Märkte & Kurse

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Original-Research: Zalando SE - from Quirin Privatbank Kapitalmarktgeschäft

06.05.2025 / 14:03 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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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