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

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...

Ng Adrian

Inditex

Ng Adrian

Inditex

Ng Adrian

Inditex

Ng Adrian

Inditex

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...

Jelena Sokolova

Morningstar | Inditex Decently Weathers Weather Condition Challenges in 3Q. Shares Attractive

We maintain our fair value of EUR 31 per share, as Inditex delivered third-quarter results, negatively affected by late start of the season. We now forecast somewhat weaker full-year sales but better margins, which has offsetting impact on our fair value estimate. We view shares as attractive at current levels. Like for like in the period from August to end of November grew by 3%, which was lighter than 4% growth in first-half 2018 and 4%-6% like-for-like guidance for the second half of the year (which was maintained). Following weak September with unseasonably warm weather across major marke...

Jelena Sokolova

Morningstar | Inditex Decently Weathers Weather Condition Challenges in 3Q. Shares Attractive. See Updated Analyst Note from 12 Dec 2018

We maintain our fair value of EUR 31 per share, as Inditex delivered third-quarter results, negatively affected by late start of the season. We now forecast somewhat weaker full-year sales but better margins, which has offsetting impact on our fair value estimate. We view shares as attractive at current levels. Like for like in the period from August to end of November grew by 3%, which was lighter than 4% growth in first-half 2018 and 4%-6% like-for-like guidance for the second half of the year (which was maintained). Following weak September with unseasonably warm weather across major marke...

Jelena Sokolova

Inditex Decently Weathers Weather Condition Challenges in 3Q. Shares Attractive

We maintain our fair value of EUR 31 per share, as Inditex delivered third-quarter results, negatively affected by late start of the season. We now forecast somewhat weaker full-year sales but better margins, which has offsetting impact on our fair value estimate. We view shares as attractive at current levels. Like for like in the period from August to end of November grew by 3%, which was lighter than 4% growth in first-half 2018 and 4%-6% like-for-like guidance for the second half of the yea...

Javier Hombria

INDITEX: 3Q18 results slightly below consensus (Bankinter Securities)

Inditex (Hold, target price: €24.19 / share) has just published its 3Q18 results, which came slightly below consensus: Revenues +2% to €6,412mn (vs. €6,677mn for the consensus), gross margin +4% to €3,877mn (vs. €3,973mn), EBITDA +4% to €1,588mn (vs. €1,630mn), EBIT+3% to €1,285mn (vs. €1,335mn) and net profit +5% to €1,030mn (vs. €1,045mn). Management mentions that the strategy in September was to shy away from lowering prices, a tactic that was seen in some of its competitors (H&M is again stacking up inventories). That shows in these results, with lower revenue growth but wider margins. Rev...

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

Ng Adrian

Inditex

Ng Adrian

Inditex

Ng Adrian

Inditex

Ng Adrian

Inditex

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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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