Dufry: Oddo reiterates buy rating
(CercleFinance.com) - Dufry has completed the acquisition of 50.
3% of Autogrill from Edizione.
In return, Edizione takes a 27.5% stake in Dufry and becomes the group's largest shareholder.
The next step in the transaction is the launch of a mandatory takeover bid for the remaining shares not held by Dufry (i.e. 49.7%), Oddo says.
Following these announcements, Oddo reiterates its Outperform recommendation on the stock, along with its target price of 56 Swiss francs.
The analyst says that management has reiterated its long-term guidance announced at the CMD held last September, expecting sales growth of 7% to 10% p.a. in 2023e and 2024e. These figures take into account the integration of Autogrill from 2023e. Over the longer term, management expects growth of between 5% and 7% p.a. between 2025 and 2027.
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