Dufry's Investment Case
Strong Performance in 2018
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 on all six continents, covering 65 countries and over 400 locations. Geographic diversification allows Dufry to capture global growth trends of the travel retail industry and in most cases mitigate local events. Exposure to single contracts and markets has been reduced significantly over the years.
Over 400 locations operated by Dufry worldwide
Unique window display for global brands
Global player, with over 2,300 shops operated in 65 countries on six continents. Offering global brands a unique market access and window display.
p.a. 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.
Strong free cash flow generation
Free cash flow of CHF 617.1 million in 2018. Low capital intensity of the business allows for strong cash generation and fast deleveraging.
Long-Term Concession Portfolio
Long-term concession portfolio further enhanced through new important concessions, such as Hong Kong, Perth, Kuwait 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.
Global “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 mainly by increasing passenger numbers and net new concessions.
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