Un T2 impacté par les devises - ACHAT - OC 39€ (vs 41€)
Les résultats T2 publiés hier étaient en dessous des attentes à cause d’un effet devises négatif. La croissance organique des ventes subit un ralentissement attendu (+5% vs +7,5% au T1) mais elle ré accélère au début du T3 (+7%). Nous confirmons notre opinion d’ACHAT en raison : (i) d’une perspective de croissance annuelle des résultats à deux 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 –3,9%/-0,9%/-0,2%, notre objectif passant à 39€ vs 41€ suite à la 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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