Zalando SE

SWX:ZAL Stock Report

Market Cap: CHF 5.4b

Zalando Valuation

Is ZAL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of ZAL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: ZAL (CHF22.61) is trading below our estimate of future cash flow value (CHF79.1)

Significantly Below Future Cash Flow Value: ZAL is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ZAL?

Key metric: As ZAL is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ZAL. This is calculated by dividing ZAL's market cap by their current earnings.
What is ZAL's PE Ratio?
PE Ratio50.2x
Earnings€117.60m
Market Cap€5.86b

Price to Earnings Ratio vs Peers

How does ZAL's PE Ratio compare to its peers?

The above table shows the PE ratio for ZAL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average25.1x
AVOL Avolta
35.3x12.13%CHF 7.1b
URBN Urban Outfitters
13.9x6.35%US$6.5b
3092 ZOZO
20.5x5.42%JP¥984.7b
VSXY Victoria's Secret
30.9x39.56%US$6.5b
ZAL Zalando
50.2x30.78%CHF 5.9b

Price-To-Earnings vs Peers: ZAL is expensive based on its Price-To-Earnings Ratio (50.2x) compared to the peer average (24.9x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does ZAL's PE Ratio compare vs other companies in the European Specialty Retail Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ZAL 50.2xIndustry Avg. 15.9xNo. of Companies12PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ZAL is expensive based on its Price-To-Earnings Ratio (50.2x) compared to the European Specialty Retail industry average (15.9x).

Price to Earnings Ratio vs Fair Ratio

What is ZAL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ZAL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio50.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate ZAL's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ZAL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCHF 22.61
CHF 32.38
+43.23%
21.16%CHF 48.86CHF 18.44n/a23
Jun ’27CHF 20.98
CHF 32.77
+56.20%
22.38%CHF 48.47CHF 18.29n/a24
May ’27CHF 19.76
CHF 33.28
+68.46%
20.70%CHF 48.75CHF 22.08n/a24
Apr ’27CHF 19.76
CHF 33.38
+68.96%
20.77%CHF 48.78CHF 22.09n/a24
Mar ’27CHF 18.93
CHF 33.33
+76.08%
20.93%CHF 48.38CHF 21.00n/a24
Feb ’27n/a
CHF 33.79
0%
20.60%CHF 48.72CHF 21.14n/a24
Jan ’27n/a
CHF 34.13
0%
21.54%CHF 49.36CHF 21.42n/a24
Dec ’26n/a
CHF 34.11
0%
21.53%CHF 49.40CHF 21.44n/a24
Nov ’26n/a
CHF 34.04
0%
20.16%CHF 48.10CHF 21.28n/a24
Oct ’26n/a
CHF 34.42
0%
20.16%CHF 48.63CHF 21.51n/a24
Sep ’26n/a
CHF 34.03
0%
19.30%CHF 44.06CHF 21.56n/a25
Aug ’26n/a
CHF 35.53
0%
16.43%CHF 43.59CHF 21.33n/a25
Jul ’26n/a
CHF 36.07
0%
15.59%CHF 43.92CHF 21.49n/a26
Jun ’26n/a
CHF 36.56
0%
15.87%CHF 46.70CHF 21.48CHF 20.9826
May ’26n/a
CHF 36.53
0%
15.68%CHF 46.79CHF 21.52CHF 19.7626
Apr ’26n/a
CHF 36.94
0%
16.23%CHF 47.68CHF 21.93CHF 19.7626
Mar ’26n/a
CHF 35.76
0%
16.60%CHF 46.77CHF 19.64CHF 18.9327
Feb ’26n/a
CHF 35.73
0%
17.41%CHF 47.20CHF 17.94n/a27
Jan ’26CHF 99.44
CHF 33.80
-66.01%
18.53%CHF 46.59CHF 17.70n/a28
Dec ’25CHF 99.44
CHF 33.15
-66.67%
18.50%CHF 46.59CHF 17.70n/a28
Nov ’25CHF 99.44
CHF 33.24
-66.57%
19.87%CHF 47.17CHF 17.93n/a27
Oct ’25CHF 99.44
CHF 31.68
-68.14%
19.19%CHF 44.03CHF 17.80n/a27
Sep ’25CHF 99.44
CHF 31.02
-68.80%
19.06%CHF 44.00CHF 17.79n/a27
Aug ’25CHF 99.44
CHF 31.26
-68.57%
19.81%CHF 44.31CHF 16.97n/a27
Jul ’25CHF 99.44
CHF 31.83
-67.99%
22.14%CHF 45.57CHF 17.45n/a26
Jun ’25CHF 99.44
CHF 32.67
-67.15%
21.69%CHF 46.56CHF 17.83n/a26
CHF 32.43
Fair Value
30.3% undervalued intrinsic discount
23
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/18 05:26
End of Day Share Price 2026/06/18 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Zalando SE is covered by 47 analysts. 23 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Christian ObstBaader Helvea Equity Research
Volker BosseBaader Helvea Equity Research
Alejandro Conde FraisoliBanco Santander