Zalando SE

ZAL: XHAN (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€76.00	Bnqz	Hgxzpjyy

Zalando Earnings: Weak Demand Trends Persist As Company Focuses on Cost Efficiencies

Jelena Sokolova

May 4, 2023

We expect to reduce our fair value estimate for no-moat Zalando by a mid- to high-single-digit percentage to account for lower growth in 2023 and after continued weakness in quarterly sales figures. We still see shares as materially undervalued at current levels as we expect the online apparel industry to return to high-single-digit growth and Zalando to return to low-teens growth.

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