Dufry AG : Fundamentals remain healthy – Buy reiterated
>Air traffic growth improved and forex impacts faded away in Q4 in key markets - The fourth quarter is small for Dufry, note, however, that air traffic growth showed an improvement in most key markets. Spain, which accounts for around 10% of group sales on a full-year basis, showed an increase in air traffic in Q4 to 7.0% vs 3.7% in Q3 and 4.8% in Q2. As a reminder, concessions in Spain were inherited from World Duty Free acquired in 2015. These contracts, signed in 2...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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