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DUFN

Dufry SWX:DUFN Stock Report

Last Price

CHF30.56

Market Cap

CHF2.8b

7D

-3.9%

1Y

-42.9%

Updated

03 Oct, 2022

Data

Company Financials +
DUFN fundamental analysis
Snowflake Score
Valuation4/6
Future Growth5/6
Past Performance2/6
Financial Health1/6
Dividends0/6

DUFN Stock Overview

Dufry AG operates as a travel retailer. The company’s retail brands include general travel retail shops under the Dufry, World Duty Free, Nuance, Hellenic Duty Free, Colombian Emeralds, Duty Free Uruguay, Hudson, Duty Free Shop Argentina, and RegStaer brands; Dufry shopping stores; brand boutiques; convenience stores primarily under the Hudson brand; and specialized shops and theme stores.

Dufry Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Dufry
Historical stock prices
Current Share PriceCHF30.56
52 Week HighCHF55.88
52 Week LowCHF28.02
Beta1.83
1 Month Change-18.03%
3 Month Change3.59%
1 Year Change-42.92%
3 Year Change-62.19%
5 Year Change-80.46%
Change since IPO-61.56%

Recent News & Updates

Aug 17
Shareholders Can Be Confident That Dufry's (VTX:DUFN) Earnings Are High Quality

Shareholders Can Be Confident That Dufry's (VTX:DUFN) Earnings Are High Quality

Dufry AG's ( VTX:DUFN ) robust earnings report didn't manage to move the market for its stock. We did some digging, and...

Shareholder Returns

DUFNCH Specialty RetailCH Market
7D-3.9%0.03%1.7%
1Y-42.9%-35.5%-15.0%

Return vs Industry: DUFN underperformed the Swiss Specialty Retail industry which returned -37.1% over the past year.

Return vs Market: DUFN underperformed the Swiss Market which returned -15.3% over the past year.

Price Volatility

Is DUFN's price volatile compared to industry and market?
DUFN volatility
DUFN Average Weekly Movement4.8%
Specialty Retail Industry Average Movement5.5%
Market Average Movement4.4%
10% most volatile stocks in CH Market7.6%
10% least volatile stocks in CH Market2.2%

Stable Share Price: DUFN is not significantly more volatile than the rest of Swiss stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: DUFN's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
186519,946Xavier Espelhttps://www.dufry.com

Dufry AG operates as a travel retailer. The company’s retail brands include general travel retail shops under the Dufry, World Duty Free, Nuance, Hellenic Duty Free, Colombian Emeralds, Duty Free Uruguay, Hudson, Duty Free Shop Argentina, and RegStaer brands; Dufry shopping stores; brand boutiques; convenience stores primarily under the Hudson brand; and specialized shops and theme stores. Its travel retail shops offer perfumes and cosmetics, food and confectionery, wines and spirits, watches and jewelry, fashion and leather, tobacco goods, souvenirs, electronics, soft drinks, packaged food, travel accessories, personal items, sunglasses, destination merchandise, and other products, as well as newspapers, magazines, and books.

Dufry Fundamentals Summary

How do Dufry's earnings and revenue compare to its market cap?
DUFN fundamental statistics
Market CapCHF2.77b
Earnings (TTM)CHF96.20m
Revenue (TTM)CHF5.65b

28.8x

P/E Ratio

0.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
DUFN income statement (TTM)
RevenueCHF5.65b
Cost of RevenueCHF2.39b
Gross ProfitCHF3.26b
Other ExpensesCHF3.17b
EarningsCHF96.20m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)1.06
Gross Margin57.75%
Net Profit Margin1.70%
Debt/Equity Ratio388.8%

How did DUFN perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is DUFN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DUFN?

Other financial metrics that can be useful for relative valuation.

DUFN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.6x
Enterprise Value/EBITDA31.4x
PEG Ratio0.5x

Price to Earnings Ratio vs Peers

How does DUFN's PE Ratio compare to its peers?

DUFN PE Ratio vs Peers
The above table shows the PE ratio for DUFN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average72.6x
VALN Valora Holding
170.8x45.3%CHF1.1b
MOZN mobilezone holding ag
11.2x6.5%CHF659.1m
WOOF Petco Health and Wellness Company
25.8x19.9%US$3.1b
A008770 Hotel ShillaLtd
86.9x59.1%₩2.7t
DUFN Dufry
28.8x61.5%CHF2.8b

Price-To-Earnings vs Peers: DUFN is good value based on its Price-To-Earnings Ratio (28.8x) compared to the peer average (72.6x).


Price to Earnings Ratio vs Industry

How does DUFN's PE Ratio compare vs other companies in the European Specialty Retail Industry?

Price-To-Earnings vs Industry: DUFN is expensive based on its Price-To-Earnings Ratio (28.8x) compared to the European Specialty Retail industry average (9x)


Price to Earnings Ratio vs Fair Ratio

What is DUFN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DUFN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio28.8x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate DUFN's Price-To-Earnings Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of DUFN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DUFN (CHF30.56) is trading below our estimate of fair value (CHF86.83)

Significantly Below Fair Value: DUFN is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Dufry forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


61.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: DUFN's forecast earnings growth (61.5% per year) is above the savings rate (-0.2%).

Earnings vs Market: DUFN's earnings (61.5% per year) are forecast to grow faster than the Swiss market (9% per year).

High Growth Earnings: DUFN's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: DUFN's revenue (12.2% per year) is forecast to grow faster than the Swiss market (4.4% per year).

High Growth Revenue: DUFN's revenue (12.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: DUFN's Return on Equity is forecast to be high in 3 years time (22.4%)


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Past Performance

How has Dufry performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-50.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: DUFN has a large one-off gain of CHF491.9M impacting its June 30 2022 financial results.

Growing Profit Margin: DUFN became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: DUFN has become profitable over the past 5 years, growing earnings by -50.5% per year.

Accelerating Growth: DUFN has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: DUFN has become profitable in the last year, making it difficult to compare its past year earnings growth to the Specialty Retail industry (19.2%).


Return on Equity

High ROE: DUFN's Return on Equity (17.6%) is considered low.


Discover strong past performing companies

Financial Health

How is Dufry's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: DUFN's short term assets (CHF2.3B) do not cover its short term liabilities (CHF2.6B).

Long Term Liabilities: DUFN's short term assets (CHF2.3B) do not cover its long term liabilities (CHF6.3B).


Debt to Equity History and Analysis

Debt Level: DUFN's net debt to equity ratio (289.9%) is considered high.

Reducing Debt: DUFN's debt to equity ratio has increased from 129.3% to 388.8% over the past 5 years.

Debt Coverage: DUFN's debt is well covered by operating cash flow (38.2%).

Interest Coverage: Insufficient data to determine if DUFN's interest payments on its debt are well covered by EBIT.


Balance Sheet


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Dividend

What is Dufry current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


3.14%

Forecast Dividend Yield

Dividend Yield vs Market

Dufry Dividend Yield vs Market
How does Dufry dividend yield compare to the market?
SegmentDividend Yield
Company (Dufry)0%
Market Bottom 25% (CH)2.2%
Market Top 25% (CH)4.3%
Industry Average (Specialty Retail)4.6%
Analyst forecast in 3 Years (Dufry)3.1%

Notable Dividend: Unable to evaluate DUFN's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate DUFN's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if DUFN's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if DUFN's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: DUFN is not paying a notable dividend for the Swiss market.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as DUFN has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.6yrs

Average management tenure


CEO

Xavier Espel (52 yo)

0.33yr

Tenure

Mr. Xavier Rossinyol Espel serves as Chief Executive Officer at Dufry AG since June 01, 2022. He serves as Director at Cockpit Innovation. He joined gategroup Holding AG in April 2015 and served as its Chi...


Leadership Team

Experienced Management: DUFN's management team is considered experienced (3.6 years average tenure).


Board Members

Experienced Board: DUFN's board of directors are not considered experienced ( 2 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

What is the ownership structure of DUFN?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders800,4000.9%
Sovereign Wealth Funds6,273,2946.9%
VC/PE Firms9,169,35810.1%
Public Companies9,445,74510.4%
Institutions20,710,98222.8%
General Public44,385,94748.9%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 48.57% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
10.1%
Advent International Corporation
9,169,358CHF280.2m0%2.05%
6.91%
Qatar Investment Authority
6,273,294CHF191.7m0%0.61%
5.4%
Alibaba Group Holding Limited
4,906,459CHF149.9m0%no data
5%
Compagnie Financière Richemont SA
4,539,286CHF138.7m0%no data
3.47%
GIC Private Limited
3,145,894CHF96.1m0%0.17%
2.89%
Norges Bank Investment Management
2,626,841CHF80.3m0%0.01%
2.33%
The Vanguard Group, Inc.
2,112,761CHF64.6m2.46%no data
1.91%
Manulife Asset Management
1,737,504CHF53.1m2.42%0.05%
1.81%
BlackRock, Inc.
1,644,805CHF50.3m-21.05%no data
1.27%
UBS Asset Management
1,155,426CHF35.3m-0.35%0.01%
1.12%
Credit Suisse Asset Management (Switzerland)
1,017,430CHF31.1m-0.66%0.03%
1.09%
Dimensional Fund Advisors LP
989,303CHF30.2m8.17%0.01%
0.92%
Capital@Work International S.A.
831,884CHF25.4m1.22%1.33%
0.88%
Investicni Spolecnost Ceske Sporitelny, A.S.
800,000CHF24.4m0%3.04%
0.61%
Juan Carlos-Torres Carretero
556,200CHF17.0m0%no data
0.49%
Aviva Investors Global Services Limited
448,395CHF13.7m6.91%0.03%
0.49%
Zürcher Kantonalbank, Investment Arm
440,797CHF13.5m0%0.13%
0.43%
ZKB Asset Management
390,556CHF11.9m-5.81%0.05%
0.28%
Vontobel Asset Management AG
255,185CHF7.8m0%0.07%
0.27%
Baillie Gifford & Co.
240,947CHF7.4m-0.29%no data
0.21%
General American Investors Company, Inc.
192,984CHF5.9m-6.2%0.58%
0.18%
Charles Schwab Investment Management, Inc.
166,198CHF5.1m2.23%no data
0.17%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
158,871CHF4.9m1.08%no data
0.17%
Julian Gonzalez
153,200CHF4.7m0%no data
0.16%
CapitalatWork Foyer Group, S.A
144,804CHF4.4m24.4%1.48%

Company Information

Dufry AG's employee growth, exchange listings and data sources


Key Information

  • Name: Dufry AG
  • Ticker: DUFN
  • Exchange: SWX
  • Founded: 1865
  • Industry: Specialty Stores
  • Sector: Retail
  • Implied Market Cap: CHF2.774b
  • Shares outstanding: 90.79m
  • Website: https://www.dufry.com

Number of Employees


Location

  • Dufry AG
  • Brunngässlein 12
  • Basel
  • Basel-Stadt
  • 4010
  • Switzerland


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DUFNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFDec 2005
DFRY.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDDec 2005
0QK3LSE (London Stock Exchange)YesRegistered SharesGBCHFDec 2005
DUFR.YOTCPK (Pink Sheets LLC)UNSP ADR EA REPR 0.10 ORD SHS CHF5.00USUSDApr 2012
D2JADB (Deutsche Boerse AG)UNSP ADR EA REPR 0.10 ORD SHS CHF5.00DEEURApr 2012

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/03 00:00
End of Day Share Price2022/10/03 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.