Dufry: Oddo adjusts target price
(CercleFinance.com) - Oddo BHF reiterates its "outperform" rating on Dufry shares, nudging up its target price for them from 56 Swiss francs to 58 Swiss francs, integrating the Autogrill acquisition into its figures for the transport retailer.
The stock's valuation, based on an EV/core EBITDA ratio, works out at 9.1x in 2024 and 7.9x in 2025, compared to an average of 12.6x (with a wide range of 9.5x to 16.3x) over 2011-2018, the analyst points out.
He also highlights greater resilience due to the higher exposure to F&B after the acquisition of Autogrill, greater exposure to the more dynamic US market, and a mechanical reduction in debt, one of the main complaints about the stock.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The stock's valuation, based on an EV/core EBITDA ratio, works out at 9.1x in 2024 and 7.9x in 2025, compared to an average of 12.6x (with a wide range of 9.5x to 16.3x) over 2011-2018, the analyst points out.
He also highlights greater resilience due to the higher exposure to F&B after the acquisition of Autogrill, greater exposure to the more dynamic US market, and a mechanical reduction in debt, one of the main complaints about the stock.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.