DUFRY - FY15 RESULTS
​DUFRY is the world’s largest global travel retailer, specialized in airport retail (24% market share). It recently acquired its competitor World Duty Free - WDF (consolidated since August 2015), based on an EV of CHF 3.8bn (15x 2014 EBITDA). The group has published its 4Q15 results, which showed broadly similar trends as the past quarter. In 2015, Dufry was hit by the volatility of the emerging economies (half of Dufry’s sales) and the material depreciation of several currencies, namely the BRL and RUB, which limited the purchasing power of emerging market customers (most transactions are made in USD, EUR and GBP, representing 85% of total revenues).
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