Report
EUR 200.00
For Business Accounts Only
The company will release its 3Q’21 results on 15 December. This set of results should be good, as it is well known that 3Q’21 got off to an excellent start: the sales growth figure for the 01 August - 09 September period was +22% vs. the same period in 2020 (which was hit by Covid-19 restrictions) and +9% vs. the same period in 2019, a difficult comparison to beat. We reiterate our SELL recommendation. Although the stock is inexpensive, given its poor performance in the last month (-10%), the current uncertainty on 2022 (due to the omicron variant and the disruption in the supply chain) does not justify a change of recommendation. We fine-tune our estimates: -7% in EBIT’22 due mainly to rising raw materials prices, and cut our T.P. by -1% to € 32.14/sh. after rolling over our model.
INDITEX: 3Q’21 RESULTS PREVIEW (ANÁLISIS BANCO SABADELL)
Results preview: 3Q’21 should be good, but the 12-month horizon raises more doubts. SELL.The company will release its 3Q’21 results on 15 December. This set of results should be good, as it is well known that 3Q’21 got off to an excellent start: the sales growth figure for the 01 August - 09 September period was +22% vs. the same period in 2020 (which was hit by Covid-19 restrictions) and +9% vs. the same period in 2019, a difficult comparison to beat. We reiterate our SELL recommendation. Although the stock is inexpensive, given its poor performance in the last month (-10%), the current uncertainty on 2022 (due to the omicron variant and the disruption in the supply chain) does not justify a change of recommendation. We fine-tune our estimates: -7% in EBIT’22 due mainly to rising raw materials prices, and cut our T.P. by -1% to € 32.14/sh. after rolling over our model.
Underlying
Inditex (ITX SM)
Provider
Sabadell
Ignacio Romero
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