Report
EUR 200.00
For Business Accounts Only
We change our recommendation from SELL to BUY following the stock’s poor performance since the year started (-30%) and despite reducing our T.P. by -10% (and EBIT’22e by -19%) to € 28.88/sh. (+45% upside) to reflect the negative impact form the Russia-Ukraine war conflict, which has forced the company to close its stores in these countries. We will also comment on our forecast for the 4Q’21 results, which the company will release on 16 March and which we expect to show a positive tone thanks to a good start to the quarter and an undemanding comparable basis. We believe this is a good time to invest in the stock, which is trading at a P/E’22e of 20x (vs. historical average of 20x-30x), close to post-Covid lows.
INDITEX: 4Q’21 RESULTS PREVIEW AND CHANGE OF RECOMMENDATION TO BUY (ANÁLISIS BANCO SABADELL)
Results Preview and change of recommendation to BUY.We change our recommendation from SELL to BUY following the stock’s poor performance since the year started (-30%) and despite reducing our T.P. by -10% (and EBIT’22e by -19%) to € 28.88/sh. (+45% upside) to reflect the negative impact form the Russia-Ukraine war conflict, which has forced the company to close its stores in these countries. We will also comment on our forecast for the 4Q’21 results, which the company will release on 16 March and which we expect to show a positive tone thanks to a good start to the quarter and an undemanding comparable basis. We believe this is a good time to invest in the stock, which is trading at a P/E’22e of 20x (vs. historical average of 20x-30x), close to post-Covid lows.
Underlying
Inditex (ITX SM)
Provider
Sabadell
Ignacio Romero
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