5 models fit United Internet AG and they disagree: 0 of 5 land within 15% of the average.
Two or more of our models back this value.
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Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionUnited Internet AG (UTDI.DE)
Fair value (5 models)
€19.90
ACCE price target
€26.30
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 13:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 22 Oct 2026, 13:04 CEST.
Price used: €24.04 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
20.8% above
-17.2% to fair value
ACCE score
63
out of 100
P/E
14.7x
forward 10.9x
1-year return
-13.6%
Dividend yield
2.06%
United Internet AG in four questions
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Overview
ACCE thesis
United Internet runs the consumer and SME connectivity business behind 1&1 mobile and broadband, alongside IONOS, its web hosting and cloud arm, which is the more interesting piece for a long-term holder. The company has a structural position in German fixed and mobile access, but that scale comes with heavy capex and a telecom-style margin profile: an 11.4% operating margin on 31.1% gross margin is solid for the sector, not exceptional. Revenue is growing 3.7%, which is modest, and the stock trades at 14.8x trailing and 11.1x forward earnings, so the market is pricing in limited earnings growth. The case for a deeper look rests on the forward multiple sitting well below trailing, implying the earnings trajectory the market is underwriting is improving, and on whether the IONOS cloud business can compound faster than the access network drags the group. An 8.1% ROE on a 4.2B EUR market cap means the balance sheet and network investment are doing real work to hold returns up, so the diligence question is whether that spending converts into free cash flow.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Thin revenue growth
Revenue grew 3.7% year on year and 2.7% a year over five years, so the 35.7% earnings jump rests on margin recovery rather than top-line expansion.
moderate
Leverage on equity
Debt/Equity of 0.96 and insider ownership of 53.9% leave a concentrated register with meaningful borrowing; the stock trades 20.8% above the model fair value of €19.90.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Free cash flow of EUR 370M over the last twelve months gives the stock an 8.8% free cash flow yield at current prices.
The stock trades at a forward P/E of 7.3x against a sector median of 16.5x, a steep discount on expected earnings.
Analysts' mean price target of EUR 32.07 sits 32.7% above the share price, and the latest quarter beat expected EPS by 30.0%.
Why it could disappoint
Return on invested capital of 2.5% is low, suggesting the business earns little on the money it puts to work.
The consensus of five valuation models puts fair value at €19.90, and the share price trades 20.8% above it.
The price implies cash flow growth of 10.1% a year forever, while revenue has grown only 2.7% a year on average over five years.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 12, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where UTDI.DE's valuation models land
Price
€24.04
Model fair value
€19.90
Model range
€6.44 to €31.60
Fair value €19.90
Price €24.04
The price sits inside the model range.
Model
Fair value
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EV/EBITDA comparison
Graham number
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