Day of passion for Tod's share on the Stock Exchange, which one hour after opening lost more than six percentage points, to 66,15 euros. This is the worst drop on the Ftse Mib.
The wave of sales on the shares of the group led by Diego Della Valle comes after the publication of the latest quarterly accounts. Yesterday after the markets were closed, the company announced that it had closed the first nine months of 2014 with revenues down 1,5% on an annual basis, to 741 million. In the third quarter alone, revenues amounted to 263,3 million (+0,7%).
“The nine-month results are in line with our expectations and reflect the impact of our decision to continue investing in the development of the Group, both in the distribution network and in production capacity, even in a context of very volatile markets”, commented Della Valle.
In terms of geographical areas, the 4,4% drop in sales in Italy stands out, while in Europe ex-Italy the growth is 4%. Weak results also in America (-3,1%) and China (-3,3%).
Instead, what disappointed the analysts was theebitda, to 156,4 million in the nine months, with a margin on sales of 21,1%. Considering the third quarter alone, the EBITDA was 53,4 million, decidedly below the 67,2 million of the Bloomberg consensus. Ebit instead settled at 123,9 million euro, with a margin on sales of 16,7%. In the months between July and September, the EBIT was 42,8 million, below the 56,3 million consensus estimates.
After the release of these numbers, Credit Suisse it cut the target price of the Tod's share from 73 to 60 euros, with an underweight recommendation and an average downward revision of 15% of the EPS estimates. Reduced the target price also by Natixis (from 65 to 60 euros) e Deutsche Bank (from 86 to 82 euros).
