(CercleFinance.com) – Dufry has finalized the acquisition of 50.3% of Autogrill from Edizione. In return, Edizione takes a 27.5% stake in Dufry and becomes the group’s largest shareholder.
‘The next stage of the operation is the launch of a mandatory takeover bid on the remaining shares not held by Dufry (ie 49.7%)’ emphasizes Oddo.
Following these announcements, Oddo reiterates its Outperformance advice on the stock and its objective of CHF 56.
The analyst indicates that the management reiterated its long-term guidance announced during the CMD organized last September. ‘ He anticipates topline growth of 7% to 10%, per year, in 2023e and 2024e. These figures take into account the integration of Autogrill from 2023e. Over the longer term, management is betting on growth of between 5% and 7% per year between 2025e and 2027e’.
“The smooth running of the Autogrill acquisition process, according to the planned schedule, is good news, but risk factors remain both on the results of the mandatory takeover bid and on the terms of its financing,” indicates the office of ‘analyzes.
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