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Cedric Rossi
  • Cedric Rossi

INDITEX BUY | EUR32 Strong Q2 numbers and resilient current tradi...

º Q2 sales beat CS expectations by 3% as trends remained robust throughout the quarter Minor GM miss more than offset by a c.7% beat at EBIT level Current still grows in double-digits between 1st Aug and 11th Sep (+11%)

Arancha Pineiro
  • Arancha Pineiro
Arancha Pineiro
  • Arancha Pineiro

INDITEX: 2Q’22 RESULTS (ANÁLISIS BANCO SABADELL)

2Q'22 vs. 2Q'21 Results Sales: € 8.103 Bn (+15.9% vs. +10.8% BS(e) and +12.4% consensus); EBIT: € 1.397 Bn (+25.2% vs. +12.4% BS(e) and +17.6% consensus); Net Profit: € 1.034 Bn (+21.5% vs. +12.9% BS(e) and +18.8% consensus); 1H'22 vs. 1H'21 Results Sales: € 14.845 Bn (+24.4% vs. +21.4% BS(e) and +22.3% consensus); EBIT: € 2.431 Bn (+44.3% vs. +35.8% BS(e) and +39.2% consensus); Net Profit: € 1.794 Bn (+41.0% vs. +35.3% BS(e) and +39.2% consensus);

Arancha Pineiro
  • Arancha Pineiro

INDITEX: RDOS. 2T’22 (ANÁLISIS BANCO SABADELL)

Rdos. 2T'22 vs 2T'21: Ventas: 8.103 M euros (+15,9% vs +10,8% BS(e) y +12,4% consenso); EBIT: 1.397 M euros (+25,2% vs +12,4% BS(e) y +17,6% consenso); BDI: 1.034 M euros (+21,5% vs +12,9% BS(e) y +18,8% consenso). Rdos. 1S'22 vs 1S'21: Ventas: 14.845 M euros (+24,4% vs +21,4% BS(e) y +22,3% consenso); EBIT: 2.431 M euros (+44,3% vs +35,8% BS(e) y +39,2% consenso); BDI: 1.794 M euros (+41,0% vs +35,3% BS(e) y +39,2% consenso).

Research Department
  • Research Department

INFORME DIARIO 14 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: IBERDROLA, INDITEX, SECTOR ENERGÉTICO/UTILITIES. La inflación estadounidense culpable de las ventas Las bolsas europeas se giraron a la baja después de la sorpresa en los datos de inflación, que se mantuvieron en niveles más altos de lo esperado. Dentro del Euro STOXX sólo Utilities se mantuvo en verde seguido por Hogar con las menores pérdidas. En cambio, Inmobiliario (perjudicado las perspectivas de mayores subidas de tipos) y Tecnología recogie...

Research Department
  • Research Department

IBERIAN DAILY 14 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: IBERDROLA, INDITEX, UTILITIES/ENERGY SECTOR. Inflation remains strong European stock markets saw drops after the surprise of inflation data, which remained at higher levels than expected. Thus, within the Euro STOXX, Utilities was the only sector remaining in positive territory, followed by Household, with the lowest losses. However, Real Estate (hit by the more expensive financing curve) and Technology were the worst performers. On the macro side, in Germany, August’s final infl...

Arancha Pineiro
  • Arancha Pineiro

INDITEX: 2Q’22 RESULTS PREVIEW (ANÁLISIS BANCO SABADELL)

We expect good 2Q’22 Results but the highlight will be the trading update. BUY. We expect robust sales in its 2Q’22 results (to be released on 14/09), growing ~+11% on a quarter that would see a decreasing performance (demanding comparable basis and closures/restrictions) with the positive impact of price increases (~+5%). Although the gross margin will be under pressure (-40bps to 56% due to the increase in procurement and exchange rate), we expect an increase in the EBIT margin (~+25bps to 16....

Arancha Pineiro
  • Arancha Pineiro

INDITEX: PREVIO RDOS. 2T’22 (ANÁLISIS BANCO SABADELL)

Esperamos buenos Rdos. 2T’22 pero la atención estará en el trading update. COMPRAR Esperamos una sólida evolución en ventas 2T’22 (publica 14/09) con un crecimiento c.+11% en un trimestre de más a menos (base exigente y cierres/restricciones) y con impacto positivo de aumento en precios (c.+5%). Aunque habrá presión en margen bruto (c.-40 pbs hasta el 56% por aumento aprovisionamientos y tipo de cambio) estimamos expansión del margen EBIT (c. +25 pbs hasta el 16,2%). Tras las caídas recientes (-...

Research Department
  • Research Department

IBERIAN DAILY 08 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AEDAS HOMES, CHANGES IBEX, ELECTRICITY SECTOR, GRIFOLS, INDITEX, SIEMENS GAMESA. Will the ECB raise rates by 50bps or 75bps? It was yet another session of caution, with slight gains and hardly any changes in Europe ahead of today’s ECB meeting, where C. Lagarde will announce the interest rate hike. Thus, within the Euro STOXX, Utilities and Chemicals were the best performers, vs. the bigger drops in Retail and Energy. On the macro side, in the Euro zone, the final 2Q’22 GDP was ra...

Research Department
  • Research Department

INFORME DIARIO 08 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: AEDAS HOMES, CAMBIOS IBEX 35, GRIFOLS, INIDTEX, SECTOR ELÉCTRICO, SIEMENS GAMESA. ¿Subirá 50 o 75 p.b. el BCE? Nueva jornada de cautela, con ligeras ganancias en Europa a la espera de la reunión del BCE de hoy, mientras que EE.UU. firmó ganancias más pronunciadas. Así, en el Euro STOXX Utilities y Químicas registraron el mejor comportamiento, frente a las mayores caídas en Retail y Energía. Por el lado macro, en la Eurozona el PIB final del 2T’22 s...

Cedric Rossi
  • Cedric Rossi

LUXURY & FASHION Fashion: Inditex better suited to navigate throu...

Already in a zone of turbulence. Over the summer, some European apparel markets showed signs of weakening demand on the back of a challenging macro environment and consumer squeeze. As H&M and Inditex will both report their results in coming weeks, we expect diverging sales and earnings trends in favour of Inditex thanks to its “crisis-proof” business model. Last but not least, Inditex’s valuation remains quite appealing at 17.8x 2022e P/E (23% discount vs. 5-year average), especially since down...

Cedric Rossi
  • Cedric Rossi

INDITEX: Full steam ahead towards circular economy | BUY | EUR32

INDITEX - BUY | EUR32 Full steam ahead towards circular economy Solving fashion’s tough conundrum: industry growth and waste reduction Circulose®: Giving waste cotton a second life Key partnership signed with Infinited Fiber Company in May

Cedric Rossi
  • Cedric Rossi

INDITEX: Inditex weathers the challenging environment thanks to a “cri...

INDITEX - BUY | EUR32 Inditex weathers the challenging environment thanks to a “crisis-proof” business model Low risk of overstock considering solid current trading Charging for online returns: no negative volume impact and a new source of efficiency gains FY22 outlook: we nudge up our FY estimates by c.2%

Arancha Pineiro
  • Arancha Pineiro

INDITEX: MENSAJES DE LA CONFERENCE CALL RDOS. 1T’22 (ANÁLISIS BANCO SA...

De la conference call de Rdos. 1T’22 destacamos los siguientes mensajes:  Política de precios: no esperan cambios aquí e indican que están realizando aumentos de forma selectiva por mercados/formatos/productos. Con todo, nuevamente confirman que esperan que el aumento en precios de la colección primavera/verano sea del c.+5% sin impacto en volúmenes.

Arancha Pineiro
  • Arancha Pineiro

INDITEX: 1Q’22 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'22 vs. 1Q'21 Results Sales: € 6.742 Bn (+36.4% vs. +26.8% BS(e) and +26.9% consensus); EBIT: € 1.034 Bn (+81.7% vs. +78.0% BS(e) and +84.5% consensus); Net Profit: € 760.0 M (+80.5% vs. +82.4% BS(e) and +86.4% consensus);

Cedric Rossi
  • Cedric Rossi

INDITEX: Sound Q1 2022 results confirm that Inditex is a safe-haven ch...

INDITEX - BUY | EUR32 Sound Q1 2022 results confirm that Inditex is a safe-haven choice in retailing Q1 sales growth of 36% to EUR6.7bn, beating CS expectations by c.8% Resilient margins despite one-off EUR216m provision related to Russia/Ukraine Inventory inflation remains under control Reassuring current trading with sales between 1st May and 5th June up 17% YoY and 23% Yo3Y.

Arancha Pineiro
  • Arancha Pineiro

INDITEX: RDOS. 1T’22 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'22 vs 1T'21: Ventas: 6.742 M euros (+36,4% vs +26,8% BS(e) y +26,9% consenso), EBIT: 1.034 M euros (+81,7% vs +78,0% BS(e) y +84,5% consenso), BDI: 760,0 M euros (+80,5% vs +82,4% BS(e) y +86,4% consenso).

Research Department
  • Research Department

IBERIAN DAILY 08 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACERINOX, GLOBAL DOMINION, INDITEX, RED ELÉCTRICA, REPSOL. Concerns about the slowdown The market continues to price in the impact from the monetary disruption on the economic cycle, which was already quite shaken in Europe. Thus, within the Euro STOXX, sales prevailed, with only Energy and Basic Resources ending in the black. By contrast, Household and Consumer Goods saw the biggest drops. On the macro side, in Germany, April’s factory orders contracted more than expected. In Spa...

Research Department
  • Research Department

INFORME DIARIO 08 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACERINOX, INDITEX, GLOBAL DOMINION, RED ELÉCTRICA, REPSOL. Preocupa la desaceleración El mercado sigue poniendo en precio la incertidumbre del impacto de un tensionamiento monetario sobre un ciclo bastante tocado en Europa. Así en el Euro STOXX dominaron las ventas, salvándose sólo de las caídas Energía y R. Básicos. En cambio lideraron las cesiones, Hogar y B. Consumo. Por el lado macro, en Alemania los pedidos de fábrica de abril se contrajeron m...

Arancha Pineiro
  • Arancha Pineiro

INDITEX: 1Q’22 RESULTS PREVIEW AND T.P. CUT (ANÁLISIS BANCO SABADELL)

1Q’22 Results Preview and T.P. Cut to € 27.70/sh. We maintain our BUY recommendation. We expect a robust sales performance in the 1Q’22 (08/06), with~+28% on a quarter that would see a decreasing performance (reopenings in the 1Q’21, halt of operations in Russia/Ukraine and China’s restrictions) with a ~+5% price rise. This will allow the company to keep the gross margin practically stable (around -10bps) and ~+78% EBIT growth. The trading update (May/7-June) will be positive (although more mode...

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