Zalando SE

WSE:ZAL Stock Report

Market Cap: zł29.4b

Zalando Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Below Future Cash Flow Value

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

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: ZAL (PLN127.2) is trading below our estimate of future cash flow value (PLN333.75)

Significantly Below Future Cash Flow Value: ZAL is trading below future cash flow value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ZAL. This is calculated by dividing ZAL's market cap by their current earnings.
What is ZAL's PE Ratio?
PE Ratio57.9x
Earnings€117.60m
Market Cap€6.81b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ZAL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.8x
WTN Wittchen
9.5xn/azł245.9m
ALE Allegro.eu
24.1x14.47%zł44.0b
PCO Pepco Group
26.3x12.38%zł25.3b
CAR Inter Cars
15.2x14.86%zł13.1b
ZAL Zalando
57.9x31.07%zł6.8b

Price-To-Earnings vs Peers: ZAL is expensive based on its Price-To-Earnings Ratio (57.9x) compared to the peer average (18.8x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ZAL 57.9xIndustry Avg. 15.8xNo. of Companies19PE01020304050+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ZAL is expensive based on its Price-To-Earnings Ratio (57.9x) compared to the European Specialty Retail industry average (15.7x).

Price to Earnings Ratio vs Fair Ratio

What is ZAL'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.

ZAL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio57.9x
Fair PE Ratio37.8x

Price-To-Earnings vs Fair Ratio: ZAL is expensive based on its Price-To-Earnings Ratio (57.9x) compared to the estimated Fair Price-To-Earnings Ratio (37.8x).

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 ZAL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentzł127.20
zł153.01
+20.29%
21.27%zł229.35zł86.55n/a22
Jul ’27zł109.00
zł151.74
+39.21%
21.27%zł227.45zł85.83n/a22
Jun ’27zł98.92
zł151.73
+53.38%
22.38%zł224.42zł84.69n/a24
May ’27zł89.02
zł153.43
+72.36%
20.70%zł224.77zł101.78n/a24
Apr ’27zł89.50
zł155.38
+73.61%
20.77%zł227.10zł102.84n/a24
Mar ’27zł88.52
zł154.08
+74.06%
20.93%zł223.66zł97.06n/a24
Feb ’27zł102.45
zł154.67
+50.97%
20.60%zł223.04zł96.79n/a24
Jan ’27zł106.55
zł154.06
+44.59%
21.54%zł222.83zł96.70n/a24
Dec ’26zł99.76
zł155.08
+55.45%
21.53%zł224.56zł97.45n/a24
Nov ’26zł113.10
zł156.17
+38.08%
20.16%zł220.65zł97.59n/a24
Oct ’26zł118.35
zł156.79
+32.48%
20.16%zł221.53zł97.98n/a24
Sep ’26zł102.50
zł154.65
+50.88%
19.30%zł200.28zł98.01n/a25
Aug ’26zł116.00
zł163.89
+41.29%
16.43%zł201.10zł98.41zł127.2025
Jul ’26zł119.85
zł163.86
+36.72%
15.59%zł199.52zł97.64zł109.0026
Jun ’26zł131.90
zł166.30
+26.08%
15.87%zł212.45zł97.73zł98.9226
May ’26zł152.00
zł167.28
+10.06%
15.68%zł214.23zł98.55zł89.0226
Apr ’26zł130.85
zł162.02
+23.82%
16.23%zł209.14zł96.21zł89.5026
Mar ’26n/a
zł159.17
0%
16.60%zł208.20zł87.44zł88.5227
Feb ’26zł152.25
zł159.55
+4.79%
17.41%zł210.78zł80.09zł102.4527
Jan ’26n/a
zł154.63
0%
18.53%zł213.12zł80.99zł106.5528
Dec ’25zł124.20
zł152.81
+23.04%
18.50%zł214.77zł81.61zł99.7628
Nov ’25zł124.90
zł153.71
+23.07%
19.87%zł218.11zł82.88zł113.1027
Oct ’25zł124.20
zł145.07
+16.80%
19.19%zł201.59zł81.50zł118.3527
Sep ’25n/a
zł142.40
0%
19.06%zł201.97zł81.65zł102.5027
Aug ’25zł105.65
zł142.63
+35.01%
19.81%zł202.19zł77.43zł116.0027
zł159.15
Fair Value
20.1% undervalued intrinsic discount
22
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 Analysis2026/08/01 05:18
End of Day Share Price 2026/07/29 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

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

Zalando SE is covered by 47 analysts. 23 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Christian ObstBaader Helvea Equity Research
Volker BosseBaader Helvea Equity Research
Alejandro Conde FraisoliBanco Santander