Tod's Group: Tod’s Q1 results just below consensus, but FY13 guidance maintained

SELL, Fair Value EUR85 vs. EUR80 (-25%)
News published on May Wednesday 15, 2013
Share on

Yesterday, Tod’s published Q1 13 results that were below just below consensus ests. (EBITDA EUR63.6m vs. consensus EUR65m) due to weak sales, but management maintained 2013 sales and margin guidance. We maintain our Sell recommendation and nudge our FV to EUR85 from EUR80 as a result of a new risk-free rate in our DCF model (3% vs. 3.3%). We think the valuation is unattractive given prospective earnings growth.


Full report available to subscribers
Please contact marketing@bryangarnier.fr 

The Essentials

Everything you need to know about investment banking dedicated to growth
Stay Informed
Get our news
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities