Avolta AG

AVOL: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 96.00	Wkvjlny	Ssbzkwpzp

Dufry: Strong Sales Trajectory Continues as Shares Remain Cheap; Dividend Reinstated

Jelena Sokolova

Nov 2, 2023

We are maintaining our fair value estimate for narrow-moat Dufry as the company reported continued solid revenue growth in the third quarter. We expect to adjust our 2023 revenue forecasts slightly downward to reflect currency headwinds, but it will not result in a change to our fair value estimate. We see shares as undervalued, trading in 5-star territory, with almost 80% upside to our fair value estimate.

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