Exane - Inditex

Target price EUR45 (+16%). Sector rating: Neutral

► Solid set of H1 resultsGroup net profit came in c.4% above our forecasts and c.7% above consensus forecasts. Organic sales growth was slightly higher than expected (+9% vs +8%e), stemming from a higher number of store openings (in-line l-f-l at -2%). Gross margin was hit harder than anticipated by currency (-110bp vs -50bp e) but opex growthproved better controlled than in our forecasts (+8% vs +9%e) and was much lower than space growth at 11.5% (boosted by H2 08 openings). As a result, EBITDA came in 2% above our forecasts, which was further amplified by a full neutralization of Q1 forex losses in net financial charges.

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Exane - INDRA 23.07.09

Outperform

Target price: EUR19 (+19%)

Sector rating: Underperform

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Exane BNPP - GAS NATURAL

Outperform

Target price: EUR15 (+20%)

Sector rating: Underperform

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Exane BNPP - ENAGAS

Outperform

• Target price EUR16.7 (+25%)
• Sector rating Underperform 

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