Report
Fehmi Ben Naamane

Dufry AG : Message a shade more cautious during the conference call. Target price adjusted to CHF 64

>2021 results deliver a positive surprise - Dufry’s full-year earnings were better than expected. The main element was the substantial improvement in profitability in the second half of the year, whilst revenues were broadly in line with expectations. This reflects an improved operational efficiency, with a particularly effective cost-cutting plan despite the resumption of activity over the last quarter of the year (for example, the full-year gross margin improved +27...
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
Fehmi Ben Naamane

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