The impact on the market of the accounts of a business giant such as Inditex It is always important, both for analysts and investors. It is not for less, it is about the company that capitalizes the most in Spain and one of the most weighted of the IBEX 35.
Until 26 investment firms are those who have reviewed the valuation and the advice of Inditex since last Wednesday, September 14, it announced its results for the first half of the year, which left a historical profit of 1,794 million euros (41% more). And the conclusion is clear: the textile company now has a greater support from analysts than before they were released.
The fact of being in a position to break a new historical milestone at the end of this financial year -reaching net cash in excess of 10,000 million euros- has not gone unnoticed by some firms that now support the purchasing advice that rests on it in a majority. And it is that a 78% of the nearly 30 analysts who cover its evolution on the trading floor It now advises taking positions in Inditex compared to the 52% that did so at the beginning of the year, according to data compiled from FactSet.
And not only that, but the experts see a route close to 30% for the next twelve months. For this reason, the company chaired by Marta Ortega has positioned itself in recent days as one of the candidates to become part of the monitorthe elEconomista.es tool that brings together companies with more solid fundamentals.
And it is that this portfolio brings together the 15 companies of the Stoxx 600, the Nasdaq 100 and the S&P 500 with a follow-up of 20 analysts or more, a growth in profitability (according to ROE or return on equity) of more than 3 percentage points and, finally, with the best recommendations that emerge from that sieve.
The results presented represent “practically maintain the strong pace with which the quarter began and despite the fact that the comparison is beginning to be more demanding”, they value from the analysis department of Banco Sabadell.
Still far from supports
The nervousness that has unleashed in recent hours the imminent decision of the Fed on the price of money in the US and the Russian threat to use all available means, including nuclear, to defend the country in the war in Ukraine have favored the last hours that the Spanish firm has once again approached the support it finds in the €20.50-€21. However, about 7% still separates him from that level.
“The value has managed to react upwards to the heat of results that have been better than what the market consensus expected”, highlights Joan Cabrero, technical analyst and adviser at Ecotrader, who stresses that “this short-term rebound what does is reinforce, in case there was any doubt, the support of the €20.50 as a dividing line that separates a bullish context from a potentially bearish one in which a relapse to 17-18 euros would be sung “.
“In the short term”, continues the expert, “I would like to see how the buying pressure manages to beat the resistance presented by Inditex in the 24 eurossomething that would allow me to rule out a bearish pattern in the form of HCH and favor increases towards further targets on the ceiling of the channel at 27 euros”.
An EBITDA 5% higher than expected
The gross profit estimates for 2022 of the Spanish company have been raised in recent weeks as well. In fact, according to the market consensus offered by FactSet, forecasts in this regard have grown by almost 460 million since summer, 5.5% more (see graph).
In fact, some investment firms see Inditex exceeding 9,300 million in this regard at the end of the year.