Dufry AG : Upward revision to our EPS estimates (mainly on 2023). Outperform maintained and target price unchanged
>Reassuring Q3 2023 figures, with a return of the dividend - Dufry reported a very good set of figures for Q3. Group revenues were up 16% y-o-y on an organic basis and 9% on a reported basis (forex effects linked to the revaluation of the Swiss franc weighed significantly), despite a particularly tough comparative base. Growth remains strong in mature markets (EMEA and North America at +12.3% and +11.1%, respectively, on an organic basis. These two regions account for...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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