Avolta AG

0QK3.L

Specialty Retail · Consumer Cyclical

Price

47.89 GBp

-0.90 (-1.84%)

Market Cap

£2.39B

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+66.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 87.8M (2021) → 146.0M (2025)

Dufry AG is a Swiss company that runs duty-free and travel retail shops inside airports, cruise ships, seaports, and railway stations around the world. It sells things like perfume, alcohol, tobacco, candy, and luxury goods to international travelers passing through these locations. It is one of the largest travel retailers in the world and owns well-known travel retail brands including Hudson News stores in North America.

Dufry makes money by selling products directly to travelers, keeping a share of the revenue after paying concession fees to the airports and terminals that host its stores. It operates in over 60 countries across Europe, the Americas, Asia, the Middle East, and Africa, generating roughly $8–9 billion in annual sales. Its main competitive advantage is its large network of long-term concession contracts, which are difficult for rivals to displace. The biggest risk the business faces is its heavy dependence on global air travel volumes, meaning any slowdown in tourism or a repeat of pandemic-style travel restrictions could quickly hurt its revenue.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+98.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

50.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$727M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Avolta AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

62.3%

Premium pricing power — 62.3% gross margin

Operating Margin

8.6%

Modest — 8.6% operating margin

ROCE

12.0%

Below par — 12.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+40.9%

Fast-growing sales (40.9% YoY)

EPS YoY

+84.7%

Earnings growing fast (84.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

1853%

Turns 1853% of profit into real cash

FCF Margin

17.0%

Converts sales into free cash efficiently (17.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.73

Elevated debt (1.73)

Interest Cover

3.19x

Tight — interest eats into profit (3.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

23.4x

Growth-priced — P/E 23.4

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

2.13%

Moderate income — 2.13% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

N/A

no trend

Data not available

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