Tod's Group: H1 sales globally in line but slightly above consensus at the EBIT level
SELL, Fair Value EUR107 vs. EUR104 (-16%)
The Italian group has released its H1 results yesterday. Sales reached EUR491m in H1 (consensus: EUR489m) and EBIT EUR108m (consensus: EUR104m). H1 EBIT margin has gained 60bp in H1, implying a 200bp gain in Q2, partly due to a positive FX impact. Sell recommendation maintained due to a stretched valuation (20% premium vs peers and 24% vs 2003-13 historical average).
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