Q2/H1 preview: raising our estimates
With the Q2/H1 preview, we raise our estimates to capture part of the group’s unhedged USD/EUR exposure. We expect H1 2017 sales to come in almost flat, with EBITDA reported up 37% YOY and EBITDA adjusted by 69%.
Geox creates, produces, promotes, and distributes footwear and apparel under the Geox-brand for retailers and end consumers. Co. operates in two operating segments: footwear and apperal. As of Dec 31 2013, Co. operated 1,299 Geox Shops, of which 849 were franchised stores and 450 were directly operated stores. Co. distributes its products through multi-brand selling points and also through a Geox shops network in Europe, which includes Austria, Benelux, France, Germany, the U.K., Iberia, Scandinavia, and Switzerland; Italy; North America; and other countries.
HAMMER PARTNERS SA is an independent research house founded in 2009 focused on European equities. We offer unambiguous, high-conviction stock recommendations complemented by an expert sales team to provide institutional investors with unbiased views across key sectors. Hammer’s advisory business encompasses Equity services that provide small and mid-cap enterprises with advice on how to manage IPOs, corporate roadshows and engage with institutional investors on a global scale. Hammer Partners is based in Lugano with representative offices in London, we further specialise in value-based qualitative filters for client watch-lists and portfolios.
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