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The company will release its 1Q’21 results on the 9th of June. We foresee a strong rise in revenues on a quarter that should show an increasing performance, with sales being marked by the impact from the restrictions linked to Covid-19 in terms of opening hours in the stores of the different countries where the company operates. In 2021, restrictions have been stricter in February but softer in March and April (as opposed to 2020). With this in mind, we expect the 1Q’21 sales to rise by +47% vs. 2020 although still -18% below 1Q’19 levels. Although visibility is low because the situation is exceptional, we believe that the share price is already factoring in a recovery scenario, and thus we do not see upside from these levels.
INDITEX: 1Q’21 RESULTS PREVIEW (ANÁLISIS BANCO SABADELL)
1Q'21 Preview: we foresee strong growth thanks to the comparable basis but this is already priced in. SELL.The company will release its 1Q’21 results on the 9th of June. We foresee a strong rise in revenues on a quarter that should show an increasing performance, with sales being marked by the impact from the restrictions linked to Covid-19 in terms of opening hours in the stores of the different countries where the company operates. In 2021, restrictions have been stricter in February but softer in March and April (as opposed to 2020). With this in mind, we expect the 1Q’21 sales to rise by +47% vs. 2020 although still -18% below 1Q’19 levels. Although visibility is low because the situation is exceptional, we believe that the share price is already factoring in a recovery scenario, and thus we do not see upside from these levels.
Underlying
Inditex (ITX SM)
Provider
Sabadell
Ignacio Romero
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