Dufry: Oddo still a buyer after H1 results

(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on the share of Swiss duty free group Dufry, along with a target price of 74 Swiss francs, following H1 results that were slightly below expectations in terms of revenues, although which came as very good news in terms of cost reductions.


Amongst the main lessons to from the publication, the broker emphasises a recovery that is already in place for the group, even though it is slower than expected in some countries, and particularly continental Europe.

The broker says that self help is still a crucial element for Dufry (including cost cutting and savings), which limits cash burn in the current context.

However, the share is currently down about 1.5% in a pretty flat market in Zurich.


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