Original-Research: Zalando SE - from Quirin Privatbank Kapitalmarktgeschäft
06.05.2025 / 14:03 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Zalando SE
Company Name: Zalando SE
ISIN: DE000ZAL1111
Reason for the research: Update
Recommendation: Buy
from: 06.05.2025
Target price: 46.50
Last rating change:
Analyst: Ralf Marinoni
Q1 performance confirms full-year outlook
Zalando delivered strong results in the first quarter of FY 2025: Revenue grew 7.9% yoy to EUR 2.4bn compared with EUR 2.2bn a year earlier, also supported by a strong performance in Zalando Marketing Services. GMV (Gross Merchandise Volume) increased 6.5% yoy to EUR 3.5bn. The adjusted EBIT rose by 65% to EUR 46.7m, representing a margin of 1.9% and up 0.7 percentage points, compared with EUR 28.3m a year earlier.
Based on the positive development in the first three months, Zalando confirmed its full year guidance for FY 2025: It expects both GMV and revenue to grow between 4% to 9% this year compared with FY 2024 and adjusted EBIT to reach a level between EUR 530m and 590m. The guidance does not account for the effects from the planned acquisition of Hamburg-based ABOUT YOU. We leave our estimates and EUR 46.50 TP unchanged and confirm our BUY recommendation.
You can download the research here: http://www.more-ir.de/d/32480.pdf For additional information visit our website:
https://research.quirinprivatbank.de/
Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/
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