Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INDUSTRIA DE DISENO TEXTIL. We currently have 3 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
INDUSTRIA DE DISENO TEXTIL
INDUSTRIA DE DISENO TEXTIL
21 Sep 16
The largest global retailer outperformed with 11% sales growth in H1 16 to reach €10.47bn. Forex moves have slightly halted the performance as sales in local currencies were up 16%. Organic growth remained strong at 11%. All the group’s brands experienced favourable momentum with a marked outperformance for Zara’s home concept which grew by 17% to €343m. The regional breakdown of revenues remained flat, where Europe contributed 60% to revenue and Asia less than 25%. The gross margin retreated by 1.3ppt to 56.8% bringing the gross profit to €5.9bn (+9%). EBITDA amounted €2.1bn, 7% higher than in H1 15. EBIT rose by 8% to €1.6bn. Net profit was up 8% to reach €1.26bn. The strong operational performance preserved a solid financial position with 13% surging net financial cash at €4,923m and a marked low debt level (€127m). WC remained almost flat at €-2,176m vs. €-2,239m a year earlier. The downstream expansion is ahead of schedule with 83 net openings in 38 markets, bringing the distribution network to 7,096 stores in 91 markets. Online sales are well on track. The start of H2 16 is promising as sales in local currencies have increased by 13% from 1 August to 18 September 2016. A final ordinary dividend of €0.30 per share will be payable on 2 November.
Growth well on track
15 Jun 16
Q1 16 sales were up by 12% to €4.9bn, held back partially by currency moves as the performance in local currencies was 17%. In Q1 16, Inditex consolidated its presence in 31 markets with 72 new openings, leading to a network of 7,085 stores by the end of April vs. 6,746 a year earlier. The platform expansion, both physical stores and online, raised operating costs by 10% and lowered the gross margin by 130bp yoy to 58.1%. EBITDA increased by 7% to reach €955m, leading to an EBITDA margin of 19.6% vs. 20.5% in Q1 15. EBIT amounted to €705m (+6%). Net profit increased by 6% to €554m. The strong operational performance sustains the solid financial position with a high cash position and low debt level. Net financial cash came to €5bn compared €4.1bn in Q1 16. The operating working capital was €-2bn. Q2 16 started in good shape as sales surged by 15% in local currencies up to 13 June. The Board will propose an annual dividend of €0.6, of which an interim dividend of €0.3 has already been paid to shareholders.
Immune from slowdown
18 Dec 15
The nine months’ sales grew by 15.7% yoy to €14,744m through 6,913 stores across 88 markets, i.e. a net channel expansion of 136 new stores in Q3 15. Europe contributed 47.4% to the nine months’ sales, followed by America at 20.4% and Asia & the rest of the world at 32.2%. Profitability was as guided with EBITDA increasing by 18% to €3,328m. EBIT amounted to €2,583m, drawing a net profit of €2,020m, i.e. 20% growth. Gross cash increased from €3,626m in October 2014 to €4,982m a year later.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Upgrade to BUY post-site visit
12 Aug 16
A positive site visit this week has given us comfort on FY16 (September) numbers. Our focus therefore now turns to FY17 forecasts, which bear upside risk, in our view. The share price remains 10% below pre-referendum levels and has been largely ignored in the post-Brexit recovery. We reaffirm our 350p price target and upgrade from Hold to Buy.