Oddo BHF - Dufry AG BDR (DAGB33) Dufry AG : T2 en ligne, mais perspectives plus prudentes ; Achat, OC ajustÃ© Ã 155 CHF

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Oddo BHF

Fehmi Ben Naamane

Dufry AG : T2 en ligne, mais perspectives plus prudentes ; Achat, OC ajustÃ© Ã 155 CHF

>Des rÃ©sultats S1 globalement en ligneÂ ; confirmation dâ€™un ralentissement en Espagne - Dufry a publiÃ© un CA T2 de 2Â 277Â MCHF en hausse de 7.7%, lÃ©gÃ¨rement au-dessus de nos attentes et de celles du consensus. La croissance organique faiblit Ã 4.2% au T2 (Oddo BHF 5.2%e, le consensus Ã 5.1%e) comparÃ© Ã 7.1% au T1Â ; elle est impactÃ©e par une croissance organique quasi flat en Europe du Sud et Afrique qui tient particuliÃ¨rement Ã la mauvaise performance de lâ€™Espagne qui s...

06/08/2018 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.

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Analysts

Fehmi Ben Naamane

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

Ströer SE & Co. KGaA : A new story of refocusing? Outperform vs Neutral

We are undertaking a thorough review of our analysis and model for Ströer and adopt an Outperform rating (vs Neutral). Our view has two aspects: 1/ short and medium-term momentum should be very robust for the core business (outdoor in Germany, -42% of revenues) with CAGR of 7% driven by the digital and programmatic divisions, and the gradual upturn on the German market; 2/ however, above all, we think that the group will begin a gradual ‘dismantling’ strategy and divestments (tot...

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Jerôme Bodin

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Ströer SE & Co. KGaA : Une nouvelle histoire de recentrage ? Surperformance vs Neutre

Nous procédons à une revue complète de notre analyse et modèle sur Ströer et adoptons une opinion Surperformance (vs Neutre). Notre vue est double : 1/ le momentum court et moyen terme va être très solide sur le cœur de métier (outdoor en Allemagne - 42% du CA) avec un TMVA de 7% tiré par le digital et programmatique, et la reprise progressive du marché allemand ; 2/ mais surtout nous estimons que le groupe va entamer une stratégie progressive de « démantèlement » et de cessions ...

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Ahmed Ben Salem ... (+2)

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Dufry AG : T2 en ligne, mais perspectives plus prudentes ; Achat, OC ajustÃ© Ã 155 CHF

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

Ströer SE & Co. KGaA : A new story of refocusing? Outperform vs Neutral

Ströer SE & Co. KGaA : Une nouvelle histoire de recentrage ? Surperformance vs Neutre

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024

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