Inditex registered new historical highs on the stock market, after marking a price of 36.91 euros per share at 1:15 p.m., with an increase of 1.6% and a market capitalization that has reached close to 115,000 million euros, also a historic figure.
In this way, the company, the second that rose the most on the Ibex 35 at mid-session, behind Ferrovial (1.75%), closed this Tuesday on the edge of its all-time highs of June 2017 by marking a price of 36. 33 euros per share (then it reached 36.66 euros), pending the presentation of the results for the third quarter of its fiscal year, scheduled for December 13.
Specifically, the shares of the company founded by Amancio Ortega ended the day with an advance of 1.88% and have accumulated a revaluation of more than 46% so far this year.
Barclays has raised Inditex’s valuation to 32 euros per share from the previous 30 euros, while predicting that the company led by Marta Ortega will present “solid” results in the third quarter of its fiscal year.
Specifically, the entity, which raises its earnings per share forecasts, foresees double-digit sales growth in constant currency for the Galician company and an improvement in gross margin.
In his opinion, the evolution of income seems “resistant.” “We expect Inditex sales in constant currency to increase a solid 12% year-on-year during the third quarter ended October 2023 (up from 16.9% in the first quarter, 16.4% in the second quarter and 14% between the August 1 and September 11, 2023),” they point out from Barclays.
The entity has also highlighted that the “good” expected results are mainly from Inditex’s “solid and differentiated” business. “We believe that local sourcing and shorter delivery times have allowed the group to grow at a faster pace,” said Barclays analysts, who also estimate a “strong” rise in gross margin of 120 basis points, up to 61.4%.
