Dufry: full-year results trigger negative reaction
(CercleFinance.com) - Shares in Dufry are down over 6% on Thursday after the Swiss travel retailer unveiled full-year results that were "a touch light versus consensus" according to traders.
The Basel-based group saw turnover rise by 7% to 8.4 billion Swiss francs last year, on strong organic growth of 7.4%, while EBITDA crossed the one billion mark for the first time, at 1,007.1 million Swiss francs.
However, the company did not provide any detailed outlook for 2018, only saying that it expected to "further improve (its) performance going forward."
Other analysts point out higher operating expenses as a potential future drag on performance.
Indeed, selling expenses reached 2,4 billion Swiss francs last year, vs. 2.2 billion Swiss francs in 2016. They now represent 29% of turnover, from 28.6% in 2016.
The stock was down 6.3% at 129.8 Swiss francs after the report.
"Yet, valuation remains affordable given its growth profile," said analysts at Oddo BHF, who nevertheless maintain their "buy" rating on the share with a target price of 160 Swiss francs.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The Basel-based group saw turnover rise by 7% to 8.4 billion Swiss francs last year, on strong organic growth of 7.4%, while EBITDA crossed the one billion mark for the first time, at 1,007.1 million Swiss francs.
However, the company did not provide any detailed outlook for 2018, only saying that it expected to "further improve (its) performance going forward."
Other analysts point out higher operating expenses as a potential future drag on performance.
Indeed, selling expenses reached 2,4 billion Swiss francs last year, vs. 2.2 billion Swiss francs in 2016. They now represent 29% of turnover, from 28.6% in 2016.
The stock was down 6.3% at 129.8 Swiss francs after the report.
"Yet, valuation remains affordable given its growth profile," said analysts at Oddo BHF, who nevertheless maintain their "buy" rating on the share with a target price of 160 Swiss francs.
Copyright (c) 2018 CercleFinance.com. All rights reserved.