Report
Anne-Barbara Nicco

Dufry AG : A new and promising chapter with Autogrill

Dufry bonds, which had already significantly outperformed the high-yield indices in 2022 (no. 1 in our retail ranking), have continued their favourable run since the beginning of the year, helped by the rating upgrade to Ba3/BB-. FY 2023 marks a turning point featuring the large-scale combination with Autogrill and its boost to credit metrics. At the same time, business continues to recover with a high season that is looking bright and the effects of the reopening of Asia. We bel...
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
Oddo BHF
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.

Analysts
Anne-Barbara Nicco

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