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Dufry AG : Fairly valued, but dont skip the other


factors
March 18, 2016 by CapitalCube

Dufry AG relative valuation is now NEUTRAL. It was previously rated UNDERVALUED, and has a
fundamental analysis score of 34.

Our analysis is based on comparing Dufry AG with the following peers L Brands, Inc., Tumi Holdings,
Inc., Party City Holdco, Inc. and Tiany & Co. (LB-US, TUMI-US, PRTY-US and TIF-US).

Relative Valuation

Dufry AG is currently neutrally valued, as its previous close of USD 12.27 lies within the CapitalCube
estimate range of USD 12.01 to USD 14.77. Over the last 52 week period, Dufry AG has uctuated
between USD 9.56 and USD 15.48.


4040CNY

Company Overview

Taking peer performance into consideration, relative performance over the last month and last
year is around the peer median.

Dufry AG Unsponsored ADR trades at a lower Price/Book multiple (1.96) than its peer median
(2.55).

The market expects faster earnings growth from DUFRY-US than from its peers and also a
turnaround in its current ROE.

DUFRY-USs relatively low net margins and poor asset turns suggest a problematic operating
strategy.
Changes in annual revenues (relative to peers) are better than the change in its earnings (relative
to peers), implying the company is focused more on revenues.

DUFRY-USs return on assets currently and over the past ve years has trailed the peer median and
suggests the company might be operationally challenged relative to its peers.

The companys median gross margin and relatively low pre-tax margin suggest high operating
costs versus peers.

Compared with the peers chosen, DUFRY-US has had faster revenue growth in prior years and a
current P/E ratio that suggests faster growth in the future suggesting superior growth
expectations.

The companys capital investment program and to-date returns suggest that the company is likely
making big bets on the future.

DUFRY-US seems too levered to raise additional debt.

4040CNY

Investment Outlook

Dufry AG has a fundamental score of 34 and has a relative valuation of NEUTRAL.

Dufry AG lies at the bottom left quadrant of CapitalCubes Value Price Matrix. We call this space a Value
Trap. At this level, Dufry AG is potentially undervalued, since it trades lower than its CapitalCube Implied
price of 13.39. However, its fundamental analysis score is also on the lower side at 34, begging the
question whether the low price is on account of the weaker fundamentals.
Quadrant label de nitions. Hover to know more

Safety, Value Play, Value Trap, Speculative


MATLAB

Drivers of Valuation

DUFRY-US has a Turnaround pro le relative to its peers.

The market expects DUFRY-US to grow faster than the median of its chosen peers (P/E of 95.87
compared to peer median of 28.76) and to improve its current ROE of -1.53% which is below its peer
median of 13.88%. Thus, the market seems to expect a turnaround in DUFRY-USs current performance.

The company trades at a lower Price/Book multiple of 1.96 compared to its peer median of 2.55.

Quadrant label de nitions. Hover to know more

Outperforming, Harvesting, Challenged, Turnaround

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Peer Analysis

A complete list of valuation metrics is available on the company page.

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Company Pro le

Dufry AG engages in the operation of travel retail shops located in airports, ports and cruise liners. The
companys retail shops oer a large selection of dierent products and cover a wide range of product
categories, such as perfumes and cosmetics, food and confectionery, wine and spirits, tobacco goods,
watches, jewelry, fashion, leather, souvenirs, electronics and other accessories. The company was
founded in 1865 and is headquartered in Basel, Switzerland.

Disclaimer

The information presented in this report has been obtained from sources deemed to be reliable, but
AnalytixInsight does not make any representation about the accuracy, completeness, or timeliness of this
information. This report was produced by AnalytixInsight for informational purposes only and nothing
contained herein should be construed as an oer to buy or sell or as a solicitation of an oer to buy or
sell any security or derivative instrument. This report is current only as of the date that it was published
and the opinions, estimates, ratings and other information may change without notice or publication.
Past performance is no guarantee of future results. Prior to making an investment or other nancial
decision, please consult with your nancial, legal and tax advisors. AnalytixInsight shall not be liable for
any partys use of this report. AnalytixInsight is not a broker-dealer and does not buy, sell, maintain a
position, or make a market in any security referred to herein. One of the principal tenets for us at
AnalytixInsight is that the best person to handle your nances is you. By your use of our services or by
reading any our reports, youre agreeing that you bear responsibility for your own investment research
and investment decisions. You also agree that AnalytixInsight, its directors, its employees, and its agents
will not be liable for any investment decision made or action taken by you and others based on news,
information, opinion, or any other material generated by us and/or published through our services. For a
complete copy of our disclaimer, please visit our website www.analytixinsight.com.

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Dufry AG : Fairly valued, but dont skip the other factors
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