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DUFRY - Avolta: Cheap For No Reason (Rating Upgrade)
Dufry Ag Unsp/Adr
2024-01-25 10:27:42 ET
Summary
Avolta offers exposure to long-term passenger growth and is less vulnerable to unrest in specific destinations.
The recent weak share price performance may be due to legacy Autogrill holders exiting their positions. We believe the downward pressure on the share price will subside.
Thanks to Autogrill, Avolta is more resilient and trades at a significant discount compared to the past. Dividend reinstatement is a positive sign. Avolta is a clear buy.