Zumiez Inc.

DB:ZM3 Stock Report

Market Cap: €416.1m

Zumiez Valuation

Is ZM3 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-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ZM3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ZM3 (€21.6) is trading above our estimate of fair value (€4.53)

Significantly Below Fair Value: ZM3 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ZM3?

Key metric: As ZM3 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for ZM3. This is calculated by dividing ZM3's market cap by their current revenue.
What is ZM3's PS Ratio?
PS Ratio0.5x
SalesUS$885.73m
Market CapUS$439.10m

Price to Sales Ratio vs Peers

How does ZM3's PS Ratio compare to its peers?

The above table shows the PS ratio for ZM3 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.3x
YOU About You Holding
0.3x7.7%€597.0m
GFG Global Fashion Group
0.07x-0.5%€51.9m
FSNT Platform Group
0.2x5.5%€153.4m
ZAL Zalando
0.7x5.8%€7.4b
ZM3 Zumiez
0.5x2.9%€439.1m

Price-To-Sales vs Peers: ZM3 is expensive based on its Price-To-Sales Ratio (0.5x) compared to the peer average (0.3x).

Price to Sales Ratio vs Industry

How does ZM3's PS Ratio compare vs other companies in the DE Specialty Retail Industry?

4 CompaniesPrice / SalesEstimated GrowthMarket Cap
CEC Ceconomy
0.07x1.1%US$1.62b
GFG Global Fashion Group
0.07x-0.5%US$54.73m
DEX Delticom
0.07x2.7%US$34.06m
49S Superdry
0.004x-1.4%US$3.12m
No more companies available in this PS range
ZM3 0.5xIndustry Avg. 0.4xNo. of Companies4PS00.40.81.21.62+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: ZM3 is expensive based on its Price-To-Sales Ratio (0.5x) compared to the European Specialty Retail industry average (0.4x).

Price to Sales Ratio vs Fair Ratio

What is ZM3's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ZM3 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.5x
Fair PS Ratio0.2x

Price-To-Sales vs Fair Ratio: ZM3 is expensive based on its Price-To-Sales Ratio (0.5x) compared to the estimated Fair Price-To-Sales Ratio (0.2x).

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 ZM3 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€21.60
€23.00
+6.5%
2.0%€23.45€22.55n/a2
Nov ’25€18.80
€23.00
+22.3%
2.0%€23.45€22.55n/a2
Oct ’25€19.00
€23.00
+21.0%
2.0%€23.45€22.55n/a2
Sep ’25€25.00
€18.05
-27.8%
2.6%€18.52€17.59n/a2
Aug ’25€23.40
€18.05
-22.8%
2.6%€18.52€17.59n/a2
Jul ’25€18.00
€18.05
+0.3%
2.6%€18.52€17.59n/a2
Jun ’25€17.40
€13.73
-21.1%
6.7%€14.65€12.82n/a2
May ’25€15.70
€13.73
-12.5%
6.7%€14.65€12.82n/a2
Apr ’25€13.60
€13.73
+1.0%
6.7%€14.65€12.82n/a2
Mar ’25€16.20
€16.93
+4.5%
2.7%€17.39€16.47n/a2
Feb ’25€15.80
€16.93
+7.1%
2.7%€17.39€16.47n/a2
Jan ’25€18.40
€17.01
-7.6%
2.7%€17.47€16.55n/a2
Dec ’24€17.50
€17.01
-2.8%
2.7%€17.47€16.55n/a2
Nov ’24€15.40
€15.89
+3.2%
5.9%€16.82€14.96€18.802
Oct ’24€16.60
€15.89
-4.3%
5.9%€16.82€14.96€19.002
Sep ’24€17.40
€14.48
-16.8%
3.2%€14.94€14.01€25.002
Aug ’24€17.00
€14.48
-14.8%
3.2%€14.94€14.01€23.402
Jul ’24€15.50
€14.48
-6.6%
3.2%€14.94€14.01€18.002
Mar ’24€21.80
€21.89
+0.4%
6.4%€23.29€20.50€16.202
Feb ’24€23.60
€21.89
-7.2%
6.4%€23.29€20.50€15.802
Jan ’24€20.40
€22.44
+10.0%
6.4%€23.88€21.01€18.402
Dec ’23€22.20
€24.39
+9.9%
2.0%€24.89€23.89€17.502
Nov ’23€22.60
€24.39
+7.9%
2.0%€24.89€23.89€15.402

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

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