Inditex | BUY, EUR35 |The Leader is Fashionable Again
The stock has lost 24% since its peak level last summer due to a combination of external factors (FX, defiance vis-à -vis retailers etc.) and the continuous margin decline since 2012. The latter justifies our more cautious stance with regard to the normative margin level and therefore, our slight FV adjustment (EUR33 vs. EUR35) even if ITX expects most of these margin headwinds to gradually ease off this year. Buy recommendation reiterated as we remain convinced that ITX is the best choice to play the industry’s transformative trends.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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