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INDITEX. VALUATION. Cont 3

few days ago the company presented results for the first half of 2010. Most of the media and analysts rushed to immediately report that its net profit had grown at around 68% while EBITDA was approximately 44%. Not enter into details, this is enough to simply comparing of the figures showed the company to make headlines while in some cases increased target prices.

all seemed so clear that the first impulse might be to invest, from here to heaven without limits or barriers. But no, I did not first examine the accounts and concludes that although they were slightly better than my estimates were not sufficiently justified nor euphoria that seemed to have unleashed. Let's clarify then. Lords

INDITEX EBITDA of 1 semester of 2010 was of 1157 mill / euros and net profit attributable to 628 in both cases actually much higher than the previous year but reviewing my notes I saw that my estimates for 2009 (full year) were of 2150 mill / Euros and net income of 1250. So if we consider that 2009 was going to be from the p. of v. consumption of a dismal year for most economies in recession (remember that we talked sector company) and that we are dealing with a company in continuous expansion, the published figures do not make me change my way of thinking about business.

Considering the figures published and capitalization at the end of 24 / 9 of 37,287 MILL / EUROS assume the following multipliers, once stretched into account the liquidity position remains:

PER: In the vicinity of 26.
EV / EBITDA : In the vicinity of 15.

All this assuming that the figures of the 2 nd semester of the first pass to about 10%.

So I still think that if not enough jusfiticaban prices in the vicinity of $ 50, let alone be justified in the environment 60.

some of you may think that my opinion is totally wrong and like I was wrong when he estimated that there was only room for one entry for under 35 Euros and we are now over 59, to better in a few months is trading at 75. In this reflection I can not just say that it is not going to quote prices in eg. 8 months but there is nothing new value and that there are options to consider before INDITEX, more if I had shares in the company, which is not the case, at current prices would not hesitate to sell, but would most likely be settled now. I am convinced that now there will be many investors who are being raised, if not already done so, a strategy and leg pairs INDITEX seller.

I think a look at my earlier comments about the company, may shed light on the issues now presented and the importance of not stopping at a simple comparison of numbers like that.

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BAGS AND SPANISH MARKETS. RESULTS 1 º T 2010.

The first comment posted on the company dates from 3/12/2008. Little time ago released the results of the first quarter of 2009.

The information presented indicates that the company managed to grow all relevant quantities, ie revenue, EBITDA and Net Income. It is worth noting
:

1) EBITDA of 53 million Euros, an increase of almost 10% over the same quarter of 2009.

2) Net income of 36 million / Euro, with growth above 7% over the same quarter of 2009. Considering

capitalization at the close of yesterday 5 / 5, this means that the company trades at a PER of about 9.4 times.

recruitment Moreover, despite competition that exists today, is steadily and continuously improving over 2009.

These results are in line with what has been said in previous reviews and therefore still seem to me entirely valid and value the opinions I have been making several comments from the above date.

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INVESTMENT BANKS. DESERVE WHAT CREDIBILITY?. ALSTOM

Curious, you know what I think about while I think about the goals they set prices the analysts, especially if they are both investment banks.

Today I see a comment that speaks for itself. The owner's comment is telling: "BUY" means "selling" GOLDMAN IN THE WORLD. I think

article is interesting and highlights the double standards that seems to be used.

Curious, I will not say so because we can not test ... but if you read my comment, in more than one occasion I said that I have the nose when talking about buying is that they are trying to find a time to go and what happens when they hand over a business qualification.

Here is the link if you want to read the full story.

http://www.marketwatch.com/story/buy-means-sell-in-goldmans-world-2010-05-01

It appears that as more than one occasion I have said, the management risk is personal and not transferable. Think about it.

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Cont. INDITEX

Alstom is a global leader in the 2 types of markets where it operates. The company manufactures power generators and railway transport equipment (locomotives, wagons, etc.) while performing turnkey installations.

Its fiscal year ends on 31 / 3 and their accounts closed last year known and therefore the 31/03/2009, you can obtain the following information regarding its capitalization at 04/01/2010:

• 13,748 Capitalization of Mill / Euros.
• EBITDA in the vicinity of the 1882 mill / Euros.
• PER of just over 12.
• Market the company pays for the equivalent 7.3 times EBITDA and 8.7 times their operating cash flows (without taking into account changes in working capital).

We must also consider that despite substantially reduced new orders in the pipeline over the past year, still has contracts in excess of 2 years of activity.

Other information:

The company spent a period of difficulties in recent years and need the help of French government and banks to get ahead. In recent years bills have improved year after year.

is currently not a debtor company and enjoys tango sound from a financial standpoint. One

their larger competitors, is the German giant Siemens, SPAIN is a major competitor in the market for rail transport company CAF.

With this information it is questionable whether there is an appropriate investment option and therefore with sufficient margin. If we consider only the financial information, it looks like it is, operates in a sector that will continue to grow especially in emerging countries, is a leading global market and holds the data value if we 2009 as representative. This is any price in the vicinity of 46 which now trading (if less the better), should present a cost-effective. However we consider that it is a history of management and continued benefits, before deciding where to invest the balance in our portfolio.