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ZEAL Network
(XETRA:TIMA)
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Rating:69Neutral
Price Target:
€45.00
▲(5.39% Upside)
Action:Downgraded
Date:10/01/26
The score is primarily supported by strong financial performance (healthy margins, steady growth, and high cash conversion). This is tempered by weak technicals (price below key moving averages and negative MACD), despite oversold indicators. Valuation is supportive due to a moderate P/E and a ~3.67% dividend yield.
Positive Factors
Revenue growth
The sustained increase in revenue over several years indicates continued expansion of ZEAL’s digital lottery activity and customer transaction base. Ongoing top-line growth supports operating leverage, reinforces the platform’s market position, and provides a durable foundation for future cash generation.
Negative Factors
Debt service capacity
Although coverage has improved from 2025, operating cash flow still does not cover total debt within a single period and remains below the 2024 level. This limits the speed of potential deleveraging and could constrain capital allocation if operating conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth
The sustained increase in revenue over several years indicates continued expansion of ZEAL’s digital lottery activity and customer transaction base. Ongoing top-line growth supports operating leverage, reinforces the platform’s market position, and provides a durable foundation for future cash generation.
Read all positive factors
ZEAL Network (TIMA) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€824.68M
Dividend Yield3.41%
Average Volume (3M)1.59K
Price to Earnings (P/E)19.8
Beta (1Y)0.26
Revenue Growth12.10%
EPS Growth7.64%
CountryDE
Employees310
SectorGeneral
Sector StrengthN/A
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)2.08
Shares Outstanding21,681,786
10 Day Avg. Volume2,197
30 Day Avg. Volume1,595
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
€80.00Price Target Upside87.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.95
Revenue Forecast (FY)€262.09M
ZEAL Network Business Overview & Revenue Model
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, Glücks...
How the Company Makes Money
ZEAL Network primarily generates revenue by acting as an online intermediary for lottery participation, earning commissions/fees when customers place lottery entries via its platforms for state-run lotteries. Key revenue streams include: (1) broke...
ZEAL Network Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 238.72M | 218.45M | 188.20M | 116.05M | 105.20M | 83.59M |
| Gross Profit | 179.44M | 150.26M | 169.69M | 81.48M | 94.55M | 74.01M |
| EBITDA | 72.43M | 67.16M | 61.87M | 33.11M | 32.24M | 26.84M |
| Net Income | 44.03M | 41.71M | 58.39M | 12.85M | 15.96M | 10.79M |
Balance Sheet | ||||||
| Total Assets | 431.30M | 454.26M | 457.53M | 394.65M | 459.74M | 503.40M |
| Cash, Cash Equivalents and Short-Term Investments | 98.95M | 118.61M | 114.92M | 58.05M | 66.64M | 93.33M |
| Total Debt | 82.47M | 88.08M | 99.11M | 27.70M | 32.73M | 15.63M |
| Total Liabilities | 209.43M | 223.75M | 219.03M | 129.90M | 125.70M | 118.46M |
| Stockholders Equity | 221.88M | 230.51M | 238.51M | 259.21M | 327.95M | 378.22M |
Cash Flow | ||||||
| Free Cash Flow | 67.05M | 60.90M | 74.78M | 25.14M | 27.06M | 25.75M |
| Operating Cash Flow | 67.85M | 61.87M | 75.33M | 25.57M | 28.49M | 26.16M |
| Investing Cash Flow | -1.16M | 3.86M | 160.00K | 56.11M | -6.19M | -411.00K |
| Financing Cash Flow | -40.55M | -62.02M | -18.08M | -85.44M | -51.16M | -21.82M |
ZEAL Network Technical Analysis
Negative
42.70
Price Trends
42.96
Negative
43.87
Negative
45.91
Negative
Market Momentum
-0.75
Positive
44.83
Neutral
19.61
Positive
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 42.7 is above the 20-day moving average (MA) of 42.13, below the 50-day MA of 42.96, and below the 200-day MA of 45.91, indicating a bearish trend. The MACD of -0.75 indicates Positive momentum. The RSI at 44.83 is Neutral, neither overbought nor oversold. The STOCH value of 19.61 is Positive, 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | €824.68M | 19.76 | 19.31% | 3.41% | 12.10% | 7.64% | |
59 Neutral | €5.37B | 61.35 | 3.47% | ― | 23.48% | -63.82% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | €3.98B | 47.83 | 11.27% | ― | 26.56% | 19.28% | |
49 Neutral | €1.98B | -180.33 | -1.33% | 4.28% | 4.26% | -366.13% | |
41 Neutral | €11.20B | -14.00 | -54.44% | ― | 11.42% | -34.78% |
* General Sector Average
DE:TIMA
ZEAL Network
41.10
-6.39
-13.46%
DE:CEC
CECONOMY AG
4.31
-0.11
-2.38%
DE:ZAL
Zalando
22.70
-4.48
-16.48%
DE:DHER
Delivery Hero SE
36.25
10.80
42.44%
DE:AG1
AUTO1 Group SE
17.66
-12.30
-41.05%
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.