Avolta : Favourable momentum, for a low valuation - Outperform rating maintained
>Full-year results slightly beat forecasts, with a very decent Q4 - Avolta published full-year results a shade above expectations. The main difference to forecasts was the margins; that of 2023 core EBITDA came to 9.0%, 40bp above the consensus’ forecasts (+30bp vs 2022), namely +150bp higher in Q4 alone. In our view, one of the main factors that drove this performance in the last quarter was the brisker activity in the EMEA zone (organic growth at +11.7% in Q4), nota...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.
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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