Geox: FV cut after poor Q1 results and disappointing H2 sales guidance
SELL, Fair Value EUR1.75 vs. EUR2 (-27%)
Geox published Q1 13 results that were below our estimates due to poor sales and cost inflation. Management nevertheless broadly confirmed H1 13 guidance (sales down 10% and a 100bp gross margin expansion), but FY13 sales guidance was disappointing. We cut our EBIT estimates by over 20% and our FV to EUR1.75 from EUR2.
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