Original-Research: Zalando SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy
|
Original-Research: Zalando SE - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Zalando SE
Q3-25: Development more than solid In Q3-25, Zalando continued on its profitable growth path and reported Gross Merchandise Volume (GMV) growth of 21.6% to EUR 4.2bn and revenue growth of 26.5% to EUR 3.0bn, driven predominantly by the inclusion of ABOUT YOU. The adjusted EBIT slightly improved to EUR 96.3m (Q3-24: EUR 92.7m). The small EBIT growth comes as no surprise, as ABOUT YOU has not yet reached Zalando's level of profitability. On a pro-forma basis as of 11 July, assuming ABOUT YOU had been part of the group in the prior-year period, third-quarter GMV increased by 6.7%, while revenue grew by 7.5% compared with the same period last year. A highlight was the development of the B2B segment: the company achieved combined revenues exceeding EUR 277m, marking a 15.6% increase yoy. Much more impressive was its adjusted EBIT that reached EUR 19.6m (Q3-24: EUR 6.7m), with the adjusted EBIT margin seeing a strong increase of 4.3 percentage points, reaching 7.1%. Our new EUR 38.40 TP reflects no change in estimates, but rather a) updated peer group multiples and b) more important a lower cash position as a result of the ABOUT YOU acquisition. Consequently, the recommendation remains Buy You can download the research here: ZALANDO20251106 For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||
2225926 07.11.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 6.482,50 | 7.982,00 | 10.354,00 | 10.344,80 | 10.143,10 | 10.572,50 | 12.200,00 | |
| EBITDA1,2 | 360,60 | 581,50 | 660,10 | 393,40 | 524,90 | 741,80 | 916,00 | |
| EBITDA-Margin3 | 5,56 | 7,29 | 6,38 | 3,80 | 5,18 | 7,02 | 7,51 | |
| EBIT1,4 | 165,80 | 367,00 | 424,70 | 81,00 | 190,90 | 391,90 | 565,00 | |
| EBIT-Margin5 | 2,56 | 4,60 | 4,10 | 0,78 | 1,88 | 3,71 | 4,63 | |
| Net Profit (Loss)1 | 99,70 | 226,10 | 234,50 | 16,80 | 83,00 | 251,10 | 372,00 | |
| Net-Margin6 | 1,54 | 2,83 | 2,27 | 0,16 | 0,82 | 2,38 | 3,05 | |
| Cashflow1,7 | 327,20 | 527,40 | 616,20 | 459,90 | 949,50 | 654,10 | 0,00 | |
| Earnings per share8 | 0,39 | 0,86 | 0,88 | 0,06 | 0,32 | 0,96 | 1,48 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: KPMG
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Zalando | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| ZAL111 | DE000ZAL1111 | SE | 6.242,50 Mio € | 01.10.2014 | Kaufen | 9F4MGC4R+GF |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 15,05 | 24,85 | 0,61 | 52,40 | 2,34 | 9,54 | 0,59 |
|
Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 27.05.2025 | 06.05.2025 | 06.08.2025 | 06.11.2025 | 06.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -5,66% | -15,95% | -27,20% | -29,04% | +9,67% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
