Avolta AG

AVOL: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 95.00	Jjydrl	Cmzxlbsd

Dufry Sales Improve, Turns Profit, Sees Little Impact From War So Far; Shares Attractive

Jelena Sokolova

Mar 9, 2022

We do not expect to significantly change our fair value estimate for narrow-moat Dufry as the company reported a strong rebound of revenue in 2021 and reached profitability (excluding impairment charges) and positive equity free cash flow in the second half of the year. Despite 53% organic growth, revenue still remained 56% below 2019 levels.

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