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Dufry: Oddo still a buyer

(CercleFinance.com) - Oddo maintains its Outperform rating on Dufry shares with a target price 56 Swiss francs.


The analyst notes that management expects topline growth of 7% to 10% p.a. in 2023 and 2024. These figures take into account the integration of Autogrill from 2023 onwards, and seem very conservative at this stage, even though the consensus does not necessarily include the Autogrill acquisition yet.

Over the longer term, management expects growth of between 5% and 7% p.a. between 2025 and 2027. These targets are necessarily less ambitious but are still relatively risky, it believes, if it considers that Dufry recorded average topline growth of around 4% between 2017 and 2019.

The main drivers of this growth, put forward by management, include geographical expansion and improving the customer experience (digitalisation, new products, sales organisation, etc.).

However, as it stands the share is down about 4% today.


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