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

INDITEX SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of INDITEX SA (ES), a company active in the Apparel Retailers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 22, 2019, the closing price was EUR 26.27 and its potential was estimated at EUR 28.49.

Jelena Sokolova

Morningstar | Inditex's Revenue in Line With Expectations, but Profit Lower; Maintaining FVE

We are maintaining our fair value estimate of EUR 31 per share for narrow-moat Inditex as the company delivered lower-than-expected profits for 2018. Revenue was in line with our expectations while operating profit was 5% lower than we anticipated, largely driven by higher depreciation and amortization charges than we expected. Operating expenses, which include rental, employee, and other (related to online), increased 4%, in line with our expectations. Out of these, personnel expenses grew 4%, and rental expenses grew only 1% despite net space growth of 4.7%, showing good cost control and lea...

Jelena Sokolova

Inditex's Revenue in Line With Expectations, but Profit Lower; Maintaining FVE

We are maintaining our fair value estimate of EUR 31 per share for narrow-moat Inditex as the company delivered lower-than-expected profits for 2018. Revenue was in line with our expectations while operating profit was 5% lower than we anticipated, largely driven by higher depreciation and amortization charges than we expected. Operating expenses, which include rental, employee, and other (related to online), increased 4%, in line with our expectations. Out of these, personnel expenses grew 4%, ...

Filipe Rosa

Inditex: Slower growth to drive further de-rating

We still see Inditex (ITX) as a long-term winner in the global apparel industry due to its successful business model and seamless integration between stores and online. However, e-commerce has brought new players and allowed many others to expand much faster than before. Consumers are now a click away from a much wider choice and we think this is making it more difficult for incumbents like ITX to maintain historical growth rates. We have cut our medium-term LfL and space growth forecasts by 100bp each to 4%, leading to a 5% avg EPS cut for ‘19e-‘21e. This has put us on average 7% below BBG co...

Filipe Rosa

Inditex: Slower growth to drive further de-rating

We still see Inditex (ITX) as a long-term winner in the global apparel industry due to its successful business model and seamless integration between stores and online. However, e-commerce has brought new players and allowed many others to expand much faster than before. Consumers are now a click away from a much wider choice and we think this is making it more difficult for incumbents like ITX to maintain historical growth rates. We have cut our medium-term LfL and space growth forecasts by 100bp each to 4%, leading to a 5% avg EPS cut for ‘19e-‘21e. This has put us on average 7% below BBG co...

Jelena Sokolova

Morningstar | Inditex's Revenue in Line With Expectations, but Profit Lower; Maintaining FVE

We are maintaining our fair value estimate of EUR 31 per share for narrow-moat Inditex as the company delivered lower-than-expected profits for 2018. Revenue was in line with our expectations while operating profit was 5% lower than we anticipated, largely driven by higher depreciation and amortization charges than we expected. Operating expenses, which include rental, employee, and other (related to online), increased 4%, in line with our expectations. Out of these, personnel expenses grew 4%, and rental expenses grew only 1% despite net space growth of 4.7%, showing good cost control and lea...

Jelena Sokolova

Inditex's Revenue in Line With Expectations, but Profit Lower; Maintaining FVE

We are maintaining our fair value estimate of EUR 31 per share for narrow-moat Inditex as the company delivered lower-than-expected profits for 2018. Revenue was in line with our expectations while operating profit was 5% lower than we anticipated, largely driven by higher depreciation and amortization charges than we expected. Operating expenses, which include rental, employee, and other (related to online), increased 4%, in line with our expectations. Out of these, personnel expenses grew 4%, ...

Filipe Rosa

Inditex: Slower growth to drive further de-rating

We still see Inditex (ITX) as a long-term winner in the global apparel industry due to its successful business model and seamless integration between stores and online. However, e-commerce has brought new players and allowed many others to expand much faster than before. Consumers are now a click away from a much wider choice and we think this is making it more difficult for incumbents like ITX to maintain historical growth rates. We have cut our medium-term LfL and space growth forecasts by 100bp each to 4%, leading to a 5% avg EPS cut for ‘19e-‘21e. This has put us on average 7% below BBG co...

Filipe Rosa

Inditex: Slower growth to drive further de-rating

We still see Inditex (ITX) as a long-term winner in the global apparel industry due to its successful business model and seamless integration between stores and online. However, e-commerce has brought new players and allowed many others to expand much faster than before. Consumers are now a click away from a much wider choice and we think this is making it more difficult for incumbents like ITX to maintain historical growth rates. We have cut our medium-term LfL and space growth forecasts by 100bp each to 4%, leading to a 5% avg EPS cut for ‘19e-‘21e. This has put us on average 7% below BBG co...

Filipe Rosa

Inditex: Sounder start to Q4 limits earnings cut

ITX’s 2% LfL growth in Q3 was undeniably weak, with the company lagging the QoQ evolution of our clothing retail sales index by close to 4pp on a 2-yr cum basis. We recognize that the decision not to embark on the widespread step up of promotional activity in the industry post the weather-driven slow start to the A/W collection may account for a big chunk of this gap but we fail to understand why the company has preferred to allow its GM to rise 107bp YoY in Q3 instead of using this cushion to boost top-line growth, which was 3% below consensus on a constant FX basis. Overall we have cut sales...

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...

INDITEX SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of INDITEX SA (ES), a company active in the Apparel Retailers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 22, 2019, the closing price was EUR 26.27 and its potential was estimated at EUR 28.49.

Ng Adrian

Inditex

Ng Adrian

Inditex

Ng Adrian

Inditex

Ng Adrian

Inditex

MarketLine Department

Esprit Holdings Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Esprit Holdings Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Esprit Holdings Limited since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive adv...

Inditex – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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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