Repentification de la croissance au T4 - ACHAT - OC 38€ (vs 39€)
Des résultats T3 (conformes aux attentes), nous retenons le ralentissement de la croissance organique (+4% estimés vs +6% au S1) à cause de la météo défavorable en octobre et surtout l’accélération au début du T4 (+8% environ). Nous confirmons notre opinion ACHAT en raison : (i) d’une perspective de croissance annuelle des résultats à 2 chiffres à MT; (ii) d’une forte génération de FCF à MT en raison du cycle d’investissement et (iii) d’une valorisation attractive. Nous abaissons nos BNA sur les trois prochaines années de –4,7%/-4,7%/-4,2%afin d’intégrer le mauvais mois d’octobre et l’environnement des devises. Notre OC passe à 38€ vs 39€ après mise à jour des paramètres DCF.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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