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The company will release its 4Q results on 18 March. We estimate that the 4Q figures will be in line with expectations and will not have a significant impact. We believe that the market’s attention is focused on the beginning of 1Q. ITX has an exposure to the regions that were disrupted by the coronavirus in February, such as China (~10%), and of course in March (Spain, Italy and Portugal; ~20% of sales BS(e)) due to the closure of stores. It is difficult to estimate how much sales could grow at the beginning of the 1Q (all February and first two weeks of March). Assuming that countries representing >40% of sales (southern Europe, including France, and China) close for 3 months, the impact on 2020 sales could be around -10% for the full year and the impact on T.P. could be -15%/-20%.
INDITEX: 4Q’19 RESULTS PREVIEW (ANÃLISIS BANCO SABADELL)
4Q'19 Results Preview: the attention will be drawn to the impact from Covid-19 on 2020 sales.The company will release its 4Q results on 18 March. We estimate that the 4Q figures will be in line with expectations and will not have a significant impact. We believe that the market’s attention is focused on the beginning of 1Q. ITX has an exposure to the regions that were disrupted by the coronavirus in February, such as China (~10%), and of course in March (Spain, Italy and Portugal; ~20% of sales BS(e)) due to the closure of stores. It is difficult to estimate how much sales could grow at the beginning of the 1Q (all February and first two weeks of March). Assuming that countries representing >40% of sales (southern Europe, including France, and China) close for 3 months, the impact on 2020 sales could be around -10% for the full year and the impact on T.P. could be -15%/-20%.
Underlying
Inditex (ITX SM)
Provider
Sabadell
Ignacio Romero
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