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The company will release its 3Q’20 results on 15 December, which we expect to be poor due to the effect from Covid-19 and the restrictions on store openings in some countries, although better than in 1H’20. 3Q’20 sales on a standalone basis total € 6.08 Bn (-13%); EBIT € 1.18 Bn (-21%); Net Profit € 875 M (-25%). Although visibility is low due to the exceptional situation, we think the stock is already pricing in a scenario of recovery, and thus we see no upside at the current share price, unless there is a positive surprise in the results.
INDITEX: 3Q'20 RESULTS PREVIEW (ANÁLISIS BANCO SABADELL)
3Q’20 Results estimates. SELL.The company will release its 3Q’20 results on 15 December, which we expect to be poor due to the effect from Covid-19 and the restrictions on store openings in some countries, although better than in 1H’20. 3Q’20 sales on a standalone basis total € 6.08 Bn (-13%); EBIT € 1.18 Bn (-21%); Net Profit € 875 M (-25%). Although visibility is low due to the exceptional situation, we think the stock is already pricing in a scenario of recovery, and thus we see no upside at the current share price, unless there is a positive surprise in the results.
Underlying
Inditex (ITX SM)
Provider
Sabadell
Ignacio Romero
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