Zalando SE

ZAL: XHAN (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€82.00	Htr	Gyfglnsd

Zalando Earnings: GMV and Revenue Still Sluggish, but Profit Growth and Marketing Boost Is a Plus

Jelena Sokolova

May 7, 2024

We maintain our fair value estimate for no-moat Zalando as the firm reported sluggish growth still, but improved profitability and ramped up marketing spending in the first quarter. We still see shares as undervalued with almost 60% upside to our fair value estimate.

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