The Moodie Reportfolio: Dufry posts best performance

INTERNATIONAL. Dufry showed the best performance in both local currency and in US dollars among the stocks listed in The Moodie Reportfolio in May 2009, buoyed by a solid improvement in profitability for the first quarter despite soft market conditions.

The value of Dufry’s shares rose by +34.8% in local currency and by +43.5% in US Dollars over the month.

Dufry’s listed subsidiary Dufry South America saw an increase of +27.4% in its share price in local currency and an increase of +39.6% in US Dollars.

Autogrill also posted solid first-quarter results with Autogrill CEO Gianmario Tondato Da Ruos noting that despite the economic crisis, there was a “stabilising” traffic trend and positive development in operating margins.

Hellenic Duty Free Shops recorded a -8.9% fall in duty free and travel retail sales for the first quarter of 2009 to €35.8 million while EBITDA for the group’s duty free operations fell by -12.0% to €6.6 million.

The Moodie Reportfolio has decreased by -40.4% since the service was launched on 1 August 2007, largely due to the financial markets deterioration driven by the US sub-prime crisis.

At the beginning of August 2007 The Moodie Report invested a hypothetical US$10,000 – or local currency at prevailing exchange rates – in 12 travel retail-related stocks. Some are pure duty free/travel retail companies; some are parent or related groups. The resultant basket of stocks is The Moodie Reportfolio.

The stocks are:

– Autogrill (Aldeasa, Alpha, HMSHost, World Duty Free)
– Bahrain Duty Free Shops
– Dufry (Dufry, Hudson Group)
– Dufry South America
– Hellenic DFS
– Japan Airport Terminal Co
– Jordanian Duty Free Shops
– Lagardère (Aelia; HDS Retail)
– Lotte Shopping Co
– LVMH (DFS Group)
– MISR Duty Free Shops (Egypt)
– Stefanel

Each month our Research & Analysis Manager, Singapore-based Justin Lee, reports on the change in The Moodie Reportfolio and its individual components. He tracks our original investment and notes the outstanding performers for the month in both local and US currency and the year to date (the latter in US Dollar terms).