Zalando SE

WSE:ZAL Stock Report

Market Cap: zł35.1b

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

Below Fair Value: ZAL (PLN135.05) is trading below our estimate of fair value (PLN257.17)

Significantly Below Fair Value: ZAL is trading below fair 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 Ratio40.3x
Earnings€204.10m
Market Cap€8.23b

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 Average24.5x
CCC CCC
24.6x26.4%zł13.1b
WTN Wittchen
8.8x3.6%zł405.6m
ALE Allegro.eu
53.4x24.3%zł29.3b
GAP Gap
11.1x3.5%US$9.1b
ZAL Zalando
40.3x19.8%zł8.2b

Price-To-Earnings vs Peers: ZAL is expensive based on its Price-To-Earnings Ratio (40.3x) compared to the peer average (24.5x).

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 40.3xIndustry Avg. 16.3xNo. of Companies11PE01020304050+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ZAL is expensive based on its Price-To-Earnings Ratio (40.3x) compared to the European Specialty Retail industry average (16.3x).

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 Ratio40.3x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate ZAL's Price-To-Earnings Fair Ratio for valuation analysis.

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
Currentzł135.05
zł154.63
+14.5%
18.5%zł213.12zł80.99n/a28
Dec ’25zł124.20
zł152.81
+23.0%
18.5%zł214.77zł81.61n/a28
Nov ’25zł124.90
zł153.13
+22.6%
19.9%zł217.28zł82.57n/a27
Oct ’25zł124.20
zł145.07
+16.8%
19.2%zł201.59zł81.50n/a27
Sep ’25n/a
zł142.40
0%
19.1%zł201.97zł81.65n/a27
Aug ’25zł105.65
zł142.30
+34.7%
19.8%zł201.72zł77.25n/a27
Jul ’25zł97.66
zł141.54
+44.9%
22.1%zł202.66zł77.61n/a26
Jun ’25n/a
zł140.27
0%
21.7%zł199.90zł76.56n/a26
May ’25zł108.00
zł140.24
+29.9%
22.6%zł202.93zł77.72n/a26
Apr ’25zł113.50
zł135.47
+19.4%
27.4%zł228.34zł77.55n/a27
Mar ’25n/a
zł137.87
0%
27.1%zł230.00zł78.11n/a28
Feb ’25zł79.50
zł138.80
+74.6%
27.1%zł228.72zł77.68n/a28
Jan ’25zł91.90
zł150.24
+63.5%
24.5%zł237.91zł77.86n/a28
Dec ’24zł97.50
zł153.40
+57.3%
25.6%zł241.89zł79.16zł124.2029
Nov ’24zł101.00
zł164.23
+62.6%
23.8%zł245.43zł93.71zł124.9029
Oct ’24zł95.44
zł179.91
+88.5%
22.7%zł253.99zł96.98zł124.2029
Sep ’24zł129.95
zł176.80
+36.0%
21.4%zł245.80zł93.85n/a30
Aug ’24zł138.00
zł181.92
+31.8%
28.7%zł365.10zł93.50zł105.6529
Jul ’24zł121.15
zł186.51
+53.9%
26.3%zł363.73zł93.15zł97.6630
Jun ’24n/a
zł217.92
0%
35.2%zł544.28zł136.07n/a30
May ’24n/a
zł224.70
0%
33.9%zł549.15zł137.29zł108.0029
Apr ’24n/a
zł229.47
0%
35.2%zł561.20zł112.24zł113.5028
Mar ’24n/a
zł226.29
0%
37.6%zł566.85zł113.37n/a28
Feb ’24n/a
zł215.10
0%
41.0%zł565.39zł113.08zł79.5028
Jan ’24n/a
zł180.79
0%
55.8%zł562.78zł79.73zł91.9026

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/05 05:10
End of Day Share Price 2025/01/03 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 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

Zalando SE is covered by 62 analysts. 27 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Rocco StraussArete Research Services LLP
Gerhard SchwarzBaader Helvea Equity Research
Volker BosseBaader Helvea Equity Research