Dufry is a travel retail company. Co. operates over 1,650 shops worldwide. Co.'s shops are either duty free or duty paid shops, located in airports. Co.'s product categories include: Perfumes and Cosmetics; Confectionery, Food and Catering; Wine and Spirits; Watches, Jewelry and Accessories; Tobacco goods; Fashion, Leather and Baggage; Literature and Publications; Electronics; and Toys, Souvenirs and other goods.
  • TickerDUFN
  • ISINCH0023405456
  • ExchangeSix Swiss Exchange
  • SectorGeneral Retailers
  • CountrySwitzerland
Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 08/04/2020

Energean, a benchmark E&P in the Mediterranean basin, is set to change its status with the start-up of the Karish gas field in Israel, whose production is destined for the dynamic domestic market. Future production is secured through LNG contracts, providing good visibility on future cash flows (post-start-up EBITDAX of $ 900m in 2022 vs $ 36m in 2019). In addition, the acquisition of Edison's assets will enable Energean to increase its production tenfold to around 44.5-51.5 kboe/d. W...

Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 04/08/2020

Energean, une E&P de référence sur le bassin méditerranéen, va opérer un changement de statut avec le démarrage du champ gazier israélien Karish, dont la production est destinée au dynamique marché domestique. La production future est sécurisée via des contrats de LT, offrant ainsi une bonne visibilité sur les cash-flows (EBITDAX post démarrage de 900 M$ en 2022 vs 36 M$ en 2019). Par ailleurs, la reprise des actifs d’Edison va permettre à Energean de multiplier par 10 sa production d...

Fehmi Ben Naamane

Dufry AG : Buy rating reiterated on the stock despite the context (but based on a longerterm vision); target price adjusted to CHF 35

>Q2 marks a low point in the crisis - Q2 results are not very instructive: the fall of nearly 94% in revenues was broadly expected and the fall in EBIT in H1 was just as predictable a scenario. There were no particular announcements other than the control of costs was good (crucial in the current context) and debt under control. Cost-saving initiatives are key - In the virtual absence of revenues, the only available lever was the cost savings plan, a...

Fehmi Ben Naamane

Dufry AG : Achat réitéré sur le titre malgré le contexte (mais vision plus long terme) ; OC ajusté à 35 CHF

>Le T2 marque un point bas dans la crise - Les résultats T2, sont peu instructifs, la baisse de près de 94% des revenus était globalement attendue et celle de l’EBIT au S1 était un scénario tout aussi prévisible. Pas d’annonces particulières si ce n’est une très bonne maitrise des coûts (crucial dans le contexte actuel) et un endettement maitrisé. Les initiatives d’économie de coûts sont clés - Avec une quasi-absence de revenu, le seul levier disponi...

Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 08/03/2020

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Dufry Ag: 1 director bought

A director at Dufry Ag bought 6,000 shares at 34.293CHF and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board memb...

Fehmi Ben Naamane

Dufry AG : Buy rating reiterated on the stock despite the context (but based on a longerterm vision); target price adjusted to CHF 35

>Q2 marks a low point in the crisis - Q2 results are not very instructive: the fall of nearly 94% in revenues was broadly expected and the fall in EBIT in H1 was just as predictable a scenario. There were no particular announcements other than the control of costs was good (crucial in the current context) and debt under control. Cost-saving initiatives are key - In the virtual absence of revenues, the only available lever was the cost savings plan, a...

Fehmi Ben Naamane

Dufry AG : Achat réitéré sur le titre malgré le contexte (mais vision plus long terme) ; OC ajusté à 35 CHF

>Le T2 marque un point bas dans la crise - Les résultats T2, sont peu instructifs, la baisse de près de 94% des revenus était globalement attendue et celle de l’EBIT au S1 était un scénario tout aussi prévisible. Pas d’annonces particulières si ce n’est une très bonne maitrise des coûts (crucial dans le contexte actuel) et un endettement maitrisé. Les initiatives d’économie de coûts sont clés - Avec une quasi-absence de revenu, le seul levier disponi...

Fehmi Ben Naamane

Dufry AG : Sharp decline in Q2 2020

>Very poor H1 2020 results (as expected) - Dufry has just reported its H1 earnings. Sales amounted to CHF 1,587m, down 62% vs last year (vs -24% in Q1). Organic growth was sharply negative at -61% across the first half (-93% in Q2 and -21% in Q1). By region, and in terms of organic growth, Europe & Africa was the most affected region with organic growth down 66% while central & South America was the less affected (organic growth down 56%).The gross margin was som...

Fehmi Ben Naamane

Dufry AG : Sharp decline in Q2 2020

>Very poor H1 2020 results (as expected) - Dufry has just reported its H1 earnings. Sales amounted to CHF 1,587m, down 62% vs last year (vs -24% in Q1). Organic growth was sharply negative at -61% across the first half (-93% in Q2 and -21% in Q1). By region, and in terms of organic growth, Europe & Africa was the most affected region with organic growth down 66% while central & South America was the less affected (organic growth down 56%).The gross margin was som...

Stephane Houri

Accor : Digitisation post-COVID: what consequences for our sectors and stocks?

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. - >Accelerated digitisation, no turning back - The COVID-19 crisis will without a doubt accelerate use of digital in society in general. The effectiveness of teleworking has...

Dufry AG: Update after downgrade to B1

Still severely constrained air travel will materially dent Dufry's results beyond 2020, and the company's liquidity may become tight over the next year.

Dufry AG - December 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Dufry AG: Update after downgrade to Ba3 and review for further downgrade

Covid-19 will materially hurt Dufry's profits and cash flow this year. The review reflects uncertainty on the shutdown severity and the consequent impact on liquidity and credit metrics

Dufry AG - September 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - UniCredit - EN

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - UniCredit - EN

Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 08/04/2020

Energean, a benchmark E&P in the Mediterranean basin, is set to change its status with the start-up of the Karish gas field in Israel, whose production is destined for the dynamic domestic market. Future production is secured through LNG contracts, providing good visibility on future cash flows (post-start-up EBITDAX of $ 900m in 2022 vs $ 36m in 2019). In addition, the acquisition of Edison's assets will enable Energean to increase its production tenfold to around 44.5-51.5 kboe/d. W...

Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 04/08/2020

Energean, une E&P de référence sur le bassin méditerranéen, va opérer un changement de statut avec le démarrage du champ gazier israélien Karish, dont la production est destinée au dynamique marché domestique. La production future est sécurisée via des contrats de LT, offrant ainsi une bonne visibilité sur les cash-flows (EBITDAX post démarrage de 900 M$ en 2022 vs 36 M$ en 2019). Par ailleurs, la reprise des actifs d’Edison va permettre à Energean de multiplier par 10 sa production d...

Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 08/03/2020

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Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 03/08/2020

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Anis Zgaya ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Hela Zarrouk
  • Jean-François Granjon
  • Jerôme Bodin
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/12/2020

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DUFRY AG sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of DUFRY AG (CH), active in the Specialty Retailers industry. As regards its fundamental valuation, the title now shows 2 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date January 7, 2020, the closing price was CHF 97.36 and its target price was estimated at CHF 81.85.

Dufry GRP – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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