Dufry's Investment Case
Strong Performance in 2016
Dufry is the undisputed market leader in the travel retail industry. Over 20 % market share in airport retail, and more than twice the size of its next competitor.
Globally diversified concession portfolio
Dufry is the most diversified travel retailer with operations in all five continents, covering 64 countries and over 380 locations. Geographic diversification allows Dufry to capture global growth trends of the travel retail industry and to mitigate any potential local event. Exposure to single contracts and markets has been reduced significantly over the years.
Over 380 locations operated by Dufry worldwide
Unique window display for global brands
Global player, with close to 2,200 shops operated in 64 countries on all continents. Offering global brands a unique market access and window display.
Over 8 years
average remaining concession lifetime of our highly diversified portfolio
Long-term concession portfolio
Long-term concession portfolio further enhanced through recent renewal of important concessions, such as Zurich,
São Paulo, Rio de Janeiro, Cancun, Birmingham, Melbourne, etc. Solid partner for landlords and airport authorities. Dufry is a reliable partner delivering outstanding results for airports through a vast offering of unique shop concepts.
Strong free cash flow generation
Free cash flow of CHF 483.8 million in 2016. Low capital intensity of the business allows for a strong cash generation and fast deleveraging.
average global passenger growth expected for the next 5 years
Fast growing industry
Average passenger growth of 5 % p.a. in the coming years will drive Dufry’s organic growth. Affluent customer base, with above average spending power.
“Pure play” in a growing industry
Dufry is the only listed “pure play” to participate in the growing travel retail industry. Dufry’s organic growth to be further fueled by increasing spend per passenger and net new concessions.
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