It's only fitting that I write something today on Europe's multiples since I wrote yesterday on P/E multiples in the US. What prompted this were two different articles, one on Europe's lower multiples in general and the second on a Spanish retailer.
Let's look at the Spanish retailer first. The BBC writes:
Zara-owner Inditex, the biggest fashion clothing retailer in the world, has reported yet another increase in profits, helped by sales in Eastern Europe and its new online store in China.
Profits rose by more than 22% to 2.3bn euros ($3bn:£2bn) in 2012.
The results narrowly missed analysts' high expectations, and shares were down more than 3% this morning.
The company also announced plans to open more than 440 stores in 2013.
Although its fourth-quarter performance was slightly ...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.