Inditex Winning team

研报英文原文证据摘录

Inditex Winning team

Accessible version

Inditex

Winning team

Reiterate Rating: BUY | PO: 65.00 EUR | Price: 54.10 EUR

Higher investments lead to stronger growth. Buy. 22 July 2026

Inditex’s high fashion velocity and strong execution combined to its higher investments Equity

offer long-term growth opportunities. We expect the group to grow topline at 8.7%

CAGR over the next 3 years, supported by increasing capex spend (nearly €3bn per

Key Changesannum by FY30E), driving white space expansion (geographies and price points) and

market share gains. We raise our estimates by 0-6% over FY27-29E, leading us to be 2- (EUR) Previous Current

6% ahead of FY28-29E EPS consensus. Reiterate Buy and raise DCF based PO to Price Obj. 62.00 65.00

€65/$18.7 (was €62/$16.8). 2028E Rev (m) 45,743.4 46,598.4

2029E Rev (m) 48,488.0 50,792.2

Clear incremental growth opportunities 2028E EPS 2.35 2.40

Zara has further market share gain opportunities, through category expansion (footwear, 2029E EPS 2.50 2.64

accessories), as well as smaller, premium collections, enabling the brand to “play” into

new price points without affecting perception (top 50 SKUs still at a 50-60% discount to Joffrey Bellicha Meller >>

premium brands (Exhibit 13)). Furthermore, Lefties is at the onset of its international Research Analyst MLI (UK)

journey (42% of stores in Spain vs 19% group average). Its new stores are 5x larger +44 20 7995 7497

(Exhibit 18) than group average, driving c.20% of group space growth this year while its joffrey.bellichameller@bofa.com

online offering will enable share gains from direct peer Primark (Exhibit 14). AshleyResearchWallaceAnalyst >>

Merrill Lynch (Australia)

+61 2 9226 5070Further investments to fuel long-term growth ashley.d.wallace@bofa.com