Report
Jelena Sokolova
EUR 100.00 For Business Accounts Only

Dufry's leadership positions in travel retail grant it a narrow moat.

As a leading player in travel retail and a leading concession operator in airport retail with over 20% market share, more than double that of the next biggest peer, Dufry is well positioned to benefit from increasing global travel flows. Over the years, Dufry has played the role of consolidator in a globally fragmented industry, which allowed it to achieve purchasing scale, breadth of store formats and product offer, and geographical diversification.We contend that airports capture the bulk of v...
Underlying
Dufry AG

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Jelena Sokolova

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