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The company will release its 3Q’19 results on the 11th of December. The stock’s current trading levels are more or less the same as in the last results presentation (mid-September), although it has underperformed the sector (-6%) and the IBEX 35 (-3%). We expect a neutral performance if expectations of higher growth rates thanks to a favourable FX effect (+1.3pp) at met, with +4.5%. LfL sales growth, leaving +12% up to € 0.37/sh. in EPS. The cannibalisation of sales in physical stores by the online channel and the impact that this may have on margins could, once again, draw the market’s attention.
INDITEX: 3Q'19 ESTIMATES (ANÃLISIS BANCO SABADELL)
3Q’19 Estimates. BUY.The company will release its 3Q’19 results on the 11th of December. The stock’s current trading levels are more or less the same as in the last results presentation (mid-September), although it has underperformed the sector (-6%) and the IBEX 35 (-3%). We expect a neutral performance if expectations of higher growth rates thanks to a favourable FX effect (+1.3pp) at met, with +4.5%. LfL sales growth, leaving +12% up to € 0.37/sh. in EPS. The cannibalisation of sales in physical stores by the online channel and the impact that this may have on margins could, once again, draw the market’s attention.
Underlying
Inditex (ITX SM)
Provider
Sabadell
Ignacio Romero
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