Equity valuation of Zalando SE

  • Marc Müller (Student)

Student thesis: Master's Thesis


This dissertation covers the equity valuation of the German online fashion retail company, Zalando SE. The objective of the valuation is to determine Zalando’s fair share price as of 6th May 2021 and to provide an investment recommendation.To justify the forecasting assumptions, an overview of the firm as well as of the external environment is presented. In the valuation process two different methods are applied: The Discounted Cash Flow Model (DCF) and the Relative Valuation. Furthermore, to account for the current economic uncertainties, a sensitivity analysis on the estimated share value was conducted. Finally, the results are compared with the assessment made in the Bank of America report.Overall, this leads to a target price per share of EUR 129, which corresponds to a 51.9% upside compared to its current share price of EUR 85. My recommendation for Zalando SE is, therefore, a buy.
Date of Award2 Feb 2022
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorAntónio Borges de Assunção (Supervisor)


  • Zalando
  • Fashion e-commerce
  • Equity valuation
  • Discounted cash flow
  • Relative valuation


  • Mestrado em Finanças

Cite this