Weakness in Several Regional Markets Masks Dufry's Underlying Profit Improvement; Shares Cheap
We are maintaining our fair value estimate for narrow-moat Dufry as the company reported nine-month results slightly below our expectations, with 4.6% sales growth versus our 7% full-year forecast. We expect to revise our 2018 sales forecasts downward to reflect the challenging situation in Latin American markets (Latin America contributed 20% to revenue in 2017 and has declined 2.8% year to date) and lower growth in Spain driven by the decline in British tourism. This would have only a single-d...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.
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