Dufry AG : Outlook brightening further; Outperform confirmed; target price of CHF 56
>2022 results: an improvement at every level - Dufry’s FY 2022 results were positive at every level. Robust top-line growth (76% y-o-y, representing 78% of 2019 revenues compared with just 44% in 2021), in all regions (EMEA and the Americas notably, 81% and 84% of 2019 revenues respectively), apart from the Asia-Pacific region (around 8-9% of group revenues in a normal financial year on our estimates, 2022 revenues, represent just 24% of 2019), but recovery confirmed ...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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