Zalando 1Q Results Solid as the Business Shifts Toward Platform Model; Shares Fairly Priced
We are maintaining our no-moat rating and raising our fair value estimate for Zalando from EUR 37.50 to EUR 39 as the company reported solid first-quarter results. After a strong share rally we see shares trading somewhat above our fair value estimate in 3-star territory and would recommend waiting for a better entry point into the stock.Active customer numbers grew by 14% in the quarter and number of orders increased by 23.6%, average orders by active customer were up 11.5% to 4.5, suggesting...
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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