Zalando SE

ZAL: XHAN (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Zalando Earnings: Improvement in Sales Trends and High-Quality Margin Expansion; Shares Cheap

Jelena Sokolova

Aug 6, 2024

We are maintaining our fair value estimate of EUR 41 per share for no-moat Zalando as the company delivered improving revenue and solid margin development in the second quarter. We see shares as deeply undervalued at current levels with almost 100% upside to our fair value estimate.

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Zalando SE

Zalando Earnings: Improvement in Sales Trends and High-Quality Margin Expansion; Shares Cheap

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