Avolta AG

AVOL: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 16.00	Ydhkth	Zpdqmmj

Dufry Reports Solid Positive Free Cash Flow Despite Sales Well Below 2019; FVE Maintained

Jelena Sokolova

Oct 28, 2021

We are not expecting to significantly change our fair value estimate for narrow-moat Dufry as the company reported a strong rebound in third-quarter revenue from depressed 2020 levels, delivering positive free cash flow and adjusting upward cost-saving targets for the year. Shares are trading at around 20% discount to our fair value, but given very high uncertainty associated with the stock, remain in 3-star territory.

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