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.
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Avolta: Cheap For No Reason (Rating Upgrade)