Equities Update: Inditex, Money Supermarket, Victorian Plumbing, Crowdstrikes…

Inditex beats consensus and accelerates its premium shift at the end of the cycle

Javier Molina, Spanish Market Analyst at eToro, on Inditex’s earnings says: “Inditex exceeds market expectations and reinforces its transition toward a more premium positioning at a time when the consumer cycle is showing signs of moderation.

“The company closed the first nine months of 2025 with a historic net profit of 4.622 billion euros (+3.9%), driven by strong margins and the positive reception of its higher-quality collections. Sales grew 2.7% to 28.171 billion euros, or 6.2% at constant currency, although this confirms a slowdown in revenue growth. Financially, Inditex maintains a net cash position of 11.268 billion euros, although it anticipates a negative currency impact of -4% in 2025. Inventory rose 4.9%, although the company highlights its high quality.

“The move toward the quality/luxe segment is reflected in investments in flagship stores, the renovation of strategic locations and projects such as the new Zara building in Arteixo, focused on product and technology. The company shows a strong ability to adapt to consumer preferences, consolidating collections with higher perceived value.

“Despite the strong performance, questions arise regarding the stage of the cycle. Revenue growth is becoming more contained and margins start from a high base, which will require precise execution to sustain similar levels in a more demanding environment. The increase in inventory and the reliance on higher-value collections reinforce the need to monitor demand elasticity.

“Inditex delivers a quarter that beats expectations and accelerates its push into higher-quality products, supported by a strong financial position. But this advance comes at a challenging point in the cycle, and the market will watch closely to see whether the company can sustain the standard it has set for itself.”

Comparison king Money Supermarket meets cash-strapped subjects

Mark Crouch, Market Analyst at eToro says: “MONY Group’s latest update was more reassuring than rousing. Full-year expectations remain intact, and FY25 adjusted EBITDA is still expected to land in line with consensus, a steady outcome given persistent insurance headwinds and PPC costs that refuse to go lower, pressures investors are tracking closely. The group’s second-half perk-up came courtesy of its Money and Home Services divisions, with Energy switching providing most of the spark. Travel also helped, though competitive pressure in package holidays and a softer car-hire market, both symptoms of consumer belt-tightening, kept the brakes on momentum.

“The snag is that MONY thrives when shoppers are choosy, not when they’re skint. Rising credit-card balances and borrowing suggest the consumer is drifting from “savvy” to “stretched”, which goes some way to explaining why the shares have behaved like a lost quote wandering in search of a buyer. With the share price now perched on a crucial support level, investors will want signs that insurance stabilises, marketing spend stops chewing through margin and, above all, the consumer regains enough confidence to shop around. Only then might the shares finally fetch a better price.”

Victorian plumbing revenue grows but mind the potential leaks

Adam Vettese, Market Analyst at eToro, says: “Victorian Plumbing’s latest update reveals solid underlying growth, with revenue up 5% and adjusted EBITDA rising 17%, reflecting continued market share gains and operational improvements. The company’s new distribution centre is paying dividends in efficiency, while trade and tiles segments are expanding, diversifying its income. Cash generation remains robust, supporting a 34% higher ordinary dividend and a strengthening balance sheet.

However, margin pressure persists as higher interest costs from the distribution centre lease and losses from the MFI relaunch weigh on profitability, with adjusted PBT down 6%. Growth is volume led rather than price driven, and the consumer backdrop remains challenging. Overall, Victorian Plumbing is a resilient, cash generative online retailer with self help levers and the market has received this mornings results well with shares up as much as 10% in early trading. The update supports steady compounding and shareholder returns, but macro risks and execution hurdles around MFI are factors to watch going forward.”