Dufry AG : Buy rating reiterated on the stock despite the context (but based on a longerterm vision); target price adjusted to CHF 35
>Q2 marks a low point in the crisis - Q2 results are not very instructive: the fall of nearly 94% in revenues was broadly expected and the fall in EBIT in H1 was just as predictable a scenario. There were no particular announcements other than the control of costs was good (crucial in the current context) and debt under control. Cost-saving initiatives are key - In the virtual absence of revenues, the only available lever was the cost savings plan, a...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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