Inditex S.A.

Industria de Diseno Textil Inditex is the parent company of a group engaged in apparel and footwear manufacturing and retailing. The Group is made up of fashion retail chains, textile manufacturing, purchasing and fabric treating companies, logistics and construction companies which are responsible for store refits and manufacturing structure. Products include men's, women's and children's wear collections, footwear, and women's lingerie which are sold through the Group's retail store chains of: Zara, Kiddy's Class, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, and Oysho and Zara Home.
  • TickerITX
  • ISINES0148396007
  • ExchangeMadrid Stock Exchange
  • SectorGeneral Retailers
  • CountrySpain

Analysts

Valérie GASTALDY

Analyse court terme - INDITEX : Stochastiques en zone de surachat.

La tendance est baissière. La reprise est une consolidation. Les Stochastiques sont en zone de surachat. La baisse peut bientôt reprendre vers 23,65 €. La tendance de fond serait remise en cause en cas de franchissement de 29,86 €.

Valérie GASTALDY

Short term view - INDITEX : Overbought stochastics

The trend is bearish. The recovery is a consolidation. Stochastics are at the overbought level. The fall can soon resume toward €23.65. The background trend would be questioned should prices rise above €29.86.

Valérie GASTALDY

Short term view - INDITEX : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €24.00. The background trend would be questioned should prices rise above €30.30.

Valérie GASTALDY

Analyse court terme - INDITEX : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 24,00 €. La tendance de fond serait remise en cause en cas de franchissement de 30,30 €.

Valérie GASTALDY

Analyse moyen terme - INDITEX : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 24,00 €, puis 21,98 €. Le franchissement de 30,30 € remettrait en cause la suite de la baisse.

Cedric Rossi

Inditex: Still the best-in-class in the retailing industry

Inditex: (BUY, Fair Value EUR33 (+24%)) Still the best-in-class in the retailing industry Yesterday’s publication has reassured some investors who feared that ITX, as other retailers, would be eventually impacted by hot temperatures in Europe and lingering tough retail conditions. Management’s optimistic tone, highlighted by a promising H2 outlook, is justified by ITX’s lead in terms omnichannel strategy, which is well executed. We have proceeded to minor adjustments to our forecasts (FX headwind on top line offset by higher margins). We reiterate our Buy recommendation and our FV of EUR33.

Filipe Rosa

Inditex: There must be something we've missed

We fine-tune our estimates and valuation for ITX post Q2 results, mostly to incorporate a 50bp reduction in our FY18 LfL to 4.5% and a similar cut to the space growth contribution to 3.5%. This has been partly offset by a 11bp GM uplift but ‘18e-‘20e earnings have still nudged down by an avg of 1%. We would also expect BBG consensus for ‘18e earnings to drop 1%-2% on the back of ITX’s LfL (4%-6% in 2H18e) and FX (-3% for ‘18e) guidance and thus we were somewhat surprised by the 4% rise of the share price on the day (vs. 1.5% for the SXRP). We understand that the GM guidance for 2H18e (+50bp Yo...

Jelena Sokolova

Morningstar | Inditex Delivers Solid Results, Plans Global Online Rollout; Shares Attractive

We are maintaining our fair value estimate of EUR 31 per share for Inditex as the company reported first-half results broadly in line with our full-year estimates. We believe that Inditex is well positioned to gain further share in the fragmented global apparel market and see shares as attractive after the recent sell-off. Revenue came in at 8% in constant currency, with a 5% currency headwind, broadly in line with our full-year estimates. We expect currency headwinds to moderate in the second half of the year. Operating margin was only slightly down (14.8% versus 14.9% a year earlier) versus...

Jelena Sokolova

Inditex Delivers Solid Results, Plans Global Online Rollout; Shares Attractive

We are maintaining our fair value estimate of EUR 31 per share for Inditex as the company reported first-half results broadly in line with our full-year estimates. We believe that Inditex is well positioned to gain further share in the fragmented global apparel market and see shares as attractive after the recent sell-off. Revenue came in at 8% in constant currency, with a 5% currency headwind, broadly in line with our full-year estimates. We expect currency headwinds to moderate in the second ...

Cedric Rossi

Inditex: Reassuring Q2 numbers and H2 outlook

Inditex: (BUY, Fair Value EUR33 (+29%)) Reassuring Q2 numbers and H2 outlook ITX released this morning Q2 sales up 4% to EUR6.4bn (CS: EUR6.4bn), representing a ~9% FX-n growth and an implied LFL of 4-4.5% (H1: +4%). In our view this performance is reassuring enough as it remains roughly in line with Q1 trends despite the very hot weather across Europe which has affected numerous retailers. FX tailwind on GM was less obvious in Q2 (flat at 54.8% vs. +70bp in Q1). Even though ITX does not disclose its traditional trading update (Aug to mid-Sep), the Group guides for H2 on a +4-6% LFL (CS is in ...

1 director maiden bought

A director at Industria De Diseno Textil Sa maiden bought 4,000 shares at 26.660EUR and the significance rating of the trade was 74/100. 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 the last two years clearly showing Close periods where trading activity is restricted under listing rule...

Ng Adrian

Inditex

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Ng Adrian

Inditex

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Ng Adrian

Inditex

Ng Adrian

Inditex

Ng Adrian

Inditex

Expert Corporate Governance Service (ECGS)

proxy report 18/07/2018

In item 4.b, the Board proposes to appoint Ms. Pilar López Álvarez, Chairwoman of Microsoft Spain, as independent non-executive Director. The appointment of Ms. López Álvarez will improve the independence (from 44% to 56%) and the gender diversity (from 22% to 33%). Also taking into account her professional background and aggregate time commitments, we recommend that shareholders approve her appointment for the statutory term of 4 years. In item 5, shareholders are called to a binding vote on the remuneration policy to be adopted in the 2019-2021 period. The variable remuneration components a...

Expert Corporate Governance Service (ECGS)

Etude l' AG du 19/07/2017

In item 4, the Board proposes to re-appoint Mr. José Arnau Sierra as "proprietary Director" representing the controlling shareholder Mr. Amancio Ortega Gaona (59.3% of the share capital). Mr. Arnau Sierra is the non-executive Vice Chairman of the Board and he is a member of all internal Committees. We have serious concerns over the composition of the Board of Directors, as the positions of Chairman and CEO are combined and the Board has not a majority of independent members (44% according to the Company and the ECGS guidelines). Therefore, we recommend opposition.In item 6, shareholders are ca...

Valérie GASTALDY

Analyse court terme - INDITEX : Stochastiques en zone de surachat.

La tendance est baissière. La reprise est une consolidation. Les Stochastiques sont en zone de surachat. La baisse peut bientôt reprendre vers 23,65 €. La tendance de fond serait remise en cause en cas de franchissement de 29,86 €.

Valérie GASTALDY

Short term view - INDITEX : Overbought stochastics

The trend is bearish. The recovery is a consolidation. Stochastics are at the overbought level. The fall can soon resume toward €23.65. The background trend would be questioned should prices rise above €29.86.

Valérie GASTALDY

Short term view - INDITEX : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €24.00. The background trend would be questioned should prices rise above €30.30.

Valérie GASTALDY

Analyse court terme - INDITEX : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 24,00 €. La tendance de fond serait remise en cause en cas de franchissement de 30,30 €.

Valérie GASTALDY

Analyse moyen terme - INDITEX : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 24,00 €, puis 21,98 €. Le franchissement de 30,30 € remettrait en cause la suite de la baisse.

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