Dufry AG : Very limited upside since the recent rally. Neutral (vs Buy)
>Q3 in line, effective crisis management - Dufry’s activity indicators for Q3, were broadly in line with forecasts, given that we had visibility on air traffic trends over the period. The organic decline of around 80% remains massive (even though this represents an improvement on Q2), but the market does not appear to be taking this into account since the marked decline is already factored in. In this context, it is clear that self-help is the priority and as such Du...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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