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.
  • TickerDUFN
  • ISINCH0023405456
  • ExchangeSix Swiss Exchange
  • SectorGeneral Retailers
  • CountrySwitzerland

Analysts

Jelena Sokolova

Morningstar | As the Most Scaled Travel Retail Operator, Dufry Is Well Positioned for Market Share Gains

As a leading player in travel retail and a leading concession operator in airport retail with over 20% market share, more than double that of its next biggest peer, Dufry is well positioned to benefit from increasing global travel flows. Over the years, Dufry has played the role of consolidator in a globally fragmented industry, allowing it to achieve purchasing scale, breadth of store formats and product offer, and geographical diversification.We contend airports capture the bulk of value in airport retail through concession fees of about 25%-30%, owing to ownership of unique real estate asse...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/15/2019

The group is in the midst of a challenging reorganisation phase which will likely continue to hurt profitability and visibility. The “fleet of ships” strategy is gradually evolving, but the failure of the MO + Alstom deal represents a sizeable setback. We also think that the underlying issues, such as ROCE levels, have not been addressed: we are still at Neutral, and are lowering our target price from € 110 to € 100. See report published last evening. - ...

Fehmi Ben Naamane

Dufry AG : Des commentaires plutôt rassurants qui limitent la probabilité d’une dégradation supplémentaire en 2019

>Des résultats annuels globalement en ligne avec les attentes - Les résultats annuels de Dufry ont rassuré le marché dans un contexte de forte baisse du titre depuis mi-mai 2018. Le CA groupe ressort légèrement supérieur à nos attentes, progressant de 4% yoy, dont une croissance organique à +2.7% à mi-chemin entre nos attentes et celles du consensus (nous attendions +2.9% et le consensus +2.4%). Ceci reflète une accélération bien venue au T4 à +1.8%, comparé à -0.7% a...

Jelena Sokolova

Morningstar | Dufry Turns More Cautious on Mid-Term Growth, but Shares Still Attractive

We are expecting to reduce our fair value estimate for Dufry by a mid-single-digit percentage as the company delivered full-year results lower than we expected and introduced a more cautious mid-term target. We still see shares as attractive at these levels, our narrow moat rating is unchanged, and we still expect company to remain a beneficiary of positive growth in the passenger numbers in the years to come. For the medium term the company now expects to grow organically by 3%-4% versus 5%-7% communicated at the previous Capital markets day in 2018. This compares with 5.4% growth over the n...

Jelena Sokolova

Dufry Turns More Cautious on Mid-Term Growth, but Shares Still Attractive

We are expecting to reduce our fair value estimate for Dufry by a mid-single-digit percentage as the company delivered full-year results lower than we expected and introduced a more cautious mid-term target. We still see shares as attractive at these levels, our narrow moat rating is unchanged, and we still expect company to remain a beneficiary of positive growth in the passenger numbers in the years to come.  For the medium term the company now expects to grow organically by 3%-4% versus 5%-7%...

Dufry AG - September 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Dufry AG - June 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

LGD Assessment: Dufry AG

LGD assessment - annual update

Dufry AG - March 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Dufry AG: Update on Key Credit Factors

Credit metrics will continue to improve driven by stronger EBITDA and positive free cash flow thanks to the successful integration of World Duty Free and stable market conditions

Jelena Sokolova

Morningstar | As the Most Scaled Travel Retail Operator, Dufry Is Well Positioned for Market Share Gains

As a leading player in travel retail and a leading concession operator in airport retail with over 20% market share, more than double that of its next biggest peer, Dufry is well positioned to benefit from increasing global travel flows. Over the years, Dufry has played the role of consolidator in a globally fragmented industry, allowing it to achieve purchasing scale, breadth of store formats and product offer, and geographical diversification.We contend airports capture the bulk of value in airport retail through concession fees of about 25%-30%, owing to ownership of unique real estate asse...

Fehmi Ben Naamane

Dufry AG : Des commentaires plutôt rassurants qui limitent la probabilité d’une dégradation supplémentaire en 2019

>Des résultats annuels globalement en ligne avec les attentes - Les résultats annuels de Dufry ont rassuré le marché dans un contexte de forte baisse du titre depuis mi-mai 2018. Le CA groupe ressort légèrement supérieur à nos attentes, progressant de 4% yoy, dont une croissance organique à +2.7% à mi-chemin entre nos attentes et celles du consensus (nous attendions +2.9% et le consensus +2.4%). Ceci reflète une accélération bien venue au T4 à +1.8%, comparé à -0.7% a...

Jelena Sokolova

Morningstar | Dufry Turns More Cautious on Mid-Term Growth, but Shares Still Attractive

We are expecting to reduce our fair value estimate for Dufry by a mid-single-digit percentage as the company delivered full-year results lower than we expected and introduced a more cautious mid-term target. We still see shares as attractive at these levels, our narrow moat rating is unchanged, and we still expect company to remain a beneficiary of positive growth in the passenger numbers in the years to come. For the medium term the company now expects to grow organically by 3%-4% versus 5%-7% communicated at the previous Capital markets day in 2018. This compares with 5.4% growth over the n...

Jelena Sokolova

Dufry Turns More Cautious on Mid-Term Growth, but Shares Still Attractive

We are expecting to reduce our fair value estimate for Dufry by a mid-single-digit percentage as the company delivered full-year results lower than we expected and introduced a more cautious mid-term target. We still see shares as attractive at these levels, our narrow moat rating is unchanged, and we still expect company to remain a beneficiary of positive growth in the passenger numbers in the years to come.  For the medium term the company now expects to grow organically by 3%-4% versus 5%-7%...

Fehmi Ben Naamane

Dufry AG : 2018 results in line, confident message on 2019

>Full-year results broadly in line with expectations - Consolidated revenue came in at CHF 8.68bn, up 4.0% year on year overall, in line with expectations. Organic growth was 2.7% (Oddo BHF: 2.9%; consensus: +2.4%), reflecting as expected an improvement in Q4 driven by air traffic in Europe.By region, the performance was slightly weaker than expected in Europe, but better in Asia, the Middle East and Australia. The environment in South America was challenging, im...

1 director bought

A director at Dufry Ag bought 30,000 shares at 107.830CHF and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board m...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/15/2019

The group is in the midst of a challenging reorganisation phase which will likely continue to hurt profitability and visibility. The “fleet of ships” strategy is gradually evolving, but the failure of the MO + Alstom deal represents a sizeable setback. We also think that the underlying issues, such as ROCE levels, have not been addressed: we are still at Neutral, and are lowering our target price from € 110 to € 100. See report published last evening. - ...

Alfred Glaser ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Sylvain Goyon
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/03/2019

La probabilité d’occurrence des risques majeurs identifiés par le marché (guerre commerciale, hard landing chinois, resserrement monétaire) a effectivement reculé. Le début d’année très dynamique des indices reconnait cet état de fait avec des niveaux qui flirtent avec nos objectifs de fin d’année (Stoxx 600 revu à 379 points). Dans ce contexte, favoriser les secteurs qui combinent : rerating des PE inférieurs à celui du marché, résilience des prévisions de BPA 2019e et 2020e non refl...

Alfred Glaser ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Sylvain Goyon
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/14/2019

The likelihood of the major risks identified by the market actually materialising (trade war, Chinese hard landing, monetary tightening) has receded. The dynamic gains by the indexes at the start of the year reflect this and they are flirting with our year-end targets (Stoxx 600 revised to 379 points). Against this backdrop, investors should favour sectors that combine: re1eratings in terms of PE lower than that for the market, and resilience in 2019e and 2020e EPS forecasts not reflec...

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Martial Descoutures
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/01/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Martial Descoutures
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/02/2019

...

DUFRY AG sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of DUFRY AG (CH), a company active in the Specialty Retailers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 25, 2019, the closing price was CHF 99.76 and its potential was estimated at CHF 111.50.

MarketLine Department

Dufry AG – Mergers & Acquisitions (M&A), Partnerships & Alliances and Investment Report

Summary Retailing Key Findings Retailing Retailing Reasons To Buys MarketLine Key Highlights Switzerland

Dufry GRP – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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