Financials INDITEX

Equities

ITX

ES0148396007

Apparel & Accessories Retailers

Market Closed - BME Other stock markets 11:42:46 2024-06-06 am EDT			After market 12:40:31 pm
45.99 ^EUR	+0.92%		46.07	+0.17%

02:50pm	INDITEX : HSBC raises target, maintains buy recommendation	CF
01:56pm	Barclays Raises Inditex PT, Keeps In Line Rating	MT

Valuation

Fiscal Period: Enero	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	94,588	76,285	83,293	89,057	123,620	141,863	-	-
Enterprise Value (EV) ¹	86,528	68,725	73,934	89,057	112,214	131,893	131,142	130,594
P/E ratio	26 x	69 x	25.7 x	21.6 x	23 x	23.6 x	22.1 x	20.2 x
Yield	2.47%	2.86%	3.48%	-	3.88%	3.67%	4.04%	4.38%
Capitalization / Revenue	3.34 x	3.74 x	3.01 x	2.73 x	3.44 x	3.65 x	3.39 x	3.15 x
EV / Revenue	3.06 x	3.37 x	2.67 x	2.73 x	3.12 x	3.39 x	3.13 x	2.9 x
EV / EBITDA	11.4 x	15.1 x	10.3 x	10.3 x	11.4 x	12.3 x	11.4 x	10.5 x
EV / FCF	15.1 x	29.8 x	13.1 x	-	16.5 x	25.1 x	20.6 x	18 x
FCF Yield	6.64%	3.36%	7.61%	-	6.06%	3.98%	4.86%	5.54%
Price to Book	6.33 x	5.25 x	5.29 x	-	6.63 x	7.21 x	6.76 x	6.64 x
Nbr of stocks (in thousands)	3,114,527	3,114,926	3,114,926	3,111,719	3,113,070	3,113,070	-	-
Reference price ²	30.37	24.49	26.74	28.62	39.71	45.57	45.57	45.57
Announcement Date	3/18/20	3/10/21	3/16/22	3/15/23	3/13/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Enero	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	28,286	20,402	27,716	32,569	35,947	38,887	41,847	45,100
EBITDA ¹	7,598	4,552	7,183	8,649	9,850	10,714	11,552	12,481
EBIT ¹	4,772	1,507	4,282	5,520	6,809	7,556	8,173	8,914
Operating Margin	16.87%	7.39%	15.45%	16.95%	18.94%	19.43%	19.53%	19.76%
Earnings before Tax (EBT) ¹	4,681	1,401	4,199	5,358	6,870	7,717	8,305	9,018
Net income ¹	3,639	1,106	3,243	4,130	5,381	5,977	6,414	6,988
Net margin	12.87%	5.42%	11.7%	12.68%	14.97%	15.37%	15.33%	15.49%
EPS ²	1.168	0.3550	1.042	1.327	1.729	1.927	2.066	2.254
Free Cash Flow ¹	5,748	2,309	5,628	-	6,795	5,253	6,376	7,241
FCF margin	20.32%	11.32%	20.31%	-	18.9%	13.51%	15.24%	16.06%
FCF Conversion (EBITDA)	75.65%	50.72%	78.35%	-	68.98%	49.03%	55.2%	58.02%
FCF Conversion (Net income)	157.96%	208.76%	173.54%	-	126.28%	87.89%	99.41%	103.63%
Dividend per Share ²	0.7500	0.7000	0.9300	-	1.540	1.674	1.840	1.996
Announcement Date	3/18/20	3/10/21	3/16/22	3/15/23	3/13/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Januari	2020 S2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2	2026 Q1
Net sales ¹	15,466	8,033	12,369	11,936	7,389	8,391	15,780	6,742	8,103	14,845	8,210	9,514	17,724	7,611	9,240	16,851	8,758	10,338	19,096	8,150	9,872	17,976	9,493	11,230	20,708	-
EBITDA ¹	4,151	1,486	3,066	3,101	2,330	1,752	4,082	1,917	2,112	4,029	2,063	2,129	4,620	2,195	2,468	4,663	2,766	2,421	5,188	2,370	2,660	5,009	3,055	2,663	5,687	-
EBIT ¹	2,732	-198	1,705	1,685	1,608	989	2,597	1,034	1,397	2,431	1,740	1,343	3,089	1,483	1,681	3,164	2,028	1,617	3,645	1,636	1,865	3,459	2,188	1,752	4,056	-
Operating Margin	17.66%	-2.46%	13.78%	14.12%	21.76%	11.79%	16.46%	15.34%	17.24%	16.38%	21.19%	14.12%	17.43%	19.48%	18.19%	18.78%	23.16%	15.64%	19.09%	20.07%	18.89%	19.24%	23.05%	15.6%	19.59%	-
Earnings before Tax (EBT) ¹	2,694	-263	1,664	1,643	1,588	967	2,556	990	1,350	2,340	1,694	1,324	3,018	1,505	1,747	3,252	1,986	1,632	3,617	1,672	1,944	3,583	2,152	1,763	4,082	-
Net income ¹	2,090	-195	1,300	1,272	1,228	744	1,971	760	1,034	1,794	1,301	1,035	2,336	1,168	1,345	2,513	1,589	1,279	2,867	1,294	1,516	2,775	1,650	1,353	3,163	-
Net margin	13.51%	-2.43%	10.51%	10.66%	16.62%	8.87%	12.49%	11.27%	12.76%	12.08%	15.84%	10.88%	13.18%	15.35%	14.56%	14.91%	18.14%	12.37%	15.01%	15.88%	15.36%	15.44%	17.38%	12.05%	15.27%	-
EPS ²	0.6700	-0.0620	0.4200	0.4080	0.3930	0.2390	0.6340	0.2440	0.3320	0.5760	0.4200	0.3330	0.7510	0.3750	0.4320	0.8070	0.5110	0.4110	0.9220	0.4160	0.4873	0.8900	0.5291	0.4345	1.020	0.4400
Dividend per Share ²	-	-	-	-	-	0.9300	-	-	0.4700	-	-	-	-	-	-	-	-	0.7700	-	-	0.8669	-	-	0.8669	-	0.4979
Announcement Date	3/18/20	9/16/20	3/10/21	9/14/21	12/15/21	3/16/22	3/16/22	6/8/22	9/14/22	9/14/22	12/15/22	3/15/23	3/15/23	6/7/23	9/13/23	9/13/23	12/13/23	3/13/24	3/13/24	6/5/24	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: Januari	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	8,060	7,560	9,359	-	11,406	9,969	10,721	11,268
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,748	2,309	5,628	-	6,795	5,253	6,376	7,241
ROE (net income / shareholders' equity)	25%	7.52%	21%	-	30%	31.3%	31.9%	33.2%
ROA (Net income/ Total Assets)	14.5%	4.04%	11.7%	-	17.2%	17.6%	17.7%	18%
Assets ¹	25,037	27,404	27,671	-	31,359	33,878	36,220	38,788
Book Value Per Share ²	4.800	4.660	5.050	-	5.990	6.320	6.740	6.860
Cash Flow per Share ²	2.220	0.9700	2.170	-	2.780	3.000	2.860	2.950
Capex ¹	1,152	708	1,126	-	1,872	2,499	2,405	2,008
Capex / Sales	4.07%	3.47%	4.06%	-	5.21%	6.43%	5.75%	4.45%
Announcement Date	3/18/20	3/10/21	3/16/22	3/15/23	3/13/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for INDITEX

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

45.57 EUR

Average target price

47.18 EUR

Spread / Average Target

+3.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Apparel & Accessories Retailers

	1st Jan change	Capi.
INDITEX	+16.64%	154B
FAST RETAILING CO., LTD.	+16.58%	80B
ROSS STORES, INC.	+4.06%	48.4B
KERING	-18.31%	43.06B
HENNES & MAURITZ AB	+4.35%	28.48B
BURLINGTON STORES, INC.	+20.80%	14.86B
NEXT PLC	+14.34%	14.26B
TAPESTRY, INC.	+19.51%	10B
THE GAP, INC.	+25.04%	9.98B
ABERCROMBIE & FITCH CO.	+101.70%	8.83B

Other Apparel & Accessories Retailers