Company Valuation: Zalando SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 17,857 8,387 5,557 8,318 6,463 5,272 - -
Change - -53.03% -33.74% 49.69% -22.3% -18.43% - -
Enterprise Value (EV) 1 17,095 7,279 4,875 7,062 6,027 4,289 3,787 3,298
Change - -57.42% -33.02% 44.84% -14.65% -28.85% -11.71% -12.89%
P/E 80.8x 552x 67x 33.4x 30.9x 21.1x 12.8x 10.1x
PBR 8.29x 3.91x 2.37x 3.18x 2.36x 1.94x 1.71x 1.49x
PEG - -5.9x 0x 0x -2x 0.8x 0.2x 0.4x
Capitalization / Revenue 1.72x 0.81x 0.55x 0.79x 0.52x 0.38x 0.36x 0.34x
EV / Revenue 1.65x 0.7x 0.48x 0.67x 0.49x 0.31x 0.26x 0.21x
EV / EBITDA 24.3x 14.6x 7.45x 8.4x 6.05x 3.97x 3.12x 2.36x
EV / EBIT 36.5x 39.4x 13.9x 13.8x 10.2x 6.21x 4.66x 3.48x
EV / FCF 60.4x -387x 7.14x 18.6x 6.67x 11.8x 5.33x 4.56x
FCF Yield 1.66% -0.26% 14% 5.37% 15% 8.48% 18.8% 21.9%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 0.88 0.06 0.32 0.97 0.82 1.037 1.704 2.176
Distribution rate - - - - - - - -
Net sales 1 10,354 10,345 10,143 10,572 12,346 13,873 14,635 15,380
EBITDA 1 703.8 497 654.1 840.3 995.6 1,080 1,214 1,395
EBIT 1 468.4 184.6 349.9 511.1 590.7 690.2 811.9 949
Net income 1 234.5 16.8 83 251.1 215.1 246.7 429.1 537.6
Net Debt 1 -762.7 -1,108 -681.6 -1,256 -435.8 -983.3 -1,486 -1,974
Reference price 2 71.14 33.11 21.45 32.39 25.34 21.87 21.87 21.87
Nbr of stocks (in thousands) 251,017 253,311 259,072 256,816 255,055 241,062 - -
Announcement Date 03/03/22 07/03/23 13/03/24 06/03/25 12/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.92x3.98x9.21x1.37% 495B
19.62x5.81x17.45x-.--% 293B
21.69x2.49x12.67x-.--% 142B
2.97x82.1x2.24x0.14% 109B
35.73x4.16x27.16x-.--% 101B
29.54x5.74x16.12x-.--% 92.54B
10.14x7.25x87.13x0.68% 86.35B
72.36x4.27x20.33x-.--% 81.07B
7.52x2.87x59.47x0.8% 32.4B
Average 23.83x 13.19x 27.98x 0.33% 159.14B
Weighted average by Cap. 20.86x 10.45x 18.89x 0.54%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield