Dufry AG : Lack of visibility on the impact of COVID-19. For the sake of caution, we lower our target price to CHF 105 (vs CHF 132)
>Q4 set to be in line with previous quarters - Dufry’s 2019 results are unlikely to show any major change relative to the trends in recent quarters; air traffic should provide support for the group’s organic growth, which we expect to be close to 4% in Q4 (versus 4.1% in Q3, +2.3% in Q2 and +2.1% in Q1), implying full1eyear organic growth for the group of +2.9%. It will be driven, as in Q3, by the Europe and Africa region (probably around 6-7% thanks notably to Spain 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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