Le momentum ne faiblit pas - ACHAT - OC 36€ (vs 33€)
Les résultats T3 sont ressortis environ 1% au-dessus des attentes. La croissance à magasins comparables reste particulièrement dynamique sur les 6 premières semaines du T4 15 (+8% est., en ligne avec les 9M malgré une base de comparaison difficile). Nos BNA 2015/16-17/18e sont marginalement relevés. Nous ajustons notre objectif à 36€ (vs 33€) après avoir actualisé dans notre DCF la prime de risque et le taux sans risque. Nous confirmons notre opinion d’ACHAT du fait: 1) d’une forte dynamique de croissance du CA grâce à un business model très efficace et un marché du textile globalement fragmenté; 2) d’une accélération de la génération de FCF à MT en raison du cycle d’investissement, qui devrait se traduire par une hausse du retour de cash à l’actionnaire.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.
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Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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