ZEAL Network SE (DE:TIMA)
XETRA:TIMA
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ZEAL Network
(XETRA:TIMA)
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Rating:74Outperform
Price Target:
€56.00
▲(13.82% Upside)
Action:Upgraded
Date:05/09/26
The score is driven primarily by strong financial performance (high margins, solid ROE, and strong revenue growth), tempered by softer recent cash flow momentum and higher leverage than prior years. Technicals are mildly supportive with the price above key averages, while valuation is a headwind due to the high P/E despite a moderate dividend yield.
Positive Factors
High margins & profitability
ZEAL’s very high gross and healthy operating margins reflect a commission-driven, low-cost digital lottery model with strong pricing power and low incremental product cost. Sustained margins and ~18% ROE indicate durable cash generation and capital efficiency that support reinvestment, dividends, or M&A over a multi‑quarter horizon.
Negative Factors
Step-up in leverage vs prior years
Leverage has materially increased from historically minimal levels, weakening financial headroom. Higher net debt raises interest and refinancing risk and reduces flexibility to sustain spending or absorb shocks if top-line or margins deteriorate, making capital structure more sensitive over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins & profitability
ZEAL’s very high gross and healthy operating margins reflect a commission-driven, low-cost digital lottery model with strong pricing power and low incremental product cost. Sustained margins and ~18% ROE indicate durable cash generation and capital efficiency that support reinvestment, dividends, or M&A over a multi‑quarter horizon.
Read all positive factors
ZEAL Network (TIMA) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€974.03M
Dividend Yield4.61%
Average Volume (3M)2.90K
Price to Earnings (P/E)23.8
Beta (1Y)0.27
Revenue Growth9.05%
EPS Growth-13.00%
CountryDE
Employees214
SectorGeneral
Sector StrengthN/A
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)1.90
Shares Outstanding21,681,786
10 Day Avg. Volume2,594
30 Day Avg. Volume2,899
Financial Highlights & Ratios
PEG Ratio-1.00
Price to Book (P/B)4.81
Price to Sales (P/S)5.08
P/FCF Ratio18.22
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€70.50Price Target Upside43.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.96
Revenue Forecast (FY)€253.36M
ZEAL Network Business Overview & Revenue Model
Company Description
ZEAL Network SE engages in the online lottery brokerage business in Germany. It operates in Germany and Other segments. The company's products include LOTTO 6aus49, Spiel 77, Super 6, EuroJackpot, GlücksSpirale, Keno, lotto clubs, instant lotterie...
How the Company Makes Money
ZEAL Network makes money mainly from commissions/fees tied to customer participation in lotteries via its online platforms. When customers place lottery entries through ZEAL’s services, ZEAL typically earns a share/commission linked to the ticket/...
ZEAL Network Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 221.61M | 218.45M | 188.20M | 116.05M | 105.20M | 83.59M |
| Gross Profit | 174.49M | 150.26M | 169.69M | 81.48M | 94.55M | 74.01M |
| EBITDA | 66.66M | 67.16M | 61.87M | 33.11M | 32.24M | 26.84M |
| Net Income | 40.18M | 41.71M | 58.39M | 12.85M | 15.96M | 10.79M |
Balance Sheet | ||||||
| Total Assets | 444.62M | 454.26M | 457.53M | 394.65M | 459.74M | 503.40M |
| Cash, Cash Equivalents and Short-Term Investments | 115.02M | 118.61M | 114.92M | 58.05M | 66.64M | 93.33M |
| Total Debt | 85.28M | 88.08M | 99.11M | 27.70M | 32.73M | 15.63M |
| Total Liabilities | 205.36M | 223.75M | 219.03M | 129.90M | 125.70M | 118.46M |
| Stockholders Equity | 239.26M | 230.51M | 238.51M | 259.21M | 327.95M | 378.22M |
Cash Flow | ||||||
| Free Cash Flow | 60.35M | 60.90M | 74.78M | 25.14M | 27.06M | 25.75M |
| Operating Cash Flow | 61.21M | 61.87M | 75.33M | 25.57M | 28.49M | 26.16M |
| Investing Cash Flow | 4.05M | 3.86M | 160.00K | 56.11M | -6.19M | -411.00K |
| Financing Cash Flow | -62.74M | -62.02M | -18.08M | -85.44M | -51.16M | -21.82M |
ZEAL Network Technical Analysis
Negative
49.20
Price Trends
47.13
Negative
47.58
Negative
47.23
Negative
Market Momentum
-0.66
Positive
39.13
Neutral
24.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:TIMA, the sentiment is Negative. The current price of 49.2 is above the 20-day moving average (MA) of 46.82, above the 50-day MA of 47.13, and above the 200-day MA of 47.23, indicating a bearish trend. The MACD of -0.66 indicates Positive momentum. The RSI at 39.13 is Neutral, neither overbought nor oversold. The STOCH value of 24.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:TIMA.
ZEAL Network Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €974.03M | 23.85 | 17.93% | 4.61% | 9.05% | -13.00% | |
57 Neutral | €6.05B | 51.17 | 4.22% | ― | 20.20% | -56.58% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | €5.05B | 67.87 | 10.60% | ― | 28.20% | 35.52% | |
45 Neutral | €11.23B | -14.09 | -40.83% | ― | 14.35% | 16.07% | |
44 Neutral | €1.89B | -33.79 | -9.61% | ― | 1.69% | -24.49% |
* General Sector Average
DE:TIMA
ZEAL Network
45.00
-0.45
-1.00%
DE:CEC
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3.90
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46.62%
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-27.94%
DE:ZO1
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DE:DHER
Delivery Hero SE
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49.17%
DE:AG1
AUTO1 Group SE
22.80
-0.82
-3.47%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.