Inditex: World’s Largest Clothing Retailer Specializing in “Fast Fashion” For The Young

Alistair Wittet presented his in-depth investment thesis on Inditex (Spain: ITX) at European Investing Summit 2014.

Inditex: world’s largest clothing retailer specializing in “fast fashion” for the young. It operates under eight brands, the largest of which is Zara. The equity is mispriced as the market underestimates the long term potential of the business. Present in 86 markets, the company has less than 3% share in all but its two home markets where its share is closer to 15%. The stock trades on a current P/E multiple of 24x, but given Wittet’s belief that the business can quadruple in size, he sees scope for the equity to double over time (assuming a 13-14x P/E multiple at that stage).

About the instructor:

Alistair started his career in 2006 working as an investment analyst for Standard Life Investments before moving on to cover pan‐European food retail stocks as an equity analyst at Citigroup in 2009. Alistair joined Comgest in 2012 and is a portfolio manager specializing in European equities. Alistair graduated from the University of Durham.

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