reports
- Jelena Sokolova
Morningstar | Launching Coverage of Dufry With Narrow Moat, Stable Tre...
We are initiating coverage of Dufry, the leader in airport and travel retail, with a narrow moat rating. We believe the shares offer an attractive margin of safety, trading around a 20% discount to our CHF 144 per share fair value estimate, which implies a 2018 adjusted P/E and EBITDA multiple of 17 times and 10.6 times, respectively. Travel retail is an attractive niche with a captive and affluent audience, a good value proposition in duty-free (60% of Dufry’s sales), a high share of impulse...
- Jelena Sokolova
Morningstar | Launching Coverage of Dufry With Narrow Moat, Stable Tre...
We are initiating coverage of Dufry, the leader in airport and travel retail, with a narrow moat rating. We believe the shares offer an attractive margin of safety, trading around a 20% discount to our CHF 144 per share fair value estimate, which implies a 2018 adjusted P/E and EBITDA multiple of 17 times and 10.6 times, respectively. Travel retail is an attractive niche with a captive and affluent audience, a good value proposition in duty-free (60% of Dufry’s sales), a high share of impulse...
- Fehmi Ben Naamane
Dufry AG : Q2 in line, but a more cautious outlook; Buy, revised targe...
>H1 results broadly in line; confirmation of a slowdown in Spain - Dufry has reported Q2 sales of CHFÂ 2,277m, up 7.7%, a shade above our forecasts and those of the consensus. Organic growth dipped to 4.2% in Q2 (Oddo BHF estimate 5.2%, consensus at 5.1%) compared with 7.1% in Q1. It is impacted by organic growth being more or less flat in southern Europe and Africa. This was mainly due to the poor performance in Spain which was hit by a drop in popularity among intern...
- Fehmi Ben Naamane
Dufry AG : T2 en ligne, mais perspectives plus prudentes ; Achat, OC a...
>Des résultats S1 globalement en ligne ; confirmation d’un ralentissement en Espagne - Dufry a publié un CA T2 de 2 277 MCHF en hausse de 7.7%, légèrement au-dessus de nos attentes et de celles du consensus. La croissance organique faiblit à 4.2% au T2 (Oddo BHF 5.2%e, le consensus à 5.1%e) comparé à 7.1% au T1 ; elle est impactée par une croissance organique quasi flat en Europe du Sud et Afrique qui tient particulièrement à la mauvaise performance de l’Espagne qui s...
- Fatma Agnès Hamdani
- Fehmi Ben Naamane
- Matthias Desmarais
- Olfa Taamallah
- Yan Derocles
- Fatma Agnès Hamdani
- Fehmi Ben Naamane
- Matthias Desmarais
- Olfa Taamallah
- Yan Derocles
- Fehmi Ben Naamane
- Matthias Desmarais
Dufry AG : Feedback from investor day: nothing really new, but growth ...
>Solid outlook for growth: passenger traffic and capture rate - Dufry is sticking with its forecast for full-year organic growth of 5-7% for the next 2-3 years. This results from an expected increase of 5% p.a. in air traffic until 2030 (mainly in the Middle East and Asia Pacific, but also driven by the development of low-cost companies), a 1-2% increase in the spend per passenger and finally 1-2% net growth in retail space. This excludes any potential impact from gre...
- Fehmi Ben Naamane
- Matthias Desmarais
Dufry AG : Feedback Investor day : rien de vraiment nouveau, mais un p...
>Perspectives de croissance solide : trafic passager et taux de capture - Dufry maintient sa prévision de croissance organique annuelle de 5-7% pour les 2-3 prochaines années. Ceci résulte d’une progression du trafic aérien attendue à 5% p.a. jusqu’en 2030 (principalement au Moyen-Orient et Asie Pacifique, mais également impulsée par le développement des LCCs), 1-2% de hausse de la dépense par passager, et enfin 1-2% de la croissance nette des surfaces commerciales. C...
- Please Change Name Ernesto Bisagno
Dufry AG: Successful Integration of World Duty Free, Supporting Market...
CORPORATES ISSUER IN-DEPTH 15 May 2017 RATINGS Dufry AG Long Term Corporate Family Rating Ba2 Outlook Stable Dufry Finance S.C.A. Backed Senior Unsecured Rating Ba2 Outlook Stable KEY METRICS: 2014 2015 2016 Sales (CHF million) 4,197 6,139
- Please Change Name John C Forrey
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