Analisi GeoxDopo essere stata fortemente penalizzata dal mercato Geox sembra aver ritrovato la strada della crescita giustificata dai fondamentali, anche il confronto con le altre società quotate del lusso sembra premiare l'azienda. |
| 2008 | Var % | 2009 | Var % | 2010 | |
|---|---|---|---|---|---|
| Totale Ricavi | 892,513 | -3,08 % | 865,010 | -1,73 % | 850,076 |
| Margine operativo lordo | 199,505 | -16,61 % | 166,376 | -20,47 % | 132,313 |
| Ebitda margin | 22,353 | 19,234 | 15,565 | ||
| Margine operativo netto | 170,490 | -31,36 % | 117,028 | -20,18 % | 93,407 |
| Ebit Margin | 19,10 | 13,53 | 10,99 | ||
| Risultato Ante Imposte | 166,193 | -32,08 % | 112,874 | -20,05 % | 90,239 |
| Ebt Margin | 18,62 | 13,05 | 10,62 | ||
| Risultato Netto | 117,590 | -43,27 % | 66,706 | -13,05 % | 58,003 |
| E-Margin | 13,18 | 7,71 | 6,82 | ||
| PFN (Cassa) | -58,196 | 76,28 % | -102,586 | -10,19 % | -92,134 |
| Patrimonio Netto | 427,470 | 0,30 % | 428,751 | -0,57 % | 426,301 |
| Capitale Investito | 376,488 | -10,77 % | 335,930 | 2,59 % | 344,630 |
| ROE | 27,51 | 15,56 | 13,61 | ||
| ROCE | 45,284 | 34,837 | 27,104 |
Commento ai dati di bilancio
Nel triennio 2008-2010 Geox ha mostrato una diminuzione del fatturato del 4,8% mentre il margine operativo lordo è calato del 33,7% in presenza di una riduzione dell’Ebitda margin di circa sette punti percentuali; il risultato operativo è si è quasi dimezzato (-45,2% a 93,4 milioni) mentre quello netto è passato da 117,6 a 58 milioni di Euro (-50,7%). Anche la redditività del capitale investito registra flessioni consistenti con il ROI in calo di oltre 18 punti al 27,1% mentre il ROE passa dal 27,5% al 13,6%. Si conferma estremamente solida la struttura finanziaria con una disponibilità di cassa per oltre 92 milioni di Euro (in crescita dai 58,2 milioni di fine 2008).
Comparables
| Azienda | P/E | P/BV | Dividend Yield % |
|---|---|---|---|
| Geox | 18,98 | 2,58 | 4,24% |
| Luxottica | 26,30 | 3,25 | 1,94% |
| Tod’s | 26,44 | 3,46 | 2,03% |
Commento : tra le principali società quotate in Italia operanti nel settore del lusso Geox si caratterizza per essere quella più a buon mercato sia sulla base sia del rapporto Price/Earnings (Prezzo Utili) che del Price/Book Value (Prezzo/Valore Contabile); interessante anche il rendimento da dividendi superiore al 4% e più del doppio di quello dei comparables.
Plus e Minus
Opportunità : la linea abbigliamento ha continuato a crescere anche nel 2010 e conta ormai per il 14% dei ricavi, buona anche la performance dei negozi a gestione diretta
Rischi : oltre l’80% dei ricavi è generato in mercati maturi, previste pressioni sui margini a causa dell’aumento dei prezzi delle materie prime
Ipotesi Valutazione e Sensitivity Analysis
Nell’applicazione del metodo dei flussi di cassa scontati e dell’Economic Value Added si sono ipotizzati:
- un tasso di crescita medio dei ricavi al 6% nel biennio 2011-2012 che si riduce al 4% nel lungo periodo;
- margini sulle vendite in miglioramento al 16% nel 2011 e 17% nel lungo periodo;
- una redditività operativa (ROI) di lungo periodo del 29,5%
Infine si prevede un tax rate stabile al 35% su tutto il periodo di previsione ed un payout del 60%.
I risultati del modello convergono su un valore per azione di circa 5,3 Euro che tende a crescere (ridursi) di 0,5 Euro per ogni punto in più (in meno) del margine sulle vendite come mostrato nella figura seguente.
Analisi Geox è a cura di Evaluation.it
Evaluation.it
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If you’re still on the fence: grab your favorite earphones, head down to a Best Buy and ask to plug them into a Zune then an iPod and see which one sounds better to you, and which interface makes you smile more. Then you’ll know which is right for you.
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I’ll gear this review to 2 types of people: current Zune owners who are considering an upgrade, and people trying to decide between a Zune and an iPod. (There are other players worth considering out there, like the Sony Walkman X, but I hope this gives you enough info to make an informed decision of the Zune vs players other than the iPod line as well.)
Between me and my husband we’ve owned more MP3 players over the years than I can count, including Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etc. But, the last few years I’ve settled down to one line of players. Why? Because I was happy to discover how well-designed and fun to use the underappreciated (and widely mocked) Zunes are.
Sorry for the huge review, but I’m really loving the new Zune, and hope this, as well as the excellent reviews some other people have written, will help you decide if it’s the right choice for you.
The new Zune browser is surprisingly good, but not as good as the iPod’s. It works well, but isn’t as fast as Safari, and has a clunkier interface. If you occasionally plan on using the web browser that’s not an issue, but if you’re planning to browse the web alot from your PMP then the iPod’s larger screen and better browser may be important.
Zune and iPod: Most people compare the Zune to the Touch, but after seeing how slim and surprisingly small and light it is, I consider it to be a rather unique hybrid that combines qualities of both the Touch and the Nano. It’s very colorful and lovely OLED screen is slightly smaller than the touch screen, but the player itself feels quite a bit smaller and lighter. It weighs about 2/3 as much, and is noticeably smaller in width and height, while being just a hair thicker.
Sorry for the huge review, but I’m really loving the new Zune, and hope this, as well as the excellent reviews some other people have written, will help you decide if it’s the right choice for you.
If you’re still on the fence: grab your favorite earphones, head down to a Best Buy and ask to plug them into a Zune then an iPod and see which one sounds better to you, and which interface makes you smile more. Then you’ll know which is right for you.
Between me and my husband we’ve owned more MP3 players over the years than I can count, including Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etc. But, the last few years I’ve settled down to one line of players. Why? Because I was happy to discover how well-designed and fun to use the underappreciated (and widely mocked) Zunes are.
Apple now has Rhapsody as an app, which is a great start, but it is currently hampered by the inability to store locally on your iPod, and has a dismal 64kbps bit rate. If this changes, then it will somewhat negate this advantage for the Zune, but the 10 songs per month will still be a big plus in Zune Pass’ favor.
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The new Zune browser is surprisingly good, but not as good as the iPod’s. It works well, but isn’t as fast as Safari, and has a clunkier interface. If you occasionally plan on using the web browser that’s not an issue, but if you’re planning to browse the web alot from your PMP then the iPod’s larger screen and better browser may be important.
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Hands down, Apple’s app store wins by a mile. It’s a huge selection of all sorts of apps vs a rather sad selection of a handful for Zune. Microsoft has plans, especially in the realm of games, but I’m not sure I’d want to bet on the future if this aspect is important to you. The iPod is a much better choice in that case.
Apple now has Rhapsody as an app, which is a great start, but it is currently hampered by the inability to store locally on your iPod, and has a dismal 64kbps bit rate. If this changes, then it will somewhat negate this advantage for the Zune, but the 10 songs per month will still be a big plus in Zune Pass’ favor.
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The Zune concentrates on being a Portable Media Player. Not a web browser. Not a game machine. Maybe in the future it’ll do even better in those areas, but for now it’s a fantastic way to organize and listen to your music and videos, and is without peer in that regard. The iPod’s strengths are its web browsing and apps. If those sound more compelling, perhaps it is your best choice.
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I’ll gear this review to 2 types of people: current Zune owners who are considering an upgrade, and people trying to decide between a Zune and an iPod. (There are other players worth considering out there, like the Sony Walkman X, but I hope this gives you enough info to make an informed decision of the Zune vs players other than the iPod line as well.)
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This is getting a bit more subjective, but I much prefer the Zune Marketplace. The interface is colorful, has more flair, and some cool features like ‘Mixview’ that let you quickly see related albums, songs, or other users related to what you’re listening to. Clicking on one of those will center on that item, and another set of “neighbors” will come into view, allowing you to navigate around exploring by similar artists, songs, or users. Speaking of users, the Zune “Social” is also great fun, letting you find others with shared tastes and becoming friends with them. You then can listen to a playlist created based on an amalgamation of what all your friends are listening to, which is also enjoyable. Those concerned with privacy will be relieved to know you can prevent the public from seeing your personal listening habits if you so choose.
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