Zalando SE
About the company
Zalando SE operates an online platform for fashion and lifestyle products in Germany and internationally. The company operates through Business-to-Business and Business-to-Consumer segments. It engages in the development, sourcing, marketing, retail, and commission sale of various type of goods, including shoes, apparel, accessories, and beauty products with free delivery and returns, as well as various payment options. The company sells its products through Lounge by Zalando and its outlets. Zalando SE was founded in 2008 and is headquartered in Berlin, Germany.
Price above modeled range
5-year outlook: Not shown because confidence is low: Earnings-based DCF disagrees strongly.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
The range depends on model assumptions and data; it is not a prediction or investment advice.
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Market price above modeled range
Showing the EPS-based Gordon proxy you selected on the company card, using 6.06% growth, 3.1% terminal growth and 10.8% discount. The range varies these assumptions slightly; it is illustrative, not investment advice. Low confidence: the modelled value is far from the market price, which usually means the model does not capture this company well (for example expected growth well above its history).
Assumptions: growth 6.06%, discount rate 10.80%, terminal growth 3.10% (sector defaults). See a worked example.
Blended growth assumption: 6.1% (sector default 7.2%, own revenue history 6.1%, analyst revenue consensus 5.5%).
Analyst consensus expects revenue growth of 5.5% a year; the growth assumption used is 6.1%.
Adjust assumptions
Show the recommended model instead
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — EUR 43.35 (+56.4%)
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EPS-based Gordon proxy
— EUR 3.39 (-87.8%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 43.35 (+56.4%)
Not used: Free cash flow is 11.4x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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FCFF (steady state)
— EUR 38.24 (+38.0%)
Not used: Free cash flow is 11.4x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/EBITDA (12x)
— EUR 51.15 (+84.5%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 43.15 (+55.7%)
Not used: Free cash flow is 11.4x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/Sales (Rule of 40)
— EUR 153.40 (+453.4%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 2.67 | -939.0% |
| Base EUR 3.39 | -716.8% |
| Bull EUR 3.90 | -610.7% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
5 years price change: -63.45% · EUR 27.72 · Market data through 06 Nov 2026 ; dashed line is today’s model base value (EUR 3.39). The fair value is today’s estimate, not what the model said in the past.
Saved price history is current through 06 Nov 2026; last refreshed 06 Nov 2026 18:14 (2 hours, 7 minutes ago).
08 Nov 2021Range EUR 16.99 – 82.2406 Nov 2026
Latest news
Headlines provided by EODHD. Articles may mention multiple companies and are not investment recommendations.
More detail: quality, peers, price history, dividends and financials
Quality score: 80 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +7.2% a year | 20 / 20 |
| Balance sheet | net debt 0.1x EBITDA | 20 / 20 |
| Margins | EBITDA margin 8% | 0 / 20 |
Peers in Consumer Discretionary
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| ZAL.DE (this company) | EUR 27.72 | 36.1% | 109.4 | 2.6 | – | 80 |
| KGF.L Kingfisher plc | GBP 3.75 | 44.8% | 27.2 | 1.1 | 3.3% | 74 |
| BWY.L Bellway p.l.c. | GBP 22.90 | 43.9% | 13.9 | 0.8 | 3.1% | 70 |
| EXPE Expedia Group | USD 272.48 | 41.7% | 17.1 | 21.8 | 0.7% | 100 |
| INCH.L Inchcape plc | GBP 6.39 | 37.5% | 8.9 | 1.9 | 4.2% | 80 |
| DECK Deckers Brands | USD 87.74 | 34.9% | 11.2 | 5.1 | – | 100 |
| LULU Lululemon Athletica | USD 111.77 | 33.3% | 8.9 | 2.6 | – | 100 |
| BKNG Booking Holdings | USD 168.72 | 28.9% | 17.7 | – | 1.0% | 100 |
| LVS Las Vegas Sands | USD 40.92 | 24.6% | 16.0 | – | 3.4% | 86 |
| Peer median | 14.9 | 2.3 | ||||
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 20:09
| Revenue | EUR 13,666,200,000 |
|---|---|
| EBITDA | EUR 1,051,300,000 |
| EBIT | EUR 539,800,000 |
| Net income | EUR 61,900,000 |
| Free cash flow | EUR 706,800,000 |
| Capital expenditures | EUR 152,700,000 |
| Debt | EUR 1,341,500,000 |
| Cash | EUR 1,216,900,000 |
| Working capital | EUR -158,000,000 |
| Shares outstanding | 244,222,658 |