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2
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Spanish multinational clothing company
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t 20% above its 10y relative average on PE and 92%ile on PBV, while it has the second lowest dividend in the market (2.9%). Even if you strip H&M and Inditex the sector is towards the higher range of its post-GFC range. UK supermarkets have had their relief rally. Despite challenges facing UK food retaile
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njoys favourable access to prime locations in well-located shopping malls owned by its parent shareholder, Al Hokair Group. Fashion retailers such as Inditex continue to compete for good-quality real estate in shopping centres and on high streets. e — Jarir and Extra are more vulnerable to the entry of in
Page: HOUSE_OVERSIGHT_016171 →Pierce, Fenner & Smith Incorporated
OrganizationMerrill Lynch (Pierce, Fenner & Smith)

Merrill Lynch Global Wealth Management
OrganizationInvestment management and financial planning service

Merrill Lynch
OrganizationAmerican investing and wealth management division of Bank of America
The Financial Service Board
OrganizationOrganization referenced in documents
Merrill Lynch International
OrganizationOrganization referenced in documents
Merrill Lynch Equities (Australia) Limited
OrganizationOrganization referenced in documents
the Australian Securities and Investments Commission
OrganizationOrganization referenced in documents
Merrill Lynch Canada Inc
OrganizationOrganization referenced in documents
the Investment Industry Regulatory Organization of Canada
OrganizationOrganization referenced in documents
Merrill Lynch Argentina SA
OrganizationOrganization referenced in documents

the Financial Services Agency
OrganizationOrganization referenced in documents
the Securities and Futures Bureau
OrganizationOrganization referenced in documents
DSP Merrill Lynch Limited
OrganizationOrganization referenced in documents
the Dubai Financial Services Authority
OrganizationOrganization referenced in documents
Comisién Nacional del Mercado De Valores
OrganizationOrganization referenced in documents
Bank of America Merrill Lynch Banco Multiplo S.A.
OrganizationOrganization referenced in documents
Comissdo de Valores Mobiliarios
OrganizationOrganization referenced in documents
Merrill Lynch KSA Company
OrganizationOrganization referenced in documents
Bank of America Merrill Lynch International Limited
OrganizationOrganization referenced in documents
Merrill Lynch International Bank Limited
OrganizationOrganization referenced in documents