Moats Are Harder to Come By in an Increasingly Competitive Apparel Space
After taking a fresh look at European fast-fashion players Inditex and H&M, we are increasing our fair value estimate for H&M to SEK 140 from SEK 133 while reducing our fair value estimate for Inditex to EUR 31 from EUR 33. Both companies are just marginally undervalued.ÂWhile we are keeping our narrow moat rating and stable moat trend for Inditex, we no longer think H&M benefits from an economic moat in light of intensifying competitive pressures in the market. We see Inditex’s fas...
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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