Dufry AG : 2020e estimates slashed (organic growth and EBIT down 10% and 29% yoy, respectively) – Buy, target price cut to CHF 55
>2019 annual results in line --
Dufry’s 2019 results were in line with expectations, and the performance in Q4 was good with organic growth of +3.1%, slightly above the level in the first nine months of +2.9%. By region, there were no major surprises either. We noted the good performance in Europe & Africa, notably in Spain, which confirmed the recovery seen in Q2, while North America showed a slight recovery with positive organic growth in Q4 of +0.8%. Last, the Ame...
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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