Classification of Quirin Privatbank Kapitalmarktgeschäft to Zalando SE
Company Name: |
Zalando SE |
ISIN: |
DE000ZAL1111 |
|
Reason for the research: |
Update |
Recommendation: |
Buy |
from: |
06.08.2025 |
Target price: |
46.50 |
Last rating change: |
|
Analyst: |
Ralf Marinoni |
Q2 figures and new FY 2025 guidance following “About You” takeoverIn Q2-25, Zalando’s gross merchandise volume (GMV) saw an increase of 5.0% to
EUR 4.1bn, while revenue increased 7.3% yoy to
EUR 2.8bn. The adjusted EBIT reached
EUR 186m, after
EUR 172m last year, representing a stable margin of 6.5%. The company increased its FY 2025 outlook. We therefore confirm our Buy recommendation and the DCF-based
EUR 46.50 TP that reflects long-term perspectives.
Increased FY 2025 guidanceFollowing the successful completion of the combination of Zalando and About You Holding SE on
11 July 2025, Zalando has acquired 91.45% of About You’s share capital. Since the completion of the transaction,
About You has been consolidated into Zalando’s group financial statements. As a result, Zalando is adjusting its forecast for FY 2025 considering the consolidation of
About You: Zalando now expects gross merchandise volume (GMV) of
EUR 17.2bn to
EUR 17.6bn. Revenue is projected to be between
EUR 12.1bn and
EUR 12.4bn. This represents an increase of 12% to 15% in GMV and an increase of 14% to 17% in revenue compared to FY 2024. The adjusted EBIT is expected to be between
EUR 550m and
EUR 600m. Zalando anticipates capex of between
EUR 200m and
EUR 280m.
Previously, without the consolidation of
About You, Zalando had forecasted an increase in both GMV and revenue of 4% to 9%. The adjusted EBIT was expected to be in a range of
EUR 530m to
EUR 590m, while capex was projected to be between
EUR 180m and 280m. In particular the slight increase of adj. EBIT is positive news as
About You was not profitable in the last business year 2024/25 (28 February ended); at that time, reported EBIT amounted to
EUR -69m, while adjusted EBIT amounted to approximately
EUR -42m.
Strong balance sheetZalando has repaid one of its two remaining convertible bonds with a residual nominal value of
EUR 400m from available cash reserves. This underscores the company's current strong liquidity position. After taking into account the acquisition of
About You in July and the repayment of the convertible bond, Zalando's liquidity position amounts to around
EUR 1.2bn. The equity ratio amounted to 34.3% as of
30 June, 2025.
You can download the research here:
ZALANDO_SE_20250805k
For additional information visit our website:
https://research.quirinprivatbank.de/
Contact for questions:
Quirin Privatbank AG
Institutionelles ResearchSchillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.dehttps://research.quirinprivatbank.de/