Macy's, Inc.

DB:FDO Stock Report

Market Cap: €3.8b

Macy's Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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
€29.15
Fair Value
52.9% undervalued intrinsic discount
11
Number of Analysts

Below Fair Value: FDO (€13.73) is trading below our estimate of fair value (€29.15)

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 Ratio22.6x
EarningsUS$172.00m
Market CapUS$3.88b

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 Average47.3x
ECK LUDWIG BECK am Rathauseck - Textilhaus Feldmeier
98.1xn/a€52.1m
FIE Fielmann Group
24x18.9%€3.4b
HBM HORNBACH Baumarkt
26.9xn/a€2.0b
ZAL Zalando
40.3x19.8%€8.2b
FDO Macy's
22.6x19.9%€3.9b

Price-To-Earnings vs Peers: FDO is good value based on its Price-To-Earnings Ratio (22.6x) compared to the peer average (47.3x).

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 22.6xIndustry Avg. 21.5xNo. of Companies21PE01632486480+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FDO is expensive based on its Price-To-Earnings Ratio (22.6x) compared to the Global Multiline Retail industry average (21.5x).

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 Ratio22.6x
Fair PE Ratio17.1x

Price-To-Earnings vs Fair Ratio: FDO is expensive based on its Price-To-Earnings Ratio (22.6x) compared to the estimated Fair Price-To-Earnings Ratio (17.1x).

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€13.73
€16.51
+20.2%
22.2%€24.27€8.74n/a11
Jan ’26€16.59
€16.59
-0.02%
22.0%€23.89€8.60n/a11
Dec ’25€15.10
€16.66
+10.3%
20.4%€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€9.23n/a13
Apr ’25€18.20
€18.55
+1.9%
20.2%€22.89€9.15n/a13
Mar ’25€16.53
€18.53
+12.1%
19.1%€23.13€9.25n/a13
Feb ’25€16.92
€16.61
-1.8%
22.4%€22.97€10.11n/a13
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
Apr ’24€15.82
€21.75
+37.5%
17.8%€26.74€12.91€18.2014
Mar ’24€18.94
€22.31
+17.8%
16.4%€28.30€13.21€16.5316
Feb ’24€21.84
€21.80
-0.2%
16.6%€27.66€12.91€16.9216
Jan ’24€18.79
€22.82
+21.4%
17.3%€28.50€13.30€18.1715
Analyst Price Target
Consensus Narrative from 11 Analysts
€16.68
Fair Value
17.7% undervalued intrinsic discount
11
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 Analysis2025/01/20 16:28
End of Day Share Price 2025/01/17 00:00
Earnings2024/11/02
Annual Earnings2024/02/03

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 here.

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 .

Analyst Sources

Macy's, Inc. is covered by 38 analysts. 9 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
Daniela NedialkovaAtlantic Equities LLP
Ishan MajumdarBaptista Research