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 5,311 - -
Change - -53.03% -33.74% 49.69% -22.3% -17.83% - -
Enterprise Value (EV) 1 17,095 7,279 4,875 7,062 6,027 4,370 3,866 3,385
Change - -57.42% -33.02% 44.84% -14.65% -27.5% -11.52% -12.46%
P/E 80.8x 552x 67x 33.4x 30.9x 21.2x 12.9x 10.1x
PBR 8.29x 3.91x 2.37x 3.18x 2.36x 1.95x 1.72x 1.5x
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 0.35x
EV / Revenue 1.65x 0.7x 0.48x 0.67x 0.49x 0.32x 0.26x 0.22x
EV / EBITDA 24.3x 14.6x 7.45x 8.4x 6.05x 4.04x 3.19x 2.43x
EV / EBIT 36.5x 39.4x 13.9x 13.8x 10.2x 6.33x 4.76x 3.57x
EV / FCF 60.4x -387x 7.14x 18.6x 6.67x 12x 5.44x 4.68x
FCF Yield 1.66% -0.26% 14% 5.37% 15% 8.32% 18.4% 21.4%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 0.88 0.06 0.32 0.97 0.82 1.037 1.704 2.175
Distribution rate - - - - - - - -
Net sales 1 10,354 10,345 10,143 10,572 12,346 13,872 14,632 15,375
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 83 251.1 215.1 254.5 426.7 534.6
Net Debt 1 -762.7 -1,108 -681.6 -1,256 -435.8 -941 -1,444 -1,926
Reference price 2 71.14 33.11 21.45 32.39 25.34 22.03 22.03 22.03
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.($)
15.09x4.02x9.32x1.35% 501B
19.85x5.88x17.67x-.--% 296B
21.81x2.49x12.69x-.--% 142B
3.2x88.24x2.46x0.13% 116B
36.7x4.28x27.98x-.--% 105B
29.64x5.76x16.18x-.--% 92.84B
10.14x7.3x87.68x0.68% 86.91B
74.78x4.42x21.05x-.--% 83.78B
7.52x2.87x59.42x0.8% 32.36B
Average 24.30x 13.92x 28.27x 0.33% 161.73B
Weighted average by Cap. 21.23x 11.26x 19.05x 0.53%

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