Equity valuation
: Zalando SE

  • Felix Koch (Student)

Student thesis: Master's Thesis


This study examines the equity value of Europe’s market leader in the fashion e-commerce segment, Zalando SE. The objective of the dissertation is to determine the fair share price as of 31.12.2023 and issue an investment recommendation. Reading the paper should enable the reader to make a profound investment decision. Utilizing both the discounted cash flow and relative valuation method, the target price is calculated. The assumptions for the valuation are derived using a multi-layered approach that considers external factors as well as internal strategy shifts and historical performance. The results are compared with the price target derived in the Credit Suisse report dated 3 August 2023. This reveals considerable similarities in the methodology as well as differences due to the different publication dates. The paper concludes by emphasizing Zalando's significant upside potential of 73%, which is supported by the derived price target of €38,4. Accordingly, a buy recommendation is issued.
Date of Award24 Jan 2024
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJosé Carlos Tudela Martins (Supervisor)


  • Zalando
  • Fashion e-commerce
  • Online retail
  • Valuation
  • Discounted cash flow
  • Relative valuation


  • Mestrado em Finanças

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