As the Most Scaled Travel Retail Operator, Dufry Is Well Positioned for Market Share Gains
We are expecting to reduce our fair value estimate for Dufry by a mid-single-digit percentage as the company delivered full-year results lower than we expected and introduced a more cautious mid-term target. We still see shares as attractive at these levels, our narrow moat rating is unchanged, and we still expect company to remain a beneficiary of positive growth in the passenger numbers in the years to come.ÂFor the medium term the company now expects to grow organically by 3%-4% versus 5%-7%...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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