Nightmare day for Yoox Net à Porter, which at the end of the morning collapsed on the stock market by 4%, to 22,91 euros, marking itself as the worst stock on the Ftse Mib. The value of the share fell below 23 euros for the first time in 2017. The sell-off was triggered by lower-than-expected bills and the subsequent shower of downgrades by analysts.
In particular, Yoox closed the 2016 with Net revenues up 17,7% (+12,4 at current exchange rates) to 1,87 billion euro, against consensus expectations of Thomson Reuters for 1,88 billion.
Just in fourth quarterEquita remarked that Yoox's turnover increased by 11,4%, against the estimated +13,1%, of which 0,5% linked to the exchange rate. At constant exchange rates, revenues increased by 15,7% over the year against the +17% expected due to lower offseason sales.
According to the Milanese sim, "yoox.com suffered in Italy due to the difficult confrontation, the cautious attitude of pre-referendum consumers and the less effective concept of the TV campaign".
Equity reduced the target price on the Yoox share from 26 to 24,50 euros, Bryan Garnier from 33 to 32 euros, JP Morgan from 28,5 to 27 euros, Mediobanca from 29,7 to 28,2 euros, Goldman Sachs from 34,50 to 34 euros. The latter has included the title in the Pan European Buy List.
