Zeal Network : Jackpots lining up while valuation remains attractive - NuWays AG Research
A more supportive jackpot environment should drive a visible acceleration in ZEAL's Q2 billings.
ANNONS
Following a soft Q1 jackpot backdrop, Q2 has already seen eight peak jackpots across Eurojackpot and Lotto 6aus49. While Lotto typically generates less “jackpot fever” than Eurojackpot, the impact on market activity is still material: last Wednesday’s Lotto draw generated c. € 35m in accumulated stakes, c. 43% above the average Wednesday Lotto draw.
In sum, Q2 should mark a clear billings re-acceleration. The structural online shift, ZEAL's diversification into proprietary formats within its core lottery expertise and an undemanding valuation further support the case (2026e EV/EBITDA c. 40% below 5-year average).
