reports
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
Inditex : Recent growth acceleration shows structural features, which ...
>Latest data leads us to raise our estimates… - The +11% sales growth at constant FX from the latest trading update compares to the 7.4% we were previously expecting for FY 2024 or to 8.5% for Q1 2024, as mentioned in our latest note on the FY 2023 results, and shows that the company’s trend of strong growth continues. The 5% increase in gross space anticipated for 2024 should easily lead to a c.2% net space contribution. Over the last few years, such new space is co...
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/03/2024
L’année 2024 sera marquée par l’élection présidentielle américaine et l’annonce des rabais pour les 10 médicaments dont les prix sont dorénavant négociés directement par Medicare dans le cadre de l’IRA. Nous tablons sur une croissance des BPA 24e de 8% et relevons nos OC de 1% en moyenne. Nous privilégions GSK (Surperformance) qui allie valorisation attractive, croissance et newsflow. Nous maintenons notre recommandation Surperformance sur Sanofi qui devrait bénéficier d’un catalyseur...
RNO RENAULT SA
ADS ADIDAS AG
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
ZAL ZALANDO SE
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
SAN SANOFI
SOLB SOLVAY SA
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
AZN ASTRAZENECA PLC
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/13/2024
2024 is set to be marked by the US presidential election and the announcement of rebates for the 10 drugs for which prices are now negotiated directly through Medicare under the IRA. We forecast EPS 24e growth of 8% and lift our target prices by 1% on average. We prefer GSK (Outperform) which combines an attractive valuation, growth and clinical newsflow. We maintain our Outperform rating on Sanofi which should benefit from a transformative clinical catalyst in H1. We lower our rating...
RNO RENAULT SA
ADS ADIDAS AG
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
ZAL ZALANDO SE
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
SAN SANOFI
SOLB SOLVAY SA
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
AZN ASTRAZENECA PLC
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
Inditex : +11% trading update means growth remains strong; in-line res...
>Strong growth remains and opex is fully under control - Inditex’s Q4 2023 results were in line with both the consensus and our estimates at the P&L level due to almost no differences in sales performance (0.1% or € 6m a above our estimates) with gross profit 1.0% above consensus and 1.1% below our estimates (€ 54m above and € 62m below respectively) and with such limited differences maintained in relative terms but reduced in absolute terms at EBITDA level (€ 23m ab...
- Jerôme Bodin
MT ARCELORMITTAL SA
CA CARREFOUR SA
VIV VIVENDI SE
WKL WOLTERS KLUWER NV
RAND RANDSTAD NV
G ASSICURAZIONI GENERALI S.P.A.
FRE FRESENIUS SE & CO. KGAA
BA. BAE SYSTEMS PLC
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ENG ENAGAS SA
RIO RIO TINTO PLC
IHG INTERCONTINENTAL HOTELS GROUP PLC
JDEP JDE PEET'S NV
- Jerôme Bodin
MT ARCELORMITTAL SA
CA CARREFOUR SA
VIV VIVENDI SE
WKL WOLTERS KLUWER NV
RAND RANDSTAD NV
G ASSICURAZIONI GENERALI S.P.A.
FRE FRESENIUS SE & CO. KGAA
BA. BAE SYSTEMS PLC
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ENG ENAGAS SA
RIO RIO TINTO PLC
IHG INTERCONTINENTAL HOTELS GROUP PLC
JDEP JDE PEET'S NV
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
Inditex : Top line growth and solid margins to continue proving the co...
>Q4 2023 should maintain strong top line growth - We expect Q4 results (to be published on 13 March) to maintain strong sales growth of 8.6% y-o-y following the positive data reported in 9M and assuming a deceleration in the second half of the quarter (similar to the one experienced during Q3): trading update was +14% y-o-y sales growth at constant FX from 1 November to 11 December, which compares to +14.9% in 9M. In fact, we are estimating +12% at constant FX, as we...
Industria De Diseno Textil Sa (Inditex): 1 director
A director at Industria De Diseno Textil Sa (Inditex) bought 2,667 shares at 38.800EUR and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over t...
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
Inditex : Trading update at +14% shows continued strength while opex p...
>EBITDA 3.5% above with slightly better performances in all the cost lines - Inditex’s Q3 2023 results were slightly above our estimates at the P&L level due to a slightly lower sales performance (2.1% below our estimates) being more than offset by a strong gross margin (61.7% vs 60.1% expected) which resulted in a higher gross profit (€ 25m or 0.5% above), and better opex (2.5% below our estimates) leading to EBITDA being 3.5% above our estimate. Reported sales were...
- Baptiste Salaville
- Geoffroy Michalet
- Jean-Baptiste Rouphael
- Marc Lavaud
- Baptiste Salaville
- Geoffroy Michalet
- Jean-Baptiste Rouphael
- Marc Lavaud
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
Inditex : Sales growth to be the main focus… and to remain strong
>We expect Q3 2023 to maintain strong growth despite the slight deceleration shown in the latest trading update… - We expect Q3 results (to be published on 13 December) to maintain strong sales growth of 9.0% y-o-y following the positive data reported in H1 and assuming no deceleration in the second half of the quarter from a still strong, albeit decelerating, start of the quarter: trading update was +14% y-o-y sales growth at constant FX from 1 August to 11 Septembe...
- Louis Boujard
- CFA
- Philippe Ourpatian
- Louis Boujard
- CFA
- Philippe Ourpatian
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
Inditex : Outperformance remains with a strong outlook
>EBITDA 3% above with slightly better performances in all lines - Inditex’s Q2 2023 results were slightly above our estimate at the P&L level due to a slightly better sales performance (1.3% above our estimates) and a strong gross margin (56.3% vs 56.2% expected) which resulted in a higher gross profit (€67m or 1.3% above), leading to EBITDA being 3.4% above our estimate. Reported sales were € 9,240m (€ 118m, or 1.3% above ODDO BHFe), gross profit was € 5,198m, with ...
- Bruno Cavalier
- Charlotte Vaisse
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2023
At the 14th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic slowdown in parts of the world and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Energy-intensive sectors remain concerned about German energy cost levels. Destocking of high inventory levels is gradually fading as supply chains normalise. Hen...
1COV COVESTRO AG
AMS AMS AG
MT ARCELORMITTAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
TEP TELEPERFORMANCE SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
HM B H&M HENNES & MAURITZ AB CLASS B
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
- Bruno Cavalier
- Charlotte Vaisse
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/09/2023
At the 14th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic slowdown in parts of the world and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Energy-intensive sectors remain concerned about German energy cost levels. Destocking of high inventory levels is gradually fading as supply chains normalise. Hen...
1COV COVESTRO AG
AMS AMS AG
MT ARCELORMITTAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
TEP TELEPERFORMANCE SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
HM B H&M HENNES & MAURITZ AB CLASS B
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
Inditex : Delivery continues at a rapid pace
>Q2 2023 to maintain very strong growth despite some headwinds from the USD that should remain until Q4… - We expect Q2 results to maintain strong sales growth of 12.6% y-o-y following the positive data reported in Q1 and assuming some deceleration in the second half of the quarter from a very strong start (trading update was +16% y-o-y at constant FX from 1 May to 4 June). In fact, we are estimating +14.8% at constant FX, as we expect FX to be a headwind with a -2.2%...
- Martin Marandon-Carlhian
- Stephane Houri
- Benoit Valleaux
- Steven Gould
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