Inditex

Beleggen in aandelen beurzen Frankfurt DAX, Londen FTSE 100, Parijs CAC40, etc.
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De Wereld
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Inditex

Berichtdoor De Wereld » 11 Sep 2013 15:29

KBC Asset Management heeft Inditex extra onder de loep genomen. Inditex, met een jaaromzet van ca. 16 miljard euro en met activiteiten in maar liefst 86 landen, is uitgegroeid tot de grootste kledingdistributeur ter wereld. Het succesverhaal Inditex is gestart met de Zara winkelketen, maar ondertussen herbergt de Inditex-stal al 8 verschillende winkelconcepten.
We zetten nog eens op een rij waarom we Inditex een erg aantrekkelijk aandeel vinden, een aandeel dat zeker een plaats verdient in een aandelenportefeuille op lange termijn. Allereerst is er het unieke bedrijfsmodel. Er zijn twee grote operationele risico’s voor elke kledingdistributeur: (1) teveel product in huis hebben van wat niet verkoopt en (2) een tekort aan kledingsstukken die net wel heel goed verkopen. Het eerste risico houdt in dat de onverkochte voorraad met kortingen van de hand moet worden gedaan, wat op de marges en winstgevendheid weegt. Het tweede risico zorgt voor gemiste verkopen, maar erger, voor gefrustreerde klanten en reputatieschade Wat Inditex onderscheidt van de overige kledingverkopers is dat het deze twee risico’s minimaliseert in haar bedrijfsmodel.

Naast het erg veilige bedrijfsmodel is er de enorme groeiopportuniteit voor het bedrijf. Hoewel Inditex actief is 86 landen, is het marktaandeel in elk van die landen nog erg laag. Inditex plant de komende jaren een groei van de winkeloppervlakte met 8 à 10%, wat zeker een haalbare kaart is. Belangrijk hierbij is ook dat de geografische mix drastisch aan het evolueren is. De Spaanse thuismarkt heeft daarbij sterk aan belang ingeboet (20% van de omzet nu tegenover 46% in 2002!) ten voordele van de Aziatische markten, die nu reeds 20% van de omzet vertegenwoordigen (versus 7% in 2002). Zo bedient een kwart van alle winkels die Inditex op een jaar opent de Chinese consument.

CONCLUSIE
WAARDERINGSMULTIPLES
RENTABILITEIT EN DIVIDEND YIELD
Bron: Bolero, KBC Securities
Bron: Bolero, KBC Securities
Sinds begin dit jaar vertoont het aandeel een zijdelingse beweging. Een moeilijke vergelijkingsbasis t.o.v. de eerste jaarhelft van 2012, toen Inditex een indrukwekkende winstgroei neerzette, ligt hier aan de basis. Nu die moeilijke vergelijkingsbasis achter ons ligt, verwachten we dat Inditex terug zal kunnen aanknopen met de hoge winstgroeicijfers van het verleden, en de interesse van beleggers opnieuw zal toenemen.

Het unieke bedrijfsmodel, het enorme geografische groeipotentieel, de verdere ontwikkeling van de internetverkopen en een mogelijke ommekeer op de Spaanse thuismarkt stemmen ons positief voor het aandeel. KBC Asset Management verhoogt daarom ons advies naar ‘opbouwen’, koersdoel 123 EUR.
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Jojo
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Re: Inditex

Berichtdoor Jojo » 09 Mar 2016 08:04

Inditex's net sales rise 15.4% to €20.9 billion in FY2015
09/03/2016
Like-for-like sales growth reached 8.5%
Inditex generated over 15,800 new jobs over the year, 4,120 of which were in Spain. At financial
year-end, its headcount stood at 152,854
The Group invested €1.52 billion in FY15, earmarking this capital expenditure to the Group's
growth and international expansion
Net profit totalled €2.88 billion, up 15% year on year
In April, 78,000 Group employees will receive payment for the first phase of the extraordinary
profit-sharing plan
In FY15, Inditex opened a net 330 stores in 56 markets, lifting its global network to 7,013 stores
in 88 markets. The opening of a Zara store in Honolulu (Hawaii, US) during the 4Q marked the
Group's 7000th store
In FY15, Inditex rolled out its online sales platform in Hong Kong, Taiwan, Macao and
Australia. It ended FY2015 with an online sales presence in 29 markets
The Board of Directors will ask the company's shareholders to approve a €0.60 per share
dividend, up 15.4 % over last year, at the next Annual General Meeting
Store sales in constant currency – adjusted for the calendar effect of an extra trading day in
February due to the leap year, increase by 15% between 1 February and 7 March 2016
Inditex Group's net sales increased by 15.4% in FY15 (1 February 2015 - 31 January 2016) to €20.90 billion,
underpinned by growth in all of the Group's geographic regions. Sales growth in local currencies reached
15%. Net profit was €2.88 billion, up 15% from FY14. Meanwhile EBITDA registered growth of 15% to
€4.70 billion. Like-for-like sales growth was 8.5%, on top of 5% growth in FY14, with positive growth in all
geographies and across all the formats.
Commenting on Inditex's earnings performance over FY2015, Group Chairman, Pablo Isla, said "these
figures demonstrate the Group's potential, boosted by the quality and the commitment of all of its
employees".

https://www.inditex.com/en/media/news_a ... eId=197184" onclick="window.open(this.href);return false;
Gilead Ageas Genmab ASMI Sphere3D GSK CFEB LBrands Melexis Umicore Euronav Nordex Solvay Grandvision Biocartis AXA Befimmo AHDelh ABInbev TCON ACIU BMW RioTinto

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Jojo
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Re: Inditex

Berichtdoor Jojo » 09 Mar 2016 20:09

Nog wat extra info rond inditex :

http://www.bloomberg.com/news/videos/20 ... zara-brand" onclick="window.open(this.href);return false;
Gilead Ageas Genmab ASMI Sphere3D GSK CFEB LBrands Melexis Umicore Euronav Nordex Solvay Grandvision Biocartis AXA Befimmo AHDelh ABInbev TCON ACIU BMW RioTinto

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Jojo
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Re: Inditex

Berichtdoor Jojo » 31 Mar 2016 10:09

http://www.thevistavoice.org/2016/03/29 ... s/1001142/" onclick="window.open(this.href);return false;
Gilead Ageas Genmab ASMI Sphere3D GSK CFEB LBrands Melexis Umicore Euronav Nordex Solvay Grandvision Biocartis AXA Befimmo AHDelh ABInbev TCON ACIU BMW RioTinto

Nephus
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Re: Inditex

Berichtdoor Nephus » 14 Mar 2018 20:40

Koersdaling bij opening heeft mijn kooporder getriggerd. Meteen 7,7% winst.
LFL achteruit, niet verrassend. Boekkundig 2017 wat opgesmukt door minder afschrijvingen. FCF -7%.

Online sales heel sterk vooruit. Dit wou ik zien.

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Re: Inditex

Berichtdoor Nephus » 20 Jun 2018 23:14

Zara looks to technology to keep up with faster fashion


Sonya Dowsett
MADRID (Reuters) - The pioneer of fast fashion isn’t looking so fast anymore.

Inditex, the world’s largest clothing retailer and owner of the Zara chain, faces growing competition from younger, online-only players like Boohoo.com and Missguided. Its rivals are churning out clothes at higher speeds - as little as one week from design to point of sale - refreshing their sites daily with hundreds of new items.

In an attempt to keep its edge, the Spanish company is developing new technologies, hooking up with tech firms and hiring talent from start-ups.

The success or failure of such efforts could help determine whether Inditex can adapt to the changing landscape of apparel retail, where Amazon is set to overtake Macy’s as the biggest seller of clothing to Americans.

More broadly, it could point to whether the model of combining online sales with a large network of physical stores can ultimately prevail in mass-market fashion, where tailored trousers sell for under 30 euros ($35) and sequined dresses for under 50 euros.

Inditex has an innovation unit, led by former telecoms engineer Alejandro Ferrer and startup founder David Alayon, but has previously revealed little about its work.

The unit is testing ways of improving stock handling. It has hooked up with California-based Fetch Robotics to test robots to work in stock inventory, the company told Reuters. It has also partnered with chipmaker Intel on creating devices that can quickly gauge the volume of clothing in boxes.

The unit tests technologies that make the most of an asset new rivals lack - physical stores. Inditex said it was focusing on areas like “location intelligence”, ultrasound technology used to track footfall in stores, as well as virtual assistants to help customers.

Location intelligence allows apps to switch to “instore” mode when a customer enters a store, so the customer can locate products and receive offers.

A source familiar with the matter said Inditex has also formed development partnerships with technology companies like Jetlore, which uses artificial intelligence to predict consumer behavior, and Spanish big data start-up El Arte de Medir.

Executives at Inditex, who are famously tight-lipped and rarely grant interviews, confirmed the tie-ups but said the projects were at the testing stage. The company would not give details, saying it was commercially sensitive information.

‘NO SECRET SAUCE’

Zara pioneered the fast-fashion concept in the 1980s. It was the first to develop a method of quickly reacting to changing trends, using agile supply chains based on sourcing production close to headquarters to speed its “lead times” - from the beginning of the design process to a product reaching stores - to about three weeks.

But fast-growing new entrants to the market, unburdened by large store estates, are bringing production much closer to distribution and continuously refreshing merchandise.

Boohoo.com, founded in the British city of Manchester in 2006, operates on a “test and repeat” model whereby it produces small batches and scales up production on those that sell best. Over half of its products are made in Britain.

The company, whose sales doubled last year, said it had lead times as short as two weeks. Missguided, which is also based in Manchester, has said its lead times can be as little as a week.

Inditex’s model is based on sourcing production close to its headquarters in Galicia, northern Spain so orders can quickly be sent to its network of over 7,000 stores worldwide. Its suppliers are mostly in Spain, Portugal, Turkey and Morocco, rather than the traditional Asian manufacturing hubs.

But some new online players are changing the game by bringing manufacturing even closer, with Boohoo.com sourcing over half its products from Britain.

ASOS, a British e-tailer which has many factories in continental Europe, is looking to increase production at home to improve lead times which stand at four to six weeks.

“When it comes to apparel, there’s no secret sauce,” said Felipe Caro, a business professor at UCLA Anderson School of Management who wrote a case study on Zara. “To shorten lead times, there’s no other way than doing local production.”

Inditex is seeking to integrate online sales with its bricks-and-mortar network by focusing on large, attractive stores where customers might try on items to buy later on computers or smartphones.

In February, the firm hired Sergio Alvarez who co-founded CARTO, a start-up focusing on location intelligence, to work in its online business.

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Inditex has worked with its alarm provider, Tyco, to incorporate a tiny micro-chip into security tags carrying style and size information about the garment and allowing the company to locate its whereabouts at any point in the supply chain.

When the company released quarterly results this week, Inditex CEO Pablo Isla told analysts that tight control of stock through tagging means more clothing items can be sold at full price as items in stock at a store can be also offered online.

“This is full integration between store and online stock rooms,” he said.