Zalando SE

ZAL: XHAN (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Zalando: About You Acquisition Makes Sense in a Consolidating Market; Shares Attractive

Jelena Sokolova

Dec 11, 2024

We are increasing our fair value estimate for no-moat Zalando to EUR 42.70 per share from EUR 41 per share as we incorporate its planned acquisition of competitor About You into our forecasts. We still see shares as attractive with about 30% upside to our fair value estimate, despite an almost 60% share price rally year to date, and significant outperformance of the broader European market and all stocks under our European apparel coverage. Shares are now trading in 4-star territory.

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Zalando SE

Zalando: About You Acquisition Makes Sense in a Consolidating Market; Shares Attractive

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