Financials INDITEX

Equities

ITX

ES0148396007

Apparel & Accessories Retailers

Real-time Estimate Tradegate Other stock markets 04:44:30 2024-05-17 am EDT			5-day change	1st Jan Change
43.44 ^EUR	+0.33%		+1.17%	+10.02%

09:08am	INDITEX : RBC lowers his opinion and switches to Neutral	ZD
May. 09	IBEX takes profits on macro data and BBVA's hostile takeover bid for Sabadell	RE

Valuation

Fiscal Period: Januari	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	94,588	76,285	83,293	89,057	123,620	134,796	-	-
Enterprise Value (EV) ¹	86,528	68,725	73,934	89,057	112,214	123,409	122,434	123,716
P/E ratio	26 x	69 x	25.7 x	21.6 x	23 x	23 x	21.2 x	19.7 x
Yield	2.47%	2.86%	3.48%	-	3.88%	3.79%	4.17%	4.57%
Capitalization / Revenue	3.34 x	3.74 x	3.01 x	2.73 x	3.44 x	3.48 x	3.24 x	3.02 x
EV / Revenue	3.06 x	3.37 x	2.67 x	2.73 x	3.12 x	3.19 x	2.94 x	2.77 x
EV / EBITDA	11.4 x	15.1 x	10.3 x	10.3 x	11.4 x	11.5 x	10.6 x	10 x
EV / FCF	15.1 x	29.8 x	13.1 x	-	16.5 x	22.2 x	18.7 x	17.6 x
FCF Yield	6.64%	3.36%	7.61%	-	6.06%	4.51%	5.34%	5.69%
Price to Book	6.33 x	5.25 x	5.29 x	-	6.63 x	6.77 x	6.35 x	6.45 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	43.30	43.30	43.30
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: January	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	28,286	20,402	27,716	32,569	35,947	38,746	41,655	44,592
EBITDA ¹	7,598	4,552	7,183	8,649	9,850	10,689	11,510	12,320
EBIT ¹	4,772	1,507	4,282	5,520	6,809	7,440	8,090	8,744
Operating Margin	16.87%	7.39%	15.45%	16.95%	18.94%	19.2%	19.42%	19.61%
Earnings before Tax (EBT) ¹	4,681	1,401	4,199	5,358	6,870	7,539	8,189	8,694
Net income ¹	3,639	1,106	3,243	4,130	5,381	5,880	6,363	6,820
Net margin	12.87%	5.42%	11.7%	12.68%	14.97%	15.18%	15.28%	15.29%
EPS ²	1.168	0.3550	1.042	1.327	1.729	1.886	2.045	2.201
Free Cash Flow ¹	5,748	2,309	5,628	-	6,795	5,570	6,539	7,040
FCF margin	20.32%	11.32%	20.31%	-	18.9%	14.38%	15.7%	15.79%
FCF Conversion (EBITDA)	75.65%	50.72%	78.35%	-	68.98%	52.11%	56.81%	57.15%
FCF Conversion (Net income)	157.96%	208.76%	173.54%	-	126.28%	94.73%	102.75%	103.23%
Dividend per Share ²	0.7500	0.7000	0.9300	-	1.540	1.640	1.804	1.979
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: January	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	8,236	9,778	-	9,480	11,165	-	-
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	2,349	2,641	4,942	3,003	2,606	5,605	-
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	1,718	1,823	3,370	2,164	1,711	3,941	-
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%	20.86%	18.64%	-	22.83%	15.32%	-	-
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	1,789	1,910	3,511	2,145	1,719	3,967	-
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	1,424	1,499	2,731	1,657	1,327	3,086	-
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%	17.29%	15.33%	-	17.48%	11.89%	-	-
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	0.4558	0.4801	0.8800	0.5313	0.4268	0.9900	-
Dividend per Share ²	-	-	-	-	-	0.9300	-	-	0.4700	-	-	-	-	-	-	-	-	0.7700	-	-	0.9346	-	-	0.7046	-	0.4982
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	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	8,060	7,560	9,359	-	11,406	11,387	12,362	11,080
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,748	2,309	5,628	-	6,795	5,570	6,539	7,040
ROE (net income / shareholders' equity)	25%	7.52%	21%	-	30%	30.6%	31.4%	32.8%
ROA (Net income/ Total Assets)	14.5%	4.04%	11.7%	-	17.2%	17%	17.4%	17.7%
Assets ¹	25,037	27,404	27,671	-	31,359	34,491	36,516	38,509
Book Value Per Share ²	4.800	4.660	5.050	-	5.990	6.400	6.820	6.710
Cash Flow per Share ²	2.220	0.9700	2.170	-	2.780	2.800	2.800	2.810
Capex ¹	1,152	708	1,126	-	1,872	2,545	2,371	1,918
Capex / Sales	4.07%	3.47%	4.06%	-	5.21%	6.57%	5.69%	4.3%
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

43.3 EUR

Average target price

45.5 EUR

Spread / Average Target

+5.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Apparel & Accessories Retailers

	1st Jan change	Capi.
INDITEX	+9.69%	147B
FAST RETAILING CO., LTD.	+17.20%	81.74B
KERING	-15.08%	45.47B
ROSS STORES, INC.	-2.93%	45.05B
NEXT PLC	+15.77%	14.36B
BURLINGTON STORES, INC.	+0.56%	12.49B
TAPESTRY, INC.	+15.51%	9.77B
LPP SA	+8.34%	8.33B
THE GAP, INC.	+4.09%	8.13B
ABERCROMBIE & FITCH CO.	+53.94%	6.93B

Other Apparel & Accessories Retailers