In September 2009 started the comments about this company. Last few dates presented 2009 results and update them based on the study.
From the results, it is worth noting the following: • EBITDA 2374
Mill / Euros. • 1314 Net
Mill / Euros.
• Cash flow from operations 2321 Mill / Euros. Considering
capitalization to 18 / 3 or whatever it is the same as 48.25 Euros per share, we have the following ratios:
- EV / EBITDA 11.7 times.
- PER 21.1. First
indicate that the figures have surprised me positively, have nothing more to do my first comment where estimated lower values \u200b\u200bin all cases. Noted, however, that in the case of cash flows, estimated fundamental parameter in my assessments must take into account that 300 million are the result of improved working capital and complicated that I think could be improved again recurrently; reason that it would take 2021 mill / Euros. Taking these into account is trading at 13.7 times the flows generated.
Based on these results I've been reading the price rise goals and recommendations for various home purchase and analysis of investment banks. Specifically GOLDMAN now fixed its price target at 63. You know what I think about other comments.
In 2009 the company started activity in 343 new stores.
Despite these numbers, I still think the same, at current prices is best not to be, I believe that there is sufficient margin. Furthermore if you read my previous comments, I indicated that would not surprise me to see the company trade at prices around 50 Euros (saying this simply because the ability to generate cash and grow ratios based on historical average), but we obfuscate growth rates of 10% is not perpetual. Today there are more interesting options.
As always stated, this is not a recommendation INDITEX sale but rather an assessment of the margin that we have to recoup an investment in INDITEX the prices of 50 Euros to the trades today.
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