Launching Coverage of Zalando With No-Moat Rating, Positive Trend, and EUR 39 per Share FVE
We are initiating coverage of Zalando with a no-moat rating and a fair value estimate of EUR 39 per share, which implies 66 times adjusted 2018 P/E of 66 and 29 times adjusted 2018 EBITDA. We see shares trading at a small premium to our fair value estimate and would need a wider margin of safety for investing, given our very high uncertainty rating.As the leading pure-play fashion e-commerce player in Europe, Zalando should benefit from a continuous shift from brick-and-mortar to online shoppin...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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