Buy recommendation maintained on the convertible bonds
Despite a tougher-than-anticipated sales performance in 2023, as evidenced by downward revisions of top-line targets, Zalando has shown that it can switch effectively to defensive mode, with a focus on costs and a steadier rollout of logistics investments that have led to a rapid upswing in EBITDA, a firm grip on free cash flow and a 1-point reduction in leverage (to 0.8x adjusted estimated for the end of 2023). Liquidity also remains extremely comfortable, with almost € 2bn in c...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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