Macy's, Inc.

DB:FDO Stock Report

Market Cap: €2.9b

Macy's Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Discounted Cash Flow
Simply Wall St
€23.77
Fair Value
55.7% undervalued intrinsic discount
12
Number of Analysts

Below Fair Value: FDO (€10.54) is trading below our estimate of fair value (€23.77)

Significantly Below Fair Value: FDO is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for FDO. This is calculated by dividing FDO's market cap by their current earnings.
What is FDO's PE Ratio?
PE Ratio5.7x
EarningsUS$582.00m
Market CapUS$3.33b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FDO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19.6x
HBM HORNBACH Baumarkt
19.6xn/a€2.2b
FIE Fielmann Group
29x15.8%€4.4b
HBH HORNBACH Holding KGaA
10.1x1.1%€1.6b
CEC Ceconomy
19.6x42.0%€1.5b
FDO Macy's
5.7x6.0%€3.3b

Price-To-Earnings vs Peers: FDO is good value based on its Price-To-Earnings Ratio (5.7x) compared to the peer average (19.6x).

Price to Earnings Ratio vs Industry

How does FDO's PE Ratio compare vs other companies in the Global Multiline Retail Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FDO 5.7xIndustry Avg. 19.4xNo. of Companies24PE01632486480+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FDO is good value based on its Price-To-Earnings Ratio (5.7x) compared to the Global Multiline Retail industry average (19.4x).

Price to Earnings Ratio vs Fair Ratio

What is FDO'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.

FDO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.7x
Fair PE Ratio12.1x

Price-To-Earnings vs Fair Ratio: FDO is good value based on its Price-To-Earnings Ratio (5.7x) compared to the estimated Fair Price-To-Earnings Ratio (12.1x).

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 FDO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.54
€12.04
+14.2%
29.1%€21.01€5.25n/a12
Apr ’26€11.92
€13.85
+16.2%
24.5%€22.02€7.34n/a11
Mar ’26€13.75
€16.16
+17.5%
21.9%€23.89€8.60n/a11
Feb ’26€15.01
€16.51
+10.0%
22.2%€24.28€8.74n/a11
Jan ’26€16.59
€16.59
-0.02%
22.0%€23.89€8.60n/a11
Dec ’25€15.10
€16.63
+10.1%
20.5%€23.82€9.53n/a11
Nov ’25€14.05
€16.08
+14.4%
21.0%€22.56€9.02n/a11
Oct ’25€13.74
€16.08
+17.0%
21.0%€22.56€9.02n/a11
Sep ’25€13.97
€16.50
+18.1%
21.5%€22.51€9.00n/a12
Aug ’25€15.47
€19.00
+22.8%
21.1%€24.77€9.17n/a11
Jul ’25€16.99
€19.68
+15.8%
19.5%€24.89€9.22n/a11
Jun ’25€17.89
€19.68
+10.0%
19.5%€24.89€9.22n/a11
May ’25€17.21
€18.77
+9.1%
20.2%€23.08€9.23€10.0713
Apr ’25€18.20
€18.55
+1.9%
20.2%€22.89€9.15€11.9213
Mar ’25€16.53
€18.53
+12.1%
19.1%€23.13€9.25€13.7513
Feb ’25€16.92
€16.61
-1.8%
22.4%€22.97€10.11€15.0113
Jan ’25€18.17
€16.13
-11.2%
22.4%€22.78€10.02€16.5914
Dec ’24€14.40
€14.22
-1.2%
21.0%€22.85€10.05€15.1014
Nov ’24€11.16
€14.71
+31.8%
23.8%€23.58€9.43€14.0513
Oct ’24€10.94
€15.23
+39.2%
24.5%€23.37€9.35€13.7413
Sep ’24€11.28
€15.31
+35.7%
24.5%€23.14€9.26€13.9713
Aug ’24€14.78
€17.34
+17.3%
21.0%€23.41€11.02€15.4713
Jul ’24€14.73
€17.34
+17.7%
21.0%€23.41€11.02€16.9913
Jun ’24€12.77
€19.60
+53.5%
20.4%€25.09€11.85€17.8912
May ’24€14.59
€21.94
+50.5%
18.0%€26.58€12.83€17.2113
AnalystConsensusTarget
Consensus Narrative from 12 Analysts
€12.13
Fair Value
13.1% undervalued intrinsic discount
12
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/04 23:00
End of Day Share Price 2025/05/02 00:00
Earnings2025/02/01
Annual Earnings2025/02/01

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

Macy's, Inc. is covered by 37 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Christopher GrajaArgus Research Company
Ishan MajumdarBaptista Research
Robert DrbulBarclays