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CHRISTIAN DIOR : Back on its bullish trend

10/05/2012 | 04:55am
Opinion : Bullish above EUR 103.78
Target price : EUR 111.3
Stop loss: EUR 100.95
Apparel & Accessories

In the past few sessions, Christian Dior shares have suffered from a sharp fall and is now coming back on significant level support.

From a fundamental viewpoint, the security is cheap with a PER of 11.78x for 2012 and 10.47x for 2013. Besides, EV/Sales is low with a ratio at 0.85x for this year.

After several weeks of horizontal fluctuations within the mid-term range EUR 104.4 / EUR 119.05, the stock is coming back close to the lower limit of the range. Moving averages are flat and technical indicators illustrate the oversold situation. The EUR 104 area could cause a positive reaction for the coming trading sessions and allow a technical rebound towards the EUR 111.3 mid-term resistance and then the long-term target price at EUR 119.05.

Considering technical and fundamental elements, it seems to be an appropriate timing to take immediately a long position in Christian Dior in order to benefit from the EUR 104 support area. A first target price will be the EUR 111.3 resistance. A stop loss order will be placed under the mid-term support currently tested. Only a crossing of EUR 111.3 would validate a bullish trend in order to aim a higher target price.

CHRISTIAN DIOR : CHRISTIAN DIOR : Back on its bullish trend

Patrick Rejaunier
© 2012

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Financial Ratios

Size 2015e 2016e
Capitalization 31 539 M€ -
Entreprise Value (EV) 36 046 M€ 34 105 M€
Valuation 2015e 2016e
PER (Price / EPS) 17,2x 16,4x
Capitalization / Revenue 0,91x 0,84x
EV / Revenue 1,04x 0,91x
EV / EBITDA 4,53x 3,74x
Yield (DPS / Price) 2,12% 2,15%
Price to book (Price / BVPS) 2,30x 1,85x
Profitability 2015e 2016e
Operating Margin (EBIT / Sales) 19,2% 19,7%
operating Leverage (Delta EBIT / Delta Sales) 0,83x 1,32x
Net Margin (Net Profit / Revenue) 7,77% 4,80%
ROA (Net Profit / Asset) 2,40% 2,70%
ROE (Net Profit / Equities) 10,8% 12,1%
Rate of Dividend 36,5% 35,4%
Balance Sheet Analysis 2015e 2016e
CAPEX / Sales   5,96% 5,84%
Cash Flow / Sales (Taux d'autofinancement) 23,1% 23,9%
Capital Intensity (Assets / Sales) 3,24x 1,78x
Financial Leverage (Net Debt / EBITDA) 0,57x 0,28x
Income Statement Evolution
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