Inditex Finishes 2017 With Continued Market Share Gains; Shares Undervalued
With 2017 highlights that include 5% like-for-like sales growth (positive across all geographies and concepts), 41% online sales growth (mostly organic), and only a 20-basis-point decline in operating margin to 17% (due mostly to a 50-basis-point currency headwind to gross margin), we are even more confident in the strength of Inditex’s narrow moat and our long-term forecast. Therefore, we see little change to our five-year estimates calling for 9.7% average annual top-line growth, in line with ...
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