Dufry's Investment Case
Dufry is the undisputed market leader in the travel retail industry. Close to 20% market share in airport retail.
Globally diversified concession portfolio
Dufry is the most diversified travel retailer with operations on all six continents, covering 65 countries and over 420 locations. Geographic diversification allows Dufry to capture global growth trends of the travel retail industry and in most cases mitigate potential local events. Exposure to single contracts and markets has been reduced significantly over the years.
Over 420 locations operated by Dufry worldwide
Unique window display for global brands
Global player, with over 2,400 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 expected industry passenger growth of 4% p.a. in the coming years will drive Dufry’s organic growth. Affluent customer base, with above average spending power.
Strong equity free cash flow generation
Equity free cash flow of CHF 383.3 million in 2019. Low capital intensity of the business allows for strong cash generation and fast deleveraging.
Long Term Concession Portfolio
7 years of remaining average concession lifetime, across a highly diversified portfolio. Long-term concession portfolio further enhanced through new important concessions, such as Spain, Finland, Mexico, Brazil 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 global “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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