Industria de Diseño Textil, S.A. (ADR) (IDEXY) analysis

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Health is Inditex's cash, not of an ADR that adds a new business. Quality separates Zara's margin from the other banners. Growth follows garments sold, not a year without discounts. P/E is read against that year, and the ADR is not the Madrid multiple. Shareholder return is the dividend, checked against cash. Do not read it as a second Inditex.

The P/E of a year without discounts is not the earnings if prices must be cut. EV/EBITDA is read without treating the ADR as extra cash on top of Madrid. Do not use the ITX.MC multiple as if the currency were not in between. A dash if IDEXY is missing.

Limits of this report

Not advice on the Inditex ADR. Vaultflake does not state a return on capital and does not treat IDEXY as another company. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report