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Dominic Rose ... (+2)
  • Dominic Rose
  • Naresh Chouhan

Roche - Game Changing Next 9 Months (BUY, TP CHF 330, 29pgs)

For access to the full note, please contact Naresh Chouhan ( )

Jeremy Garnier ... (+3)
  • Jeremy Garnier
  • Nicolas David
  • Thomas Zlowodzki
Jeremy Garnier ... (+3)
  • Jeremy Garnier
  • Nicolas David
  • Thomas Zlowodzki
Eya Drira ... (+2)
  • Eya Drira
  • Geoffroy Michalet
Eya Drira ... (+2)
  • Eya Drira
  • Geoffroy Michalet
Andreas Riemann
  • Andreas Riemann
Roy Külter ... (+2)
  • Roy Külter
  • Steven Boumans
Roy Külter ... (+2)
  • Roy Külter
  • Steven Boumans
Andreas Riemann
  • Andreas Riemann

Zalando : Material synergies and attractive valuation

Following the consolidation of About You, we conclude from our analysis that synergies mainly in logistics and marketing should improve About You profit by c. € 120m until 2029 vs synergy guidance of € 100m. We raise our 2026-2027 adjusted EBIT forecasts for Zalando by 2%, which puts us 3% above the consensus until 2027. We think the recent share price setback (-20% YTD) is overdone as top-line growth is unlikely to slow. We thus recommend using current levels to buy Zalando. Our rating is Outpe...

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