Inditex: Still the best-in-class in the retailing industry
Inditex: (BUY, Fair Value EUR33 (+24%))Still the best-in-class in the retailing industry
Yesterday’s publication has reassured some investors who feared that ITX, as other retailers, would be eventually impacted by hot temperatures in Europe and lingering tough retail conditions. Management’s optimistic tone, highlighted by a promising H2 outlook, is justified by ITX’s lead in terms omnichannel strategy, which is well executed. We have proceeded to minor adjustments to our forecasts (FX headwind on top line offset by higher margins). We reiterate our Buy recommendation and our FV of EUR33.
Industria de Diseno Textil Inditex is the parent company of a group engaged in apparel and footwear manufacturing and retailing. The Group is made up of fashion retail chains, textile manufacturing, purchasing and fabric treating companies, logistics and construction companies which are responsible for store refits and manufacturing structure. Products include men's, women's and children's wear collections, footwear, and women's lingerie which are sold through the Group's retail store chains of: Zara, Kiddy's Class, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, and Oysho and Zara Home.
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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