Oddo BHF - Dufry AG BDR (DAGB33) Dufry AG : Feedback Investor day : rien de vraiment nouveau, mais un potentiel de croissance certain

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Oddo BHF

Fehmi Ben Naamane ...

Matthias Desmarais

Dufry AG : Feedback Investor day : rien de vraiment nouveau, mais un potentiel de croissance certain

>Perspectives de croissance solideÂ : trafic passager et taux de capture - Dufry maintient sa prÃ©vision de croissance organique annuelle de 5-7% pour les 2-3 prochaines annÃ©es. Ceci rÃ©sulte dâ€™une progression du trafic aÃ©rien attendue Ã 5% p.a. jusquâ€™en 2030 (principalement au Moyen-Orient et Asie Pacifique, mais Ã©galement impulsÃ©e par le dÃ©veloppement des LCCs), 1-2% de hausse de la dÃ©pense par passager, et enfin 1-2% de la croissance nette des surfaces commerciales. C...

01/06/2018 4 FR

Underlying

Dufry AG BDR

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BRDAGBBDR008 Brazil

Provider

Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

See profile

Analysts

Fehmi Ben Naamane

Matthias Desmarais

Other Reports on these Companies

Morningstar

Morningstar | Launching Coverage of Dufry With Narrow Moat, Stable Trend Ratings; Shares Attractive. See Updated Analyst Note from 20 Aug 2018

We are initiating coverage of Dufry, the leader in airport and travel retail, with a narrow moat rating. We believe the shares offer an attractive margin of safety, trading around a 20% discount to our CHF 144 per share fair value estimate, which implies a 2018 adjusted P/E and EBITDA multiple of 17 times and 10.6 times, respectively. Travel retail is an attractive niche with a captive and affluent audience, a good value proposition in duty-free (60% of Dufryâ€™s sales), a high share of impulse purchases, and no direct competition (operators are usually the sole providers for a specific produ...

EUR 850.00

August 20, 2018 August 20, 2018 23 EN

Morningstar

Morningstar | Launching Coverage of Dufry With Narrow Moat, Stable Trend Ratings; Shares Attractive

EUR 850.00

August 20, 2018 August 20, 2018 12 EN

Oddo BHF

Dufry AG : Q2 in line, but a more cautious outlook; Buy, revised target price of CHF 155

>H1 results broadly in line; confirmation of a slowdown in Spain - Dufry has reported Q2 sales of CHFÂ 2,277m, up 7.7%, a shade above our forecasts and those of the consensus. Organic growth dipped to 4.2% in Q2 (Oddo BHF estimate 5.2%, consensus at 5.1%) compared with 7.1% in Q1. It is impacted by organic growth being more or less flat in southern Europe and Africa. This was mainly due to the poor performance in Spain which was hit by a drop in popularity among intern...

August 6, 2018 August 6, 2018 4 EN

Bureau Veritas : Postview T1 – Un début d’année très encourageant

>Principaux éléments de la confcall - Lors de la conférence call tenue hier, nous retenons les principaux points :La dynamique devrait rester bien orientée à travers les divisions avec une croissance organique tirée majoritairement par les volumes. Au S2, le groupe anticipe une croissance organique supérieure à celle du S1, en raison d’une base de comparaison exigeante au T2. Le groupe est revenu particulièrement sur les divisions CPS et B&I : i/ La recovery...

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Fatma Agnès Hamdani

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Marie Brizard Wine & Spirits : Q1 sales in decline, impacted by destocking in international markets

>Q1 sales down 6.9% at € 43.3m, undermined by destocking in international markets. France was flat (+0.5%) with volumes down in retail - Q1 sales came in at € 43.4m, down 6.9% in reported terms and on constant currencies. This was 5% below our forecast of € 45.7m ( -1.7% reported and on cc). Business in France saw a slight improvement of 0.5% (vs +3%e and -2.5% in Q1 2023) to € 19.5m. The embedded effect of price increases offset the decline in volumes in retail, not...

2m 2m 1 EN

Emna Ben Bdira ... (+2)

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Maxime Kogge

AngloAmerican Plc : An offer with chances of succeeding but not generous enough at this stage

>A share offer that factors in no real control premium for the time being - Yesterday morning, BHP confirmed that it had submitted a share exchange offer to Anglo American's board of directors. Before this we considered that Anglo American's assets to be too heterogeneous or underperforming to be of interest to another player, particularly due to the difficulties in South Africa. However, BHP's proposed structure excludes the South African activities as it is conditio...

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Dufry AG : Feedback Investor day : rien de vraiment nouveau, mais un potentiel de croissance certain

Morningstar | Launching Coverage of Dufry With Narrow Moat, Stable Trend Ratings; Shares Attractive. See Updated Analyst Note from 20 Aug 2018

Morningstar | Launching Coverage of Dufry With Narrow Moat, Stable Trend Ratings; Shares Attractive

Dufry AG : Q2 in line, but a more cautious outlook; Buy, revised target price of CHF 155

Bureau Veritas : Postview T1 – Un début d’année très encourageant

Marie Brizard Wine & Spirits : Q1 sales in decline, impacted by destocking in international markets

AngloAmerican Plc : An offer with chances of succeeding but not generous enough at this stage

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