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IDEXF - Fast Retailing: Outlook And Valuations Looking Decent Enough
Inditex SA
Greater China looks set to become Fast Retailing's largest market for its UNIQLO business in the next 5 years, improving the sales mix with its high profitability.
Online sales constituted only 15% of total revenues in FY8/2020. Growth here will help drive sales volume as well as increase free cash flow generation.
Overall, the outlook is positive but we feel the shares are fairly priced on PER FY8/2022 42.0x. We are neutral on the shares.