.61 (bear) to €35.03 (bull), base €28.02. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 51/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

€31.11 €10.99 Fair Value €28.02 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 €10.99 – €31.11 · fair‑value band €18.61 – €35.03 · the €23.90 price screens below the €28.02 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

United Internet AG (UTDI) currently trades at €23.90, while our model-based Fair Value estimate is €28.02, implying the stock looks roughly 17.2% undervalued today. The Quality Score stands at 51/100 (solid quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, United Internet AG generated revenue of €6.2B at a net margin of 4.8%. Revenue grew 2.1% year over year. It earns a return on equity of 7.1%. Net debt stands at €4.5B. Fundamentals as of Jul 17, 2026

Our scenario range runs from €18.61 (bear case) to €35.03 (bull case); at €23.90, 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 19% 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 32% fair-value upside, at 17%, UTDI screens richer 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 €12.70 €26.44 €47.07 80
Residual Income €21.32 €22.14 €22.34 76
Rev-Margin DCF €14.15 €30.98 €51.02 74
All 26 models by family
DCF Models
FCF DCF €12.54 €26.73 €48.37 38
Owner Earnings €4.84 €14.48 €29.17 31
5Y Revenue Exit €14.15 €31.16 €53.31 39
5Y EBITDA Exit €33.89 €69.18 €111.62 41
5Y P/E Exit €12.83 €28.62 €45.57 38
10Y Revenue Exit €12.48 €27.81 €49.30 36
10Y EBITDA Exit €25.76 €54.03 €94.01 37
10Y P/E Exit €12.48 €26.06 €43.36 35
Earnings-Based
Graham-Dodd €11.21 €39.97 €53.84 54
Lynch FV €9.40 €13.43 €17.47 50
PEG = 1.0 €9.40 €13.43 €17.47 46
EPV €10.97 €14.50 €17.55 59
Dividend Discount
Gordon GGM €16.69 €33.25 €50.35 70
DDM Multi-Stage €16.69 €28.74 €35.10 61
Multiples
P/E Multiple €27.20 €36.27 €45.33 63
P/S Multiple €21.02 €28.02 €35.03 58
P/B Multiple €21.02 €28.02 €35.03 55
EV/EBIT €24.86 €36.95 €49.04 53
EV/EBITDA €52.07 €73.24 €94.40 54
EV/Revenue €16.09 €27.88 €39.67 43
Asset-Based
NCAV (Graham) €13.54 €18.14 €27.08 50
Growth DCF
Growth DCF €12.70 €26.44 €47.07 80
Rev-Margin DCF €14.15 €30.98 €51.02 74
Economic Profit
Residual Income €21.32 €22.14 €22.34 76
ROIC Compounder €10.97 €14.50 €17.55 72
Growth Earnings
Growth-Adj P/E €18.58 €26.54 €34.51 68

Widest divergence: Dividend Discount (€28.74) versus Earnings-Based (€13.43). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €6.2B
Revenue growth (YoY) +2.1%
Net margin 4.8%
Return on equity 7.1%
Free cash flow €370M FY2025
P/E ratio 15.1
More key figures
Operating margin 10.8%
EPS (TTM) €1.60
Dividend yield 2.1%
EPS growth (YoY) +12.9%
Net debt €4.5B FY2025

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

Quality Score breakdown

Overall quality 51/100

Of which business quality 49 · Market factors (momentum, volatility) 44

Profitability 30
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 30
Balance sheet, leverage, solvency risk
Investment 73
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 24
Distance to the 52-week high (market factor)
Net Issuance 90
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

United Internet AG, through its subsidiaries, operates as an Internet service provider worldwide. The company operates through Consumer Access, Business Access, Consumer Applications, and Business Applications segments.

Full company description

United Internet AG, through its subsidiaries, operates as an Internet service provider worldwide. The company operates through Consumer Access, Business Access, Consumer Applications, and Business Applications segments. It offers landline-based broadband and mobile internet products, including home networks, online storage, smart home, and IPTV for private users; and telecommunication products ranging from fiber-optic direct connections to tailored ICT solutions, which include voice, data, and network solutions, as well as infrastructure services to national and international carriers and ISPs. The company also provides applications and services for home users, such as personal information management applications comprising email, to-do lists, appointments, and addresses; and online cloud storage and office software. In addition, it provides business applications for freelancers and small to medium enterprises, such as domains, websites, web hosting, servers, e-shops, group work, online cloud storage, and office software, as well as cloud solutions and infrastructure. It offers its access products through the yourfone, smartmobile.de, 1&1, and 1&1 Versatel brand names; and applications through GMX, mail.com, WEB.DE, home.pl, Arsys, STRATO, IONOS, Fasthosts, we22, InterNetX, united-domains, and World4You brand names. In addition, the company offers professional services in the fields of active domain management; performance-based advertising and sales services under the Sedo brand name; online advertising services under the United Internet Media brand name; and white-label website builder services under the we22 brand, as well as sells IT hardware. The company was founded in 1988 and is headquartered in Montabaur, Germany.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

United Internet AG reported revenue of €6.1B in FY2025 versus €5.6B in FY2021, a compound +2.0%/yr. Reported net income was €285M in FY2025, compounding −9.1%/yr from FY2021.

Growth Quality 52/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€6.1B
Latest YoY
−3.3%
Avg. growth/yr (3Y)
+1.1%
Avg. growth/yr (5Y)
+2.7%
Avg. growth/yr (25Y)
+14.8%
Revenue +2.0%/yr
FY21 €5.6B
FY22 €5.9B
FY23 €6.2B
FY24 €6.3B
FY25 €6.1B
Net income −9.1%/yr
FY21 €416M
FY22 €367M
FY23 €233M
FY24 −€47.6M
FY25 €285M

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Cite: Fair Value Calculator (2026). "United Internet AG Fair Value". https://www.fairvalue-calculator.com/stock/UTDI

Peer Group

Telecom Services · 252 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 51 · Below median
Fair Value upside +17% · Above median
Return on equity (TTM) 7% · Above median
Return on assets 3% · Above median
Net margin (TTM) 5% · Below median
Operating margin (TTM) 11% · Above median
Revenue growth 2% · Below median
Dividend yield (TTM) 2.1% · Below median
Debt / equity 0.43× · Higher than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 15.1× · Cheaper than median
P/B 1.03× · Cheaper than median
P/S (TTM) 0.79× · Cheaper than median
P/FCF 13.1× · Pricier than 75% of peers
EV/EBITDA 6.6× · Cheaper than median
PEG 1.59× · 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 56 · sector 30
FUTURE 11 · sector 15
PAST 28 · sector 28
HEALTH 78 · sector 89
DIVIDEND 42 · sector 72

Insider activity: 45/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥89.98 ¥109.88 +22%
T-Mobile US, Inc TMUS $187.61 $172.67 -8%
Bharti Airtel Limited BHARTIARTL ₹1,922 ₹941.55 -51%
China Telecom Corporation 601728 ¥6.01 ¥8.36 +39%
América Móvil, S.A. AMXB 23.07 MXN 30.35 MXN +32%
Vodafone Group VODN 259.50 MXN 507.27 MXN +95%
Advanced Info Service Public Company ADVANC 379.00 THB 286.77 THB -24%
Chunghwa Telecom Co 2412 133.50 TWD 100.00 TWD -25%
China Unicom (Hong Kong) Limited 0762 HK$6.50 HK$13.03 +100%
Telefónica, S.A TEFN 75.67 MXN 111.01 MXN +47%

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Frequently asked questions

Is United Internet AG (UTDI) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of €28.02 versus a price of €23.90, about +17% (undervalued).
What is the fair value of UTDI?
Our model-based fair value for United Internet AG is €28.02 (as of Jul 17, 2026), built from audited fundamentals. The current price is €23.90.
What is the quality score of UTDI?
United Internet AG has a Quality Score of 51/100. 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 United Internet AG (UTDI)?
United Internet AG reported trailing-twelve-month revenue of about €6.2B (latest available figure, as of Jul 17, 2026).
What is the net profit margin of UTDI?
The net profit margin of United Internet AG is about 4.8%, meaning it keeps roughly 4.8% of revenue as net income. Based on the latest reported figures.
Does United Internet AG pay a dividend?
United Internet AG currently shows a dividend yield of about 1.92% 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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