ZALANDO: FY 22 guidance too uncertain and back-end loaded to stay on board | NEUTRAL vs. CONVICTION BUY | EUR90 VS. EUR107 (+81%)
ZALANDO - NEUTRAL vs. CONVICTION BUY | EUR90 VS. EUR107 (+81%)FY 22 guidance too uncertain and back-end loaded to stay on board
Following the FY 21 publication and the conference call with management, we have cut our 2022 estimates by 7% and our 2023-24 estimates by 5%, landing at a new TP of EUR90 vs. EUR107 previously. With FY 22 guidance marked by uncertainties and very back-end loaded, we expect the stock to be dead money for too long to be able to maintain our former Conviction Buy rating even if the medium-term remains appealing. Downgraded to Neutral pending better momentum around November-December in our view.
Zalando is an e-commerce group based in Germany. Co. is engaged in the online retailing of clothing, shoes and accessories for women, men and children. Co.'s product offering include more than 1,500 brands, including global and local brands, as well as private labels, including shoes, clothing and accessores as well as sportswear and homeware designed especially for the Co. The Co.'s product offering is complimented by the Zalando Lounge and Zalon apps, which provides registered members special offers at discounted prices. Co. also provides a combination of services that include free delivery and returns.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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