Download PDF

1. Company Snapshot

1.a. Company Description

secunet Security Networks Aktiengesellschaft operates as a cybersecurity company in Germany and internationally.The company offers safety audits and analyses; secunet biomiddle, a middleware for biometric systems and electronic ID (eID) documents; secunet bocoa, a border control application for stationary and mobile use; secunet CryptoServices; secunet easygate, an automated border control system; and secunet easykiosk, an automated system that collects, processes, and forwards relevant personal data.It also provides secunet easytower for biometric acquisition at stationary border control; secunet edge, an edge computing solution; eID public key infrastructure for automotive applications; secunet GlobalTester, an open-source-based test tool for smart cards and document readers; secunet Golden Reader Tool, an acknowledged standard solution for the readout of electronic identity documents; hardware security modules; secunet konnektor for healthcare telematics; protect4use for secure authentication to protect digital identity; IT security outsourcing; secunet safe surfer to run external and unknown content in a surfing environment isolated from the internal network; and secunet Session Border Controller that filters audio and video protocols.


In addition, the company offers SINA Communicator H, a multi-crypto phone; SINA Workflow, a digital management of classified information; business continuity management system; data centre connectors for hospitals and large medical facilities; data protection management; information security management; anomaly detection services; secure web solutions; security analyses and penetration tests; security consulting; SecuStack, a secure and turnkey cloud infrastructure solution that ensures the protection of business-critical applications, sensitive data, and confidential information; and Stashcat, a secure messaging for police, public authorities, and companies.The company was founded in 1997 and is headquartered in Essen, Germany.

Show Full description

1.b. Last Insights on YSN

Secunet Security Networks Aktiengesellschaft faced challenges due to decelerating growth momentum. The company's recent earnings call highlighted robust financial performance in the first half of 2025, driven by increased international sales and disciplined cost management. However, concerns surrounding its valuation arose, with an estimated fair value of €145 based on 2 Stage Free Cash Flow to Equity. Additionally, investors are closely monitoring the company's intrinsic value, which might be above the current market price.

1.c. Company Highlights

2. Transcript Summary

Unfortunately this company is not part of our coverage yet. But as part of your subscription plan you can request it by clicking just below and we'll process.

Request Coverage

3. NewsRoom

Card image cap

secunet Security Networks Aktiengesellschaft (ETR:YSN) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?

Nov -21

Source:

Card image cap

Is It Too Late To Consider Buying secunet Security Networks Aktiengesellschaft (ETR:YSN)?

Oct -09

Source:

Card image cap

Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

Source:

Card image cap

Vaisala Corporation: Share Repurchase 9.9.2025

Sep -09

Source:

Card image cap

Assessing Acciona (BME:ANA)'s Valuation After Recent Subtle Moves

Sep -09

Source:

Card image cap

Deutsche Bank (XTRA:DBK): Assessing Valuation After a Period of Quiet Share Price Momentum

Sep -09

Source:

Card image cap

Is Vaisala (HLSE:VAIAS) Undervalued? A Fresh Look at Its Current Valuation

Sep -09

Source:

Card image cap

Has Evotec’s 29.5% Price Drop Created a New Opportunity for 2025?

Sep -09

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.25%)

6. Segments

Public

Expected Growth: 5%

secunet Security Networks Aktiengesellschaft's 5% growth is driven by increasing demand for cybersecurity solutions, fueled by rising cyberattacks and data breaches. Strong government contracts, expansion into new markets, and strategic partnerships also contribute to growth. Additionally, the company's focus on innovation, R&D, and talent acquisition enables it to stay ahead in the rapidly evolving cybersecurity landscape.

Business

Expected Growth: 7%

Secunet Security Networks' 7% growth is driven by increasing demand for cybersecurity solutions, particularly in the German government and enterprise sectors. The company's strong brand reputation, innovative product offerings, and strategic partnerships also contribute to its growth. Additionally, the rising threat of cyberattacks and the need for compliance with stringent regulations, such as GDPR, are fueling demand for secunet's security solutions.

7. Detailed Products

SINA (Security Information and Network Architecture)

A comprehensive security solution for the design, implementation, and operation of secure IT architectures.

SINA L3

A high-security network component for the separation of sensitive networks.

SINA VPN

A highly secure VPN solution for remote access and site-to-site connections.

SINA SDP

A software-defined perimeter solution for secure access to applications and services.

XPK (eXtended Public Key)

A public key infrastructure (PKI) solution for secure authentication and encryption.

TSE (Trusted Service Manager)

A trusted service manager for the secure management of cryptographic keys and certificates.

KMS (Key Management System)

A key management system for the secure management of cryptographic keys.

8. secunet Security Networks Aktiengesellschaft's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for secunet Security Networks Aktiengesellschaft is moderate, as there are some alternative security solutions available in the market, but they are not highly attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers is low, as secunet Security Networks Aktiengesellschaft has a strong brand reputation and its customers are largely dependent on its security solutions.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as secunet Security Networks Aktiengesellschaft has a diverse supplier base, but some suppliers may have some bargaining power due to their specialized products or services.

Threat Of New Entrants

The threat of new entrants is high, as the security industry is attractive and there are low barriers to entry, making it easy for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high, as the security industry is highly competitive, and secunet Security Networks Aktiengesellschaft faces intense competition from established players and new entrants.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 12.17%
Debt Cost 6.82%
Equity Weight 87.83%
Equity Cost 9.46%
WACC 9.14%
Leverage 13.86%

11. Quality Control: secunet Security Networks Aktiengesellschaft passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
F-Secure

A-Score: 4.8/10

Value: 5.5

Growth: 4.2

Quality: 8.1

Yield: 3.1

Momentum: 1.5

Volatility: 6.3

1-Year Total Return ->

View Full Report
Stock-Card
secunet

A-Score: 4.6/10

Value: 1.5

Growth: 6.6

Quality: 6.5

Yield: 1.9

Momentum: 10.0

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
Alarum Technologies

A-Score: 4.0/10

Value: 3.8

Growth: 5.2

Quality: 8.0

Yield: 0.0

Momentum: 7.0

Volatility: 0.0

1-Year Total Return ->

View Full Report
Stock-Card
Lesaka Technologies

A-Score: 3.4/10

Value: 8.8

Growth: 3.7

Quality: 3.4

Yield: 0.0

Momentum: 2.0

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
Cognyte Software

A-Score: 3.4/10

Value: 3.6

Growth: 4.7

Quality: 4.1

Yield: 0.0

Momentum: 6.5

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
HUB Cyber Security

A-Score: 3.3/10

Value: 9.8

Growth: 0.9

Quality: 5.0

Yield: 0.0

Momentum: 4.0

Volatility: 0.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

184.0$

Current Price

184$

Potential

-0.00%

Expected Cash-Flows