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German operator of online lottery services that let consumers play state lottery draws and lottery-based betting products online.
German operator of online lottery services that let consumers play state lottery draws and lottery-based betting products online.
Earns a commission on each state-lottery ticket it brokers online through Lotto24, so jackpot size drives ticket sales, and it adds bets on lottery results that it offers itself. German licences and rules on how lotteries may be sold online shape what it can offer.
In one line: A German online lottery platform like a smaller Jackpot.com.
Moat: narrow (brand, regulatory licence, network effects). Established online lottery brand with gaming licences in a regulated market, but growth depends on jackpot sizes and regulatory limits.
Headquarters: Hamburg, Germany · Founded: 1999 · Employees: 265
Size ZEAL Network (TIMA.DE) is a Germany Communication Services company (Movies/Entertainment) with a market value of $969M, the 146th largest of 205 Germany companies the cockpit tracks. Shares closed at €39.90 on 6 Nov 2026.
Performance Over six months the shares fell 17.7%, against -8.2% for the median peer and +2.6% for the Germany market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 12.1% over the last twelve months (peer median +3.0%); the operating margin is 26.6% (peer median 7.5%).
Valuation It trades at 20.3× forward earnings against a peer median of 23.9× (7th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 24 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €239M | €218M | €188M | €116M | €105M |
| Revenue growth | — | +16% | +62% | +10% | — |
| Gross profit | €167M | €150M | €130M | €72.2M | €66.9M |
| EBITDA | €72.4M | €67.2M | €58.7M | €31.5M | €29.3M |
| Net income | €44.0M | €41.7M | €58.4M | €12.8M | €16.0M |
| Free cash flow | €67.1M | €60.9M | €74.8M | €25.4M | €27.7M |
| Capital expenditure | €804,000 | €971,000 | €569,000 | €428,000 | €1.43M |
| Total debt | €82.5M | €88.1M | €99.1M | €27.7M | €32.7M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TIMA.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.1% | +3.5% | 11th highest of 21 |
| 6-month return | -17.7% | -8.2% | 7th lowest of 21 |
| Distance from 52-week high | -24.4% | -36.4% | 8th highest of 21 |
| Revenue growth (TTM) | +12.1% | +3.0% | 6th highest of 21 |
| Operating margin | 26.6% | 7.5% | 3rd highest of 21 |
| Forward P/E | 20.3× | 23.9× | 7th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -7.5% | 5.2% | 4th least demanding of 15 |
| Growth delivered (Del g) | +20.2% | +16.5% | 6th highest of 15 |
| Hurdle (Req g minus delivered) | -27.8 pp | -12.4 pp | 4th least demanding of 15 |
| ROIC minus cost of capital | +16.6 pp | -1.2 pp | 3rd highest of 20 |
| EV / EBITDA | 11.7× | 10.0× | 7th most expensive of 14 |
| Net debt / EBITDA | -0.2× | 2.9× | 4th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ZEAL Network TIMA.DE | Germany | $969M | -18% | +12% | 27% | 20.3× | -7.5% | +20.2% |
| SJM 0880.HK | Hong Kong | $974M | -49% | -16% | 6% | n/a | n/a | n/a |
| JYP Entertainment 035900.KS | South Korea | $1.01B | -34% | +15% | 18% | 13.6× | -17.4% | +41.6% |
| Six Flags Entertainment FUN | United States | $1.02B | -55% | -3% | 11% | n/a | 5.4% | +76.4% |
| Shochiku 9601.T | Japan | $1.03B | +14% | +4% | 5% | 44.1× | 13.5% | +13.4% |
| CA Cultural Technology 1566.HK | Hong Kong | $1.03B | +9,743% | -2% | 7% | n/a | n/a | n/a |
| Tips Music TIPSMUSIC.NS | India | $1.04B | +20% | +27% | 67% | 39.6× | 36.6% | +32.9% |
| Fuji Kyuko 9010.T | Japan | $887M | +17% | +2% | 16% | 23.9× | 5.0% | +11.9% |
| Beijing Baination Pictures 300291.SZ | China | $874M | -2% | +217% | -134% | 32.6× | 24.5% | +1.5% |
| Accel Entertainment ACEL | United States | $1.10B | +18% | +9% | 8% | 15.6× | 0.8% | +33.3% |
| Compagnie des Alpes CDA.PA | France | $1.11B | -11% | +8% | 13% | 8.1× | 2.6% | +17.8% |
| Zhejiang Sunriver Culture Tourism 600576.SS | China | $838M | -11% | +16% | 17% | 53.0× | n/a | n/a |
| ProSiebenSat.1 Media PSM.DE | Germany | $830M | -16% | -8% | 6% | 6.9× | -11.8% | -1.9% |
| Omnijoi Media 300528.SZ | China | $820M | -7% | -1% | -26% | n/a | n/a | n/a |
| Marcus MCS | United States | $813M | +49% | +9% | 6% | 30.7× | 9.2% | +26.1% |
| Bona Film 001330.SZ | China | $1.17B | -25% | -29% | -34% | n/a | 24.0% | -4.9% |
| China Television Media 600088.SS | China | $786M | -10% | -3% | 2% | n/a | 31.1% | +5.9% |
| Saregama India SAREGAMA.NS | India | $1.26B | +77% | -3% | 28% | 46.6× | n/a | n/a |
| Juventus Football Club JUVE.MI | Italy | $738M | -22% | -1% | -28% | n/a | n/a | n/a |
| SM ENTERTAINMENT 041510.KS | South Korea | $1.31B | -19% | +10% | 14% | 15.5× | -9.1% | +15.2% |
| Heiwa 6412.T | Japan | $1.32B | +16% | +47% | 16% | 10.2× | 4.1% | +19.1% |