Macy's, Inc.

DB:FDO Stock Report

Market Cap: €4.3b

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.

Below Fair Value: FDO (€14.87) is trading below our estimate of fair value (€20.66)

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 Ratio24x
EarningsUS$184.00m
Market CapUS$4.52b

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 Average51.7x
ECK LUDWIG BECK am Rathauseck - Textilhaus Feldmeier
120.4xn/a€63.9m
FIE Fielmann Group
23.8x18.9%€3.4b
ZAL Zalando
37.5x21.9%€7.7b
HBM HORNBACH Baumarkt
25xn/a€1.8b
FDO Macy's
24x17.7%€4.5b

Price-To-Earnings vs Peers: FDO is good value based on its Price-To-Earnings Ratio (24x) compared to the peer average (51.7x).

Price to Earnings Ratio vs Industry

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

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FDO 24.0xIndustry Avg. 20.2xNo. of Companies19PE01632486480+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FDO is expensive based on its Price-To-Earnings Ratio (24x) compared to the Global Multiline Retail industry average (19.8x).

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 Ratio24x
Fair PE Ratio16.6x

Price-To-Earnings vs Fair Ratio: FDO is expensive based on its Price-To-Earnings Ratio (24x) compared to the estimated Fair Price-To-Earnings Ratio (16.6x).

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€14.87
€16.66
+12.0%
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
€16.41
+17.5%
21.5%€22.40€8.96n/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€10.02n/a14
Dec ’24€14.40
€14.22
-1.2%
21.0%€22.85€10.05n/a14
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
Dec ’23€21.70
€22.82
+5.2%
17.3%€28.50€13.30€14.4015
Nov ’23€20.70
€23.04
+11.3%
19.8%€30.82€13.35€11.1615

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

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