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 5,356 - -
Change - -53.03% -33.74% 49.69% -22.3% -17.12% - -
Enterprise Value (EV) 1 17,095 7,279 4,875 7,062 6,027 4,373 3,914 3,406
Change - -57.42% -33.02% 44.84% -14.65% -27.45% -10.5% -12.97%
P/E 80.8x 552x 67x 33.4x 30.9x 21.4x 13.1x 10.2x
PBR 8.29x 3.91x 2.37x 3.18x 2.36x 1.97x 1.73x 1.51x
PEG - -5.9x 0x 0x -2x 0.8x 0.2x 0.4x
Capitalization / Revenue 1.72x 0.81x 0.55x 0.79x 0.52x 0.39x 0.37x 0.35x
EV / Revenue 1.65x 0.7x 0.48x 0.67x 0.49x 0.32x 0.27x 0.22x
EV / EBITDA 24.3x 14.6x 7.45x 8.4x 6.05x 4.05x 3.23x 2.44x
EV / EBIT 36.5x 39.4x 13.9x 13.8x 10.2x 6.34x 4.82x 3.59x
EV / FCF 60.4x -387x 7.14x 18.6x 6.67x 12x 5.51x 4.71x
FCF Yield 1.66% -0.26% 14% 5.37% 15% 8.31% 18.2% 21.2%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 0.88 0.06 0.32 0.97 0.82 1.036 1.698 2.173
Distribution rate - - - - - - - -
Net sales 1 10,354 10,345 10,143 10,572 12,346 13,876 14,638 15,382
EBITDA 1 703.8 497 654.1 840.3 995.6 1,080 1,213 1,394
EBIT 1 468.4 184.6 349.9 511.1 590.7 689.9 811.4 947.6
Net income 1 234.5 16.8 83 251.1 215.1 246.6 427.6 537
Net Debt 1 -762.7 -1,108 -681.6 -1,256 -435.8 -983.3 -1,443 -1,950
Reference price 2 71.14 33.11 21.45 32.39 25.34 22.22 22.22 22.22
Nbr of stocks (in thousands) 251,017 253,311 259,072 256,816 255,055 241,062 - -
Announcement Date 3/3/22 3/7/23 3/13/24 3/6/25 3/12/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.91x0.32x4.16x-.--% 6.21B
16.67x8.14x17.39x0.25% 4,190B
23.23x7.35x12.93x0.29% 1,847B
14.88x3.97x9.19x1.37% 494B
28.21x13.23x20.91x0.64% 483B
19.42x5.75x17.28x-.--% 290B
21.02x1.52x10.44x1.01% 267B
92.29x12.12x65.11x-.--% 191B
21.46x2.46x12.51x-.--% 140B
7.99x0.88x3.8x-.--% 111B
Average 26.71x 5.57x 17.37x 0.36% 801.93B
Weighted average by Cap. 20.78x 7.59x 16.68x 0.36%

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

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