Hello there,
I haven't used a Metz 48 on my MZ-S but I thnk it's compatible.
I think it has just been replaced by the Mecablitz 50, but the specs are very similar.
See - Metz 48 -
Product information: Metz
See - Metz 50 -
Product information: Metz
The Flash recommendation tool here -
Flashgun Recommendations: Metz - recommends the newer 50. However, I'm sure when I used the tool last year when the 48 was current, it showed up in the recommended list for the MZ-S.
Nevertheless, someone may have the definitive answer for you.
Hope this helped.
Rod.