ZOZO, Inc.

DB:SAR Stock Report

Market Cap: €8.6b

ZOZO Valuation

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

Valuation Score

0/6

Valuation Score 0/6

  • 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 SAR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SAR (€28) is trading above our estimate of fair value (€23.18)

Significantly Below Fair Value: SAR is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SAR. This is calculated by dividing SAR's market cap by their current earnings.
What is SAR's PE Ratio?
PE Ratio30.8x
EarningsJP¥45.16b
Market CapJP¥1.39t

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SAR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average21.6x
ZAL Zalando
34.6x22.0%€7.1b
FIE Fielmann Group
24.2x18.9%€3.4b
HBM HORNBACH Baumarkt
25xn/a€1.9b
FSNT Platform Group
2.6x-34.2%€145.7m
SAR ZOZO
30.8x7.4%€1.4t

Price-To-Earnings vs Peers: SAR is expensive based on its Price-To-Earnings Ratio (30.8x) compared to the peer average (21.6x).

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SAR 30.8xIndustry Avg. 16.4xNo. of Companies12PE01020304050+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SAR is expensive based on its Price-To-Earnings Ratio (30.8x) compared to the European Specialty Retail industry average (16.4x).

Price to Earnings Ratio vs Fair Ratio

What is SAR'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.

SAR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio30.8x
Fair PE Ratio14.6x

Price-To-Earnings vs Fair Ratio: SAR is expensive based on its Price-To-Earnings Ratio (30.8x) compared to the estimated Fair Price-To-Earnings Ratio (14.6x).

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 SAR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€28.00
€26.91
-3.9%
15.5%€36.94€20.93n/a16
Nov ’25€28.00
€25.76
-8.0%
15.5%€36.20€20.51n/a16
Oct ’25€31.60
€25.65
-18.8%
15.5%€37.49€21.25n/a15
Sep ’25€28.20
€24.82
-12.0%
17.0%€37.38€19.94n/a16
Aug ’25€25.00
€23.41
-6.3%
10.7%€28.40€19.80n/a15
Jul ’25€22.80
€21.04
-7.7%
7.2%€23.44€18.75n/a15
Jun ’25€21.00
€20.96
-0.2%
7.6%€23.48€18.78n/a15
May ’25€19.70
€20.98
+6.5%
8.0%€23.75€18.41n/a15
Apr ’25€22.40
€21.18
-5.4%
9.3%€24.40€17.99n/a15
Mar ’25€20.20
€20.46
+1.3%
8.5%€24.51€18.07n/a15
Feb ’25€20.20
€20.75
+2.7%
7.0%€23.70€18.55n/a15
Jan ’25€19.70
€20.88
+6.0%
6.7%€23.21€19.07n/a15
Dec ’24€19.30
€20.31
+5.2%
7.7%€23.03€18.42n/a15
Nov ’24€18.20
€20.41
+12.1%
9.0%€23.38€16.83€28.0016
Oct ’24€17.00
€20.98
+23.4%
8.9%€23.75€17.10€31.6014
Sep ’24€18.30
€21.23
+16.0%
7.7%€23.56€16.96€28.2015
Aug ’24€17.40
€21.58
+24.0%
5.9%€23.81€19.24€25.0015
Jul ’24€18.50
€21.99
+18.9%
5.5%€23.94€19.79€22.8014
Jun ’24€18.40
€23.13
+25.7%
6.1%€26.11€20.76€21.0014
May ’24€18.70
€23.17
+23.9%
5.9%€25.98€20.65€19.7013
Apr ’24€20.40
€25.12
+23.2%
9.0%€30.92€22.04€22.4013
Mar ’24€20.60
€25.54
+24.0%
13.8%€34.99€21.69€20.2013
Feb ’24€22.20
€25.59
+15.3%
13.7%€35.34€21.56€20.2014
Jan ’24€22.80
€25.73
+12.9%
13.3%€35.22€21.49€19.7014
Dec ’23€23.80
€25.01
+5.1%
15.4%€34.83€18.81€19.3014
Nov ’23€21.80
€24.46
+12.2%
15.3%€34.04€18.38€18.2014

Analyst Forecast: Target price is lower than the current share price.

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