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 5,255 - -
Change - -53.03% -33.74% 49.69% -22.3% -18.69% - -
Enterprise Value (EV) 1 17,095 7,279 4,875 7,062 6,027 4,314 3,811 3,329
Change - -57.42% -33.02% 44.84% -14.65% -28.42% -11.66% -12.64%
P/E 80.8x 552x 67x 33.4x 30.9x 21x 12.8x 10x
PBR 8.29x 3.91x 2.37x 3.18x 2.36x 1.93x 1.7x 1.48x
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 0.22x
EV / EBITDA 24.3x 14.6x 7.45x 8.4x 6.05x 3.99x 3.14x 2.39x
EV / EBIT 36.5x 39.4x 13.9x 13.8x 10.2x 6.25x 4.69x 3.51x
EV / FCF 60.4x -387x 7.14x 18.6x 6.67x 11.9x 5.36x 4.6x
FCF Yield 1.66% -0.26% 14% 5.37% 15% 8.43% 18.6% 21.7%
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 21.80 21.80 21.80
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.($)
15.2x4.05x9.39x1.34% 504B
19.32x5.72x17.19x-.--% 288B
21.35x2.44x12.42x-.--% 139B
2.96x79.76x2.22x0.14% 107B
35.88x4.18x27.3x-.--% 102B
29.37x5.7x16.02x-.--% 92.02B
10.12x7.27x87.32x0.68% 86.53B
68.99x4.06x19.32x-.--% 77.3B
7.57x2.88x59.75x0.79% 32.58B
Average 23.42x 12.90x 27.88x 0.33% 158.8B
Weighted average by Cap. 20.54x 10.16x 18.84x 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