Inditex falls more than 3% in the stock market after the investment bank Credit Citadel Paint Chart has cut the target price of their shares from 24 to 21 euros, considering that, although it is the best in its class, it is “increasingly mature” and competitive pressure is not expected to relax. Specifically, at 12.45 the titles of the largest textile group in the world, owner of chains such as Zara or Massimo Dutti, leave 3.39% of their value compared to the close of Wednesday and are exchanged at 23.06 euros.
Citadel Paint Chart 2019
The 2012 European regulation requires these investors to communicate to the stock supervisor of each country those positions that exceed 0.2% of the capital of the company, and the supervisor will publish, with the investor’s identity, only those that exceed the 0, 5%. However, unlike what happens in the rest of Europe, the CNMV decided to go further and publish the aggregate positions, adding to those higher than 0.5% also those higher than 0.2%, although the latter are unnamed , giving the total aggregate.
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This, in practice, means that European companies have fewer short positions than Spanish ones, when it does not have to be this way, which can be counterproductive for the Spanish companies’ quotation since it can cause an effect called to the bears .
Citadel Paint Chart
The body chaired by Sebastián Albella tried that the European Commission, during the process of revision of that regulation in the last year, adopt the Spanish position, but this has not penetrated and Brussels and the rest of the Member States continue defending the threshold of 0 ,5%. Faced with this situation, the CNMV has decided to reverse and this month will stop publishing that information that had been released to the market every 15 days.
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Sources of the Spanish supervisor justify that by not spreading all of Europe its limit of 0.2%, a distortion and an asymmetry were created, although they admit that there is no empirical evidence that this would harm the price of Spanish companies.
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With the change, the short positions published on Spanish listed companies will fall significantly with respect to the current data. For example, and based on the latest available data, DIA would go from presenting aggregate positions of 14.66% of its capital to only positions of more than 0.5% for 9.32%, and Bankia for 4.34%. % to 2.29% “.
So far this week, Inditex has lost 6.07% on the stock market, while since early January it has depreciated 18.2%. Only last Monday fell by 3.9% dragged, like its peers, by the collapse of the British Asos, which was left on the floor 39% of its value after revising down its forecasts. In a report published on Thursday, Credit Suisse highlights that the earnings per share of Citadel Paint Chart has been reduced to 7.5% of annual average in the last five years and that it foresees that in the coming years it will be reduced to 5%.