Tod's Group: Q4 results in line; good start to 2013

SELL, Fair Value EUR80 (-29%)

News published on March Thursday 14, 2013
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Yesterday, Tod’s published Q4 12 results that were broadly in line with consensus. During the conference call, and given the good start to the year (retail LFL sales up 8.2% in the first 10 weeks), management indicated FY13 consensus estimates were feasible. We leave our estimates and Sell recommendation unchanged. We note that during the call, the CFO indicated that the Della Valle family was not ready to divest another part of its holding (following the sale of 10% in December 2010).

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