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AUTOGRILL S.p.A.
CFA Institute Research Challenge Milan, 11 March 2013
Universita degli Studi di Pavia
Liechtenstein Stock ExchangeAlessandro Greppi ,Fitria, Kinga Karkus, Alberto Scarioni, Leyla Tanzi
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL
ANALYSIS RISK ANALYSIS
HIGHLIGHTS RECOMMENDATION: BUY TARGET PRICE: EUR 11.4 (20.1% upside)
W H Y I S A B U Y ?
Value through diversification
Expectations for the two division (CAGR):
F&B: 1%; TR&DF: 7.2%
YTD: 14.4%
Last 3 years performance: 17.5%
M A C R O E C O N O M I C R I S K S : Short-term: raw material costs ↑ Long-term: concession costs and airport rents ↑
V A L U AT I O N = > T a r g e t P r i c e 1 1 . 4 € 50%: DCF valuation 40%: Peers comparison (industrial & financial) 10%: Real option
WHY IS A BUY? MACROECONOMIC RISKS:
VALUATION => Target Price EUR 11.4
INVESTMENT SUMMARY AGL IM Equity
Price range (last 52 weeks) EUR 6.5 – 9.5
Price (1/2/2013) EUR 9.45
Price target EUR 11.4 (20.1% upside)
P/E 21.1x
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL
ANALYSIS RISK ANALYSIS
R E L E V A N T E V E N T S 2 0 1 2 : Spanish concession renewal (100% retention rate) New and renewed TR&DF in Jamaica, Germany,
Mexico, Brazil, Amsterdam, Atlanta Entrance into Turkey and United Arab Emirates
COMPANY OVERVIEW
Italian multinational company Deals with people on the move Two main business channels: Food & Beverage and Travel
Retail & Duty Free Operates mainly in airports and motorways (also present
at railway stations, museums, shopping centers, high street, trade fairs)
Present in 37 countries through more than 5,300 POS
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
Strong cash flow
generationFlexible cost
structre
High retention
ratesLong-lasting concessions
BUSINESS ANALYSIS & COMPETITIVE POSITIONINGA world leader in the concession industry that serves travellers around the world.
DISTRIBUTION CHANNELSGEOGRAPHICAL PRESENCE BRANDS & PRODUCTS
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
BUSINESS ANALYSIS & COMPETITIVE POSITIONING
FOOD & BEVERAGE
EUR 15-20 bln
AGL SALES (2011): 44% US 35% Italy 21% Other European
Competitors:
TRAVEL RETAIL & DUTY FREE
EUR 34-40 bln
AGL SALES (2011): 75% Europe 25% US
Competitor:
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
INDUSTRIAL ANALYSIS
Role of GDP
62 % of business is in Europe
=> GDP of Euro area
Flexible cost structure and
financial solidity
Main engine of growth
Slowing economic recovery
High fuel prices
Airport Council International
forecast (ACI) : 4.5% p.a
international traffic growth
High impact on F&B’s
performance
Recession and high fuel price
Italy will decrease, but US
contributes to growth
Airport traffic Motorway traffic
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
Italian Motorway traffic vs AGL SalesAGL vs NA Traffic GrowthAGL vs Euro GDP Growth
EXPLOITING NEW MARKETS
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 20300
100
200
300
400
500
600
700
800
900
50
75
100
125
150
175
200
225
250
275
300
Revenues (mln $) Fees and Maintenance Costs (mln $) Passengers (mln)
mln
$
Pass
enge
rs
WHY TURKEY? May 2013: Istanbul 3rd international hub (2017, 90mln passengers) Geographical & economical bridge Up to 118 mln tourists in 2011 Corporate taxation: 20%
FINANCIAL ANALYSIS
Growth and Profitability
AGL Sales and Ebitda Margin Evolution
FY2009: Hurricane years => Sales: -6%
Flat sales in 2010-12: o F&B down by 2.5%o Tremendous growth
of TR&D +5.4%
Sales CAGR 2012-18E : 3.4%
Historical outperformance of the group
EBITDA margin 2012E : 9.6%
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
FINANCIAL ANALYSIS
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
AGL TR&DF Sales and EBITDA margin evolution AGL F&B Sales and EBITDA margin evolution
Upward trends from airport traffic: New emerging markets Presence at European hubs
Sales CAGR: 7.2 % Sales CAGR: 1 %
Stable Ebitda margin and growth: Struggling European markets Growth after 2014 (post-crisis)
FINANCIAL ANALYSIS
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
Debt Evolution and Maturity Profile
Covenants : ND/EBITDA < 3.5x EBITDA interest coverage ratio > 4.5x
FCFF
Acc. operating profit 2012-18e : EUR 1.9 bio Acc. operating cash flow 2012-18e : EUR 3.9 bio Cash Conversation rate : 50%
VALUATION
I.
III.
II.
50%: DCF valuation
40%: Peers comparison (Industrial & Financial)
10%: Real option
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
VALUATION
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
DCF ANALYSIS
WACC AssumptionsRisk Free Rate 3.4 % Implicit risk related to the geographical areas where AGL is present at
Market Risk Premium 6.7 % Implicit risk related to the geographical areas where AGL is present at
Beta 0.83 Regressed weekly returns of AGL stock against FTSE MIB INDEX
Cost Of Debt 5.45 % (4.7 %) Cost of debt equals to 5.45%, later expected to reduce to 4.7%
Debt/Equity 220% Renewal of Spanish contracts wil increase it to 230%, from 2014:166%
Tax Rate 31.4 % Weighted average of enterprise tax rates according to sales relevance
TWO-STAGES DCF:
Target price: EUR 11.3 (19.6% upside)
Period: 2012-2018
Long term growth rate: 1.5%
Long run WACC: 8.2%
FCFF
CENTRAL SCENARIOBEAR CASE
VALUATION
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
EUR 10.0Upside of 6.3%
BULL CASE
EUR 11.3Upside of 19.7%
EUR 12.6Upside of 33.1%
VALUATION
REAL OPTION: to capture information and opportunities and to strengthen DCF analysis.
Estimate assets’ market values by:
DCF at weighted cost of capital Using prices from the market
Application to valuation
Debt over Equity ratio 69 %
Enterprise Value EUR 3,944 million
Maturity of the debt 3.59
Risk free rate 3.4 %
Long term growth rate 1.5 %
Long term Wacc 8.1 %
TARGET PRICE:EUR 11.7
REAL OPTION
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
Very similar to AGL in terms of overall business
I. INDUSTRIAL PEERS
P/E multiple
PEERS COMPARISONVALUATION
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
2% 4% 6% 8% 10% 12% 14% 16% 18%0.00
5.00
10.00
15.00
20.00
25.00
SW
DUFN
AGL CPGf(x) = − 142.662006830195 x + 27.5422535373658R² = 0.944327034410394
P/E frw 2013 vs. EPS GROWTH
P/E forward '13 Linear (P/E forward '13)
Different business model
BUT listed in the same financial segment: Restaurant
Shares investors’ preferences
II. FINANCIAL PEERS
EV/EBITDA multiple
PEERS COMPARISONVALUATION
X YIntercept Ebitda % Sales growth Beta EV/SALES
AGL 1 9.2% 3.9% 0.85 0.63MCD 1 36.3% 6.1% 0.49 3.67SBUX 1 20.7% 11.2% 0.80 2.61YUM 1 20.5% 11.1% 0.69 2.20SW 1 7.0% 6.7% 0.45 0.61THI 1 24.1% 7.2% 0.24 2.36
BKW 1 60.5% 0.6% 1.00 7.60DRI 1 13.0% 7.1% 0.80 1.00
PNRA 1 17.9% 9.7% 0.99 1.86DNKN 1 52.5% 7.1% 1.00 7.67DUFN 1 15.9% 10.0% 1.07 1.40ARCO 1 8.4% 9.3% 1.34 0.78WTB 1 25.0% 10.1% 0.78 2.44EAT 1 13.9% 2.6% 0.94 1.03CPG 1 8.9% 5.1% 0.72 0.85DPZ 1 18.3% 2.8% 0.78 2.36
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
X1= Ebitda %
X2=Sales Growth
X3= Beta
StatisticsF=142R2=0.97
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
Very similar to AGL in terms of overall business
I. INDUSTRIAL PEERS
PEERS COMPARISONVALUATION
Different business model
BUT listed in the same financial segment: Restaurant
Shares investors’ preferences
II. FINANCIAL PEERS
P/E multiple EV/EBITDA multiple
TARGET PRICE:
EUR 11.2
RISK ANALYSIS
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
RISKS
Financial
Strategic
Operating
RISK ANALYSIS I.
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
FINANCIAL RISKS
INTEREST RATE RISK FOREIGN CURRENCY CREDIT RISK LIQUIDITY RISK
EFFECTS
40% fixed-rate debt 60% floating-rate debt
Sales: 32%: North-America 15% : UK
95% of sales comes from concessions
AGL’S
POLICY
Duration of concession portfolio = duration of the debt
Interest rate swaps
Matching assets & liabilities in currencies
Forward FX
End consumers‘ transactions are made in cash
Invoiced trade receivables => bank guarantees
Long contracts duration & high retention rates
Strong CF generation & flexibility on costs and capital expenditure
RISK ANALYSIS II.
STRATEGIC RISKS
TRAFFIC FLOWS MACROECONOMY
EFFECTS
High impact of traffic on sales
Effects traffic and well-being of people
AGL’S
POLICY
Channel diversification Constant innovation of products &
customer services Cost cutting to limit impacts on CF
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
RISK ANALYSIS III.
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
OPERATING RISKS
REPUTATION CONSUMPTION HABITS CONCESSION FEES CUSTOMER
SATISFACTIONSHOP
EFFECTIVENESS
RISKS
Not being able to satisfy contractual commitments (effects on retention rate & new contracts)
Effects of changes Influence on
profitability False predictions
of performance
Fail to keep service standards and products in line with customers’ expectations
Challenge to provide modern & appealing assortment
AGL’S
POLICY
Monitoring procedures & processes
Trainings to keep high standards
Review of methods & procedures
Wide range of products & brands
High flexibility to respond to changes
High importance on appraising & negotiating contracts
Constant R&D Quality control
(services & raw materials)
Effective & efficient supply chain management
FINAL REMARKS
Recommendation:
BUY (EUR 11.4)
Upside of +20%
Market leadership
Strong cash flow generation
Business diversification
Wide range of brand portfolio
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
Q & A SESSION
APPENDIX
SWOT ANALYSISSTRENGTHS WEAKNESSES
T&R presence is strategically positioned around the world in order to catch the most of air traffic
AGL works with a lot of brands, specially in the USA T&R is performing well despite the world economic crisis High concessions retention rate (80-85%), the losses are covered
by the new winnings Cash generated from AGL activities is instantly received and is used
for investments AGL invest on products and machineries innovation, collaborating
directly with the producers AGL is present in 37 countries and manages more than 5300 points
of sale in over 1200 locations AGL invests only after winning a concession: the company can
forecast in advance its returns AGL is a value company AGL T&R won new concessions in 2012, Spanish concessions 100%
retention rate
AGL margins depend on commoditires trends AGL F&B sensitive to electricity price Passengers flows, both in airports and motorways, are linked to oil
price F&B is sensitive to electricity price commodities trend AGL businesses are very exposed to uncontrollable macro-shocks A consistent part of AGL businesses is in ITA and SPA that have a
sluggish recover from crisis Bad performances on Italian motorways will last in the future Licensing strategy in the USA make the business subject to
increasing price of raw materials AGL does not hedge from the risk connected to oil price and raw
material increases
OPPORTUNITIES THREATS
New concession contracts or concessions expiring around the world
Potential expansion on high speed railways network Fairs and events around the world will make a lot of people travel Emerging markets growth could create new travelers flows The spin-off between F&B and T&R division could unleash the T&R
hidden value
If economic cycle is negative, AGL cut dividends meanwhile the competitors do not
Terrorism could negatively affect traffic, specially in airports Travelers trends became more volatile from 2008 onwards In 2016 we have the most, EUR 1,350 mln, of AGL debt reaching
maturity Crisis could be longer and heavier than expected in Italy and Spain Emerging markets law suit are different from western countries
and sometimes less transparent AGL is exposed to credit, market (cash flow future fluctuations)
and liquidity risks AGL is exposed to the changes in consumer tastes and their
consumption behavior AGL T&R division is exposed to changes in the cost of rents T&R in UK could suffer of exchange rate risk
AUTOGRILL
Food & Beverage RetailSituation Italian-listed company
Product mixFood & beverage, confectionary/food and other ancillary consumer goods
(books, CD, lottery) sold in the little store beside the bars and restaurants
Perfumes, wines and spirits, tobacco, confectionary/foods
Geographical mix
2011 Sales 44.2% were generated in US, 35% in Italy and the rest coming from
other European counties
2011 sales EUR1820m of which around 75% generated in Europe. T&R has been benefiting from the launch of Terminal 5
at Heathrow UK(47% of T&R sales)Well-positioned in western countries. Indirect exposure to emerging market
through European hubs (London, Madrid and Barcelona)Channel mix Present in airports (63%), motorways (30%), railways (2%), Others - high streets,
trade fair, museums and shopping centers(5%)Capex 3.4% - 4.8% of sales 1.8% - 5.4% of salesGrowth CAGR 2012-18E 1% CAGR 2012-18E 7.4% Focus on organic growthContract average 10-25 years 5-10 yearsSales share 69% 31%Sales FY12e EUR 4088mio EUR 2000mioEBITDA FY12e EUR 334.6mio EUR 252.6mioEBITDA margin 8.20% 12.60%
Competitors Compass, Sodexo, Restaurant Group, IMC, Cremonini, Farmi, Elior, SSP Dufry
BENCHMARKING WITH COMPETITORSTR&DF FOOD SERVICE
Benchmarking with Dufry Compass SodexoListed public company located in Switzerland. British multinational contract food service and
support servicesFrance company focus on quality of life
services
Higher exposure to luxury items (watches, jewellery,fashion and leather) perfumes & cosmetics. Low-margin products such as
newspapers, books and confectionary
Food service, facility management, service vouchers. Brands : Bon appetit management,
canteen vending, all leisure hospitality, rastaurant
On-site services 96% of group revenue: Flagship product in Meal & Food : Cheque
restaurant (France, Belgium and Chile). Alimentacao Pass (Brazil), Passlunch (Italy),
Meal Card (India), Restaurant Pass (Romania), Ramadan Gift Pass (Turkey)
Strong presence in America (75% of its revenues). Strong leadership in Brazil. Direct
exposure to emerging market in South, North and Central America
NA 43%, Continental Europe 24%, UK & Ireland 12%, RoW 21%.
Core business : Food
Present in North America 37%, Continental Europe 32%, RoW 19%, UK & Ireland 8%.
Strategy: food services, non-food vouchers, support services
Little exposure to motorways. 90% of its revenues coming from airports
Business and industry (41%), Education (16%), Healtchcare & Seniors (19%), Sports and
Leisure (11%), Defence (13%)Corporate (50%), Healthcare & seniors (27%),
Education (23%)3-4% of sales 1.5%-2% of sales 2% of sales
Proactive approach in new concessions and acquisitions (Hudson Group, Brasif and
InterBaires and Folli Follie)
Focus on expanding presence in the fast growing & emerging economies (currently 20%
of business) and cost efficiency. 2011: 9.2% revenue growth on a constant currency basis
Organic revenue driver : focus on large clients and integrated contracts. 2012e: revenue
growth target 7% p.a (JPM estimates)
Concession length 2009 : 3-5 years 41%, 6-9 years 24%, 10+ years 24%, 1-2 years 11% 94% group retention rate Client retention : 94%
8% share of the global travelLargest global food service operator (4% of its
addressable market, of which only 42% has shifted to outsourcing)
Second largest global food service operator
CHF 3182.8mio EUR 16095 EUR 16729mioCHF482mio EUR 1452mio EUR 1210mio
Higher EBITDA margin due to lower concession rents 8-9% 6-7%
Autogrill Sodexo, AGL and Aramark OSS : Compass group, AGL; MS :Edenred
P&L ACCOUNTP&L Account (Em) 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018ESales 5,844.6 6,088.4 6,287.5 6,545.8 6,835.3 7,125.6 7,405.7 7,676.7 %growth 2.5% 4.2% 3.3% 4.1% 4.4% 4.2% 3.9% 3.7%Other revenues 154 152.00 163.00 180.00 190.00 206.00 225.00 249.00 %sales 2.6% 2.5% 2.6% 2.7% 2.8% 2.9% 3.0% 3.2%Value of Production 5,998.6 6,240.4 6,450.5 6,725.8 7,025.3 7,331.6 7,630.7 7,925.7 Cost of Production -2,139.6 -2,190.6 -2,254.1 -2,334.8 -2,438.0 -2,541.6 -2,641.5 -2,738.1%revenue -35.7% -35.1% -34.9% -34.7% -34.7% -34.7% -34.6% -34.5%Gross Profit 3,859.0 4,049.8 4,196.4 4,391.0 4,587.3 4,790.0 4,989.2 5,187.5 % margin 66.0% 66.5% 66.7% 67.1% 67.1% 67.2% 67.4% 67.6%% growth 2.8% 4.9% 3.6% 4.6% 4.5% 4.4% 4.2% 4.0%Renting/royalties -1193.9 -1293.0 -1381.0 -1477.0 -1579.0 -1653.1 -1725.5 -1796.3Personnel Expense -1472.6 -1539.0 -1576.0 -1649.5 -1699.9 -1772.1 -1836.6 -1903.8Other Operating costs -575.5 -631.6 -663.5 -654.6 -661.3 -680.5 -705.0 -725.1EBITDA 617.0 586.2 575.9 609.9 647.0 684.2 722.0 762.2 % margin 10.6% 9.6% 9.2% 9.3% 9.5% 9.6% 9.7% 9.9%% growth 1.9% -5.0% -1.8% 5.9% 6.1% 5.8% 5.5% 5.6%Depreciation & Amortization -298.8 -330.0 -336.0 -354.0 -373.0 -391.0 -411.0 -433.0%sales 5.1% 5.4% 5.3% 5.4% 5.5% 5.5% 5.5% 5.6%EBIT 318.2 256.2 239.9 255.9 274.0 293.2 311.0 329.2 % margin 5.4% 4.2% 3.8% 3.9% 4.0% 4.1% 4.2% 4.3%% growth 14.4% -19.5% -6.4% 6.7% 7.1% 7.0% 6.1% 5.8%Net Financial expense -82.8 -89.1 -92.7 -90.9 -92.7 -93.8 -94.8 -97.6Pre-tax profit 234.7 167.1 147.2 165.0 181.3 199.4 216.3 231.6 Taxes -80.3 -52.5 -46.2 -51.8 -56.9 -62.6 -67.9 -72.7Tax rate 34.2% 31.4% 31.4% 31.4% 31.4% 31.4% 31.4% 31.4%Total profit 154.4 114.7 101.0 113.2 124.4 136.8 148.4 158.9 Minorities -12.8 -18.3 -18.9 -19.6 -20.5 -21.4 -22.2 -23.0Net Profit 141.6 96.4 82.1 93.6 103.9 115.4 126.2 135.9 Net margin 2.4% 1.6% 1.3% 1.4% 1.5% 1.6% 1.7% 1.8%% growth 85.5% -31.9% -14.8% 13.9% 11.0% 11.1% 9.3% 7.7%
BALANCE SHEETBalance Sheet (Em) 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018EIntangible assets 2154.5 2253.4 2339.5 2448.1 2583.8 2707.6 2829.0 2944.5Tangible assets 923.4 974.5 1018.8 1073.5 1134.7 1197.0 1259.0 1318.9Fin. Assets 26.5 26.5 26.5 26.5 26.5 26.5 26.5 26.5Total Fixed Assets 3,104.4 3,254.4 3,384.8 3,548.1 3,744.9 3,931.1 4,114.5 4,289.9 Inventory 266 275.9 288.6 300.2 313.2 326.2 338.9 352.2Receivables 53.5 60.9 69.2 78.5 88.9 99.8 162.9 184.0Other receivables 227.9 243.6 257.8 274.9 293.9 313.5 333.3 352.7Payable -632.4 -657.0 -685.5 -711.2 -740.4 -764.3 -792.5 -821.7Other liabilities -406.2 -418.3 -433.0 -445.6 -460.4 -474.6 -488.4 -502.7Total NWC -491.2 -494.8 -502.8 -503.2 -504.7 -499.5 -445.8 -435.5Invested Capital 2613.2 2759.6 2882.0 3045.0 3240.2 3431.6 3668.8 3854.4Risk fund provisions -66.5 -91.4 -94.3 -98.2 -102.5 -106.9Severance fund and other -194.5 -182.7 -188.7 -196.4 -205.1 -213.8 -222.2 -230.0Asset held for sales 0 0 0 0 0 0 0NET CAPITAL EMPLOYED 2352.1 2485.5 2599.0 2750.4 2932.6 3111.0 3335.5 3509.3
Group Net equity 779.8 829.9 844.7 944.2 1051.2 1166.6 1327.4 1396.6Minorities 19.6 21.3 21.7 24.2 27.0 29.9 34.0 35.8Total Net Equity 799.4 851.2 866.3 968.5 1,078.2 1,196.5 1,361.4 1,432.4Convertible bonds 0 0 0 0 0 0 0 0L T Liabilities 1568.6 1650.9 1750.3 1800.1 1873.3 1933.9 1994.2 2098.1L T LIABILITY 1568.6 1639.4 1741.5 1796.4 1871.4 1933.9 1998.0 2106.3S T Liabilities 214.2 237.0 247.8 249.5 257.8 264.1 268.5 278.3Liquidity and loans -230 -242.1 -256.6 -263.9 -274.7 -283.6 -292.4 -307.6S T LIABILITY -15.8 -5.1 -8.9 -14.5 -16.9 -19.5 -23.9 -29.3NFP 1,552.8 1,634.3 1,732.7 1,782.0 1,854.4 1,914.4 1,974.1 2,076.9TOTAL SOURCES 2352.2 2485.5 2599.0 2750.4 2932.6 3111.0 3335.5 3509.3
CASH FLOW
Cash Flow (Em) 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018EGroup Net Sales 5,844.6 6,088.4 6,287.5 6,545.8 6,835.3 7,125.6 7,405.7 7,676.7 % change YoY 2.5% 4.2% 3.3% 4.1% 4.4% 4.2% 3.9%Group EBITDA 617.0 586.2 575.9 609.9 647.0 684.2 722.0 762.2 % margin 10.6% 9.6% 9.2% 9.3% 9.5% 9.6% 9.7% 9.9%% change YoY 1.9% -5.0% -1.8% 5.9% 6.1% 5.8% 5.5%D&A 298.8 330.0 336.0 354.0 373.0 391.0 411.0 433.0 % of sales 5.1% 5.4% 5.3% 5.4% 5.5% 5.5% 5.5% 5.6%Group EBIT 318.2 256.2 239.9 255.9 274.0 293.2 311.0 329.2 % margin 5.4% 4.2% 3.8% 3.9% 4.0% 4.1% 4.2% 4.3%% change YoY 6.0% -19.5% -6.4% 6.7% 7.1% 7.0% 6.1%Taxes -80.3 -80.4 -75.3 -80.4 -86.0 -92.1 -97.7 -103.4Theoretical tax rate 34.2% 31.4% 31.4% 31.4% 31.4% 31.4% 31.4% 31.4%NOPLAT 237.9 175.8 164.6 175.5 188.0 201.2 213.4 225.9 D&A and other provisions 298.8 330.0 336.0 354.0 373.0 391.0 411.0 433.0 Gross Operating Cash Flow 536.7 505.8 500.6 529.5 561.0 592.2 624.4 658.9 Capex -209.4 -273 -220 -258 -275 -290 -310 -327% of sales -3.6% -4.5% -3.5% -3.9% -4.0% -4.1% -4.2% -4.3%Change in NWC -98.9 -3.6 -8.0 -0.4 -1.6 5.2 53.7Free Cash Flow to Firm 228.4 236.4 288.6 271.9 287.5 296.9 260.7 321.6
P&L – FOOD & BEVERAGE
P&L F&B (Em) 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018ESales F&B division 4027.8 4023.8 4088.0 4095.0 4140.5 4215.0 4277.4 4330.8 4381.5% growth 6.4% -0.1% 1.6% 0.2% 1.1% 1.8% 1.5% 1.3% 1.2%% of AGL group sales 70.6% 68.8% 67.1% 65.1% 63.3% 61.7% 60.0% 58.5% 57.1%Other revenues 96.9 114 103.6 90.1 103.5 113.8 115.5 112.6 113.9% sales 2.4% 2.8% 2.5% 2.2% 2.5% 2.7% 2.7% 2.6% 2.6%Cost of production -1356.1 -1374.5 -1443.0 -1474.2 -1455.8 -1458.1 -1467.1 -1468.2 -1474.4% sales -33.7% -34.2% -35.3% -36.0% -35.2% -34.6% -34.3% -33.9% -33.7%Rents and royalties -644.2 -642 -735.2 -776.2 -768.1 -788.2 -808.4 -831.5 -850.0% sales -16.0% -16.0% -18.0% -19.0% -18.6% -18.7% -18.9% -19.2% -19.4%Personnel expense -1240.4 -1256.6 -1194.9 -1156.0 -1230.9 -1274.2 -1293.0 -1317.8 -1337.6% sales -30.8% -31.2% -29.2% -28.2% -29.7% -30.2% -30.2% -30.4% -30.5%Other operating costs -445.2 -450.9 -458.1 -455.4 -459.3 -472.2 -481.4 -476.6 -477.4% sales -11.1% -11.2% -11.2% -11.1% -11.1% -11.2% -11.3% -11.0% -10.9%EBITDA 438.8 413.8 360.3 323.3 329.9 336.2 342.9 349.3 356.0Corporate cost -27.2 -25.3 -25.7 -25.7 -26.0 -26.5 -26.9%sales -0.7% -0.6% -0.6% -0.6% -0.6% -0.6% -0.6% -0.6% -0.6%EBITDA after corporate cost 411.6 388.5 334.6 297.6 303.9 309.7 316.0 322.1 328.4
EBITDA Margin 10.2% 9.7% 8.2% 7.3% 7.3% 7.3% 7.4% 7.4% 7.5%EBITDA growth -5.5% -5.6% -13.9% -11.1% 2.1% 1.9% 2.0% 1.9%
P&L – TRAVEL RETAIL & DUTY FREE
P&L TR&DF (Em) 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E
Sales TR&DF division 1675.7 1820.8 2000.0 2192.5 2405.0 2630.0 2858.8 3086.1 3305.2
% growth 8.9% 8.7% 9.8% 9.6% 9.7% 9.4% 8.7% 7.9% 7.1%
% of AGL group sales 29.4% 31.2% 32.8% 34.9% 36.7% 38.5% 40.1% 41.7% 43.1%
Other revenues 31.4 24.1 28.0 31.8 36.1 40.8 45.7 50.9 59.2
% sales 1.9% 1.3% 1.4% 1.5% 1.5% 1.6% 1.6% 1.7% 1.8%
Cost of production -733.8 -765.1 -844.0 -926.3 -1014.9 -1109.9 -1203.0 -1296.2 -1388.2
% sales -43.8% -42.0% -42.2% -42.3% -42.2% -42.2% -42.1% -42.0% -42.0%
Rents and royalties -505.7 -551.2 -608.9 -667.0 -732.9 -802.2 -872.0 -941.6 -1008.5
% sales -30.2% -30.3% -30.4% -30.4% -30.5% -30.5% -30.5% -30.5% -30.5%
Personnel expense -180.6 -192.4 -208.0 -229.1 -251.3 -275.4 -300.2 -324.3 -347.4
% sales -10.8% -10.6% -10.4% -10.5% -10.5% -10.5% -10.5% -10.5% -10.5%
Other operating costs -93.4 -107.8 -114.4 -123.9 -136.7 -146.4 -160.7 -173.5 -183.5
% sales -5.6% -5.9% -5.7% -5.7% -5.7% -5.6% -5.6% -5.6% -5.6%
EBITDA 193.6 228.4 252.6 277.9 305.3 337.0 368.7 401.4 436.9
EBITDA Margin 11.6% 12.5% 12.6% 12.7% 12.7% 12.8% 12.9% 13.0% 13.2%EBITDA growth 29.5% 18.0% 10.6% 10.0% 9.8% 10.4% 9.4% 8.9%
DEBT STRUCTUREDebt Issue Available
AmountOriginal
Tenor Maturity Rate Drawn(as of 30/09/12) Covenants
Private Placement Jan-03 $266m 10 years Jan-13 Fixed 6.01% $266m Ebitda interest coverage > 4.5x;
Net debt/Ebitda < 3.5
May-07 $150m 10 years May-17 Fixed 5.73% $150m Jan-03 $60m 8 years Jan-11 Fixed 5.66% $60m Term Loan Mar-08 E275 5 years Mar-13 Floating E275 Mar-08 GBP398 5 years Mar-13 Floating GBP398
Jun-05 €200m 10 years Jun-15Floating (Euribor) 3 months + 0.75%
b.p€200m Ebitda interest
coverage > 4.5x
Net debt/Ebitda < 3.5
Syndicated revolving credit facilities Jun-12 €200m 17 months Nov-13 Floating (Euribor) 0
Ebitda interest coverage > 4.5x;
Net debt/Ebitda < 3.5
Jun-05 E300 7 years Jun-12Floating (Euribor) 3 months + 0.35%
b.p0
Autogrill Spa Jul-11 €700m 5 years Jul-16 Floating (Euribor) €294m + GBP
31m + $250m May-07 E500 7 years May-14 Floating $60m + E355m
WDF Group SA Jul-11 €650m 5 years Jul-16 Floating (Euribor) Ebitda interest coverage > 4.5x
Net debt/Ebitda < 3.5
Mar-08 E125m 5 years Mar-13 Floating GBP20m
DEBT COMPOSITIONDEBT IN CURRENCY DEBT RATE
DEBT RATIO
Debt Key Ratios 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018ENet Debt/EBITDA (x) 2.52 2.79 3.01 2.92 2.87 2.80 2.73 2.72Coverage Ratio (x) 3.84 2.89 2.52 2.76 2.89 3.06 3.23 3.36Net Debt/Equity (x) 1.94 1.92 2.00 1.84 1.72 1.60 1.45 1.45Debt/Equity (x) 2.23 2.20 2.30 2.11 1.97 1.84 1.66 1.66(EUR)m 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018ETotal Debt 1782.8 1876.4 1989.3 2045.9 2129.1 2198.0 2266.5 2384.6Total Net Debt 1552.8 1634.3 1732.7 1782.0 1854.4 1914.4 1974.1 2076.9Cash 230.0 242.1 256.6 263.9 274.7 283.6 292.4 307.6Cost of debt 5.3% 5.5% 5.4% 5.1% 5.0% 4.9% 4.8% 4.7%
RAW MATERIALS’ COSTS
DCF - BULL CASEDCF Bull case
(EUR mln) 2012 2013 2014 2015 2016 2017 2018Sales Rev Turn 6088.4 6340.0 6645.8 6959.3 7265.5 7563.4 7850.8Growth 4.1% 4.8% 4.7% 4.4% 4.1% 3.8%Ebitda 586.80 595.00 639.00 688.00 737.45 784.33 831.40Growth 1.4% 7.4% 7.7% 7.2% 6.4% 6.0%Ebitda margin 9.64% 9.38% 9.62% 9.89% 10.15% 10.37% 10.59%Amortization & other provisions 329.7 330.0 347.0 363.0 379.3 393.3 406.7Amortization & Other/Capex 5.4% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2%Ebit 257.06 265.00 292.00 325.00 358.19 391.03 424.73Growth 3.1% 10.2% 11.3% 10.2% 9.2% 8.6%Ebit margin 4.22% 4.18% 4.39% 4.67% 4.93% 5.17% 5.41%Capex 273 265 285 300 315 335 360Capex /Sales 4.5% 4.2% 4.3% 4.3% 4.3% 4.4% 4.6%Free Operating CF 236.7 254.8 262.7 287.6 304.8 272.8 327.8FCFF ps 0.93 1.00 1.03 1.13 1.20 1.07 1.29
Wacc calculationsYears 2012 2013 2014 2015 2016 2017 2018Risk free rate 3.4% 3.5% 3.6% 3.7% 3.8% 3.9% 4.0%Beta Equity 0.82 0.84 0.86 0.88 0.9 0.92 0.93Mkt risk premium 6.7% 6.6% 6.5% 6.4% 6.3% 6.2% 6.0%Cost of Equity 8.9% 9.0% 9.2% 9.4% 9.5% 9.5% 9.7%Tax Rate 31.4% 31.4% 31.4% 31.4% 31.4% 31.4% 31.4%Debt/ Equity 220.0% 230.0% 205.0% 192.0% 181.0% 166.0% 150.0%Cost of debt 5.45% 5.25% 5.10% 4.95% 4.80% 4.71% 4.60%WACC 7.9% 7.9% 8.0% 8.0% 8.0% 8.1% 8.1%Discount Rate 0.93 0.86 0.79 0.74 0.68 0.63
Valuation SummaryCur Mkt Cap 2404Curr Entp Val 3944Eqy Sh Out (mln) 254Long Term Growth Rate 2.0%Long Term WACC 8.1%Net Financial pos. (mln) 1540Cumulated FCF ps 2017 5.15Terminal Value 21.5Discount Rate TV 8.1%Discounted Terminal Value 13.5
Cumulated DCF 18.6Equity Value ps 12.6Price as date 9.45Upside/(downside) 33.20%
DCF - BEAR CASEDCF Bear case
(EUR mln) 2012 2013 2014 2015 2016 2017 2018
Sales Rev Turn 6088.3 6200 6340.8 6510.3 6666.5 6815.9 6954.9Growth 1.8% 2.3% 2.7% 2.4% 2.2% 2.0% Ebitda 586.00 555.00 571.00 591.00 609.99 627.75 644.72Growth -5.3% 2.9% 3.5% 3.2% 2.9% 2.7%Ebitda margin 9.62% 8.95% 9.01% 9.08% 9.15% 9.21% 9.27%Amortization & other provisions 325 325 329 336 343 350 355Amortization& Other/Capex 5.3% 5.2% 5.2% 5.2% 5.2% 5.1% 5.1%Ebit 260.88 230.00 242.00 255.00 266.66 278.09 289.33Growth -11.8% 5.2% 5.4% 4.6% 4.3% 4.0%Ebit margin 4.28% 3.71% 3.82% 3.92% 4.00% 4.08% 4.16%Capex 272 201 190 198 209 219 231Capex /Sales 4.5% 3.2% 3.0% 3.0% 3.1% 3.2% 3.3%Free Operating CF 235.7 289.8 305.4 314.5 312.1 267.7 308.7FCFF ps 0.93 1.14 1.20 1.24 1.23 1.05 1.22
Wacc calculationsYears 2012 2013 2014 2015 2016 2017 2018Risk free rate 3.4% 3.5% 3.6% 3.7% 3.8% 3.9% 4.1%Beta Equity 0.82 0.84 0.86 0.88 0.9 0.92 0.93Mkt risk premium 6.7% 6.6% 6.5% 6.4% 6.3% 6.2% 6.0%Cost of Equity 8.9% 9.1% 9.3% 9.4% 9.5% 9.6% 9.7%Tax Rate 31.4% 31.4% 31.4% 31.4% 31.4% 31.4% 31.4%Debt/ Equity 220.0% 230.0% 221.0% 215.0% 212.0% 205.0% 192.0%Cost of Debt 5.5% 5.4% 5.4% 5.3% 5.3% 5.2% 5.1%WACC 8.0% 8.0% 8.1% 8.1% 8.1% 8.2% 8.2%Discount Rate 0.93 0.86 0.79 0.73 0.68 0.63
Valuation SummaryCur Mkt Cap 2404Curr Entp Val 3944Eqy Sh Out (mln) 254Long Term Growth Rate 1.0%Long Term WACC 8.2%Net Financial pos. (mln) 1540Cumulated FCF ps 2017 5.43Terminal Value 17.1Discount Rate TV 8.2%Discounted Terminal Value 10.7
Cumulated DCF 16.1Equity Value ps 10.04Price as date 9.45Upside/(downside) 6.27%
DCF – CENTRAL SCENARIO (WACC CALCULATIONS)
Valuation SummaryCur Mkt Cap 2.404Curr Entp Val 3.944Eqy Sh Out (mln) 254.4Long Term Growth Rate 1.5%Long Term WACC 8.1%Net Financial pos. (mln) 1.54Cumulated FCF ps 2017 5.21Terminal Value 19.3Discount Rate TV 8.2%Discounted TV 12.1Cumulated DCF 17.2Equity Value ps 11.3Price as date 9.45Upside/(downside) 19.66%
Wacc calculationsYear 2012 2013 2014 2015 2016 2017 2018Free Risk Rate 3.4% 3.5% 3.6% 3.7% 3.8% 3.9% 4.0%Beta Equity 0.82 0.84 0.86 0.88 0.9 0.92 0.93Mkt Risk Premium 6.7% 6.6% 6.5% 6.4% 6.3% 6.2% 6.0%Cost of Equity 8.9% 9.0% 9.2% 9.4% 9.5% 9.6% 9.8%Beta Leveraged 2.06 2.17 2.07 2.97 2.04 1.97 1.99Cost of Equity 17.2% 17.8% 17.4% 17.0% 16.6% 16.0% 16.2%Tax Rate 31.4% 31.4% 31.4% 31.4% 31.4% 31.4% 31.4%Debt/ Equity 220.0% 230.0% 211.0% 197.0% 184.0% 166.0% 166.0%Debt / D+E 68.8% 69.7% 67.8% 66.3% 64.8% 62.4% 62.4%Cost of debt 5.5% 5.4% 5.1% 5.0% 4.9% 4.8% 4.7%Wacc 7.9% 7.9% 8.0% 8.0% 8.0% 8.1% 8.1%Compound Wacc 7.9% 16.5% 25.9% 36.0% 47.0% 58.8%Discount Rate 0.93 0.86 0.79 0.74 0.68 0.63
AGL DCF (m €) 2012 2013 2014 2015 2016 2017 2018Sales Rev Turn 6088.4 6287.5 6545.8 6835.3 7126.6 7406.7 7677.7Growth 3.3% 4.1% 4.4% 4.2% 3.9% 3.6%Ebitda 586.80 575.00 609.00 647.00 684.73 722.35 762.59Growth -2.0% 5.9% 6.2% 5.8% 5.6% 5.5%Ebitda margin 9.64% 9.15% 9.30% 9.47% 9.60% 9.75% 9.92%Amortization&other provisions 330 336 354 373 391 411 433Amortization & other / Capex 5.4% 5.3% 5.4% 5.5% 5.5% 5.6% 5.6%Ebit 257.98 239.80 255.12 274.20 292.28 311.86 328.53Growth -9.0% 6.9% 7.3% 6.8% 6.5% 6.3%Ebit margin 4.22% 3.81% 3.90% 4.01% 4.11% 4.20% 4.28%Capex 273 220 258 275 290 310 327Capex /Sales 4.5% 3.5% 3.9% 4.0% 4.1% 4.2% 4.3%Change in Net Working Capital (3.6) (8.0) (0.4) (1.6) 5.2 53.7 10.2Change in NWCapital / Sales -0.06% -0.13% -0.01% -0.02% 0.07% 0.72% 0.13%Free Operating Cash Flow 237 288 271 288 297 261 321FCFF ps 0.93 1.13 1.07 1.13 1.17 1.02 1.26
DCF - FOOD & BEVERAGEDCF Bear case
(EUR mln) 2012 2013 2014 2015 2016 2017 2018Sales Rev Turn 4088.0 4095.0 4140.5 4215.0 4277.4 4330.8 4381.5Growth 0.2% 1.1% 1.8% 1.5% 1.3% 1.2% Ebitda 334.00 297.50 303.80 310.00 316.10 322.22 328.18Growth -10.9% 2.1% 2.0% 2.0% 1.9% 1.8%Ebitda margin 8.17% 7.26% 7.34% 7.35% 7.39% 7.44% 7.49%Amortization & other provisions 197 186 189 191 193 196 199
Amortization& Other/Capex 4.8% 4.5% 4.6% 4.5% 4.5% 4.5% 4.5%
Ebit 137.48 111.50 114.90 119.20 123.19 126.46 129.25Growth -18.9% 3.0% 3.7% 3.3% 2.7% 2.2%Ebit margin 3.36% 2.72% 2.78% 2.83% 2.88% 2.92% 2.95%Capex 237 180 188 180 172 161 152Capex /Sales 5.8% 4.4% 4.5% 4.3% 4.0% 3.7% 3.5%Free Operating CF 48.9 68.5 66.6 81.3 81.0 99.0 123.9FCFF ps 0.19 0.27 0.26 0.32 0.32 0.39 0.49
Wacc calculationsYears 2012 2013 2014 2015 2016 2017 2018Risk free rate 3.4% 3.5% 3.6% 3.7% 3.8% 3.9% 4.0%Beta Equity 0.82 0.84 0.86 0.88 0.9 0.92 0.93Mkt risk premium 6.7% 6.6% 6.5% 6.4% 6.3% 6.2% 6.0%Cost of Equity 8.9% 9.0% 9.2% 9.4% 9.5% 9.6% 9.7%Tax Rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%Debt/ Equity 220.0% 230.0% 205.0% 192.0% 181.0% 165.0% 155.0%Cost of Debt 5.5% 5.4% 5.1% 5.0% 4.9% 4.8% 4.7%WACC 7.7% 7.7% 7.7% 7.8% 7.8% 7.9% 7.9%Discount Rate 0.93 0.86 0.80 0.74 0.69 0.64
Valuation SummaryCur Mkt Cap 1603Curr Entp Val 2604Eqy Sh Out (mln) 1.0Long Term Growth Rate 7.9Long Term WACC 1000Net Financial pos. (mln) 1.55Cumulated FCF ps 2017 7.19Terminal Value 7.9Discount Rate TV 4.53Discounted TV 6.11Cumulated DCF 2.17Equity Value ps 1603Price as date 2604Upside/(downside) 1.0
DCF - TRAVEL RETAIL & DUTY FREEDCF Bear case
(EUR mln) 2012 2013 2014 2015 2016 2017 2018Sales Rev Turn 2000.0 2192.5 2405.0 2630.0 2858.8 3086.1 3305.2Growth 9.6% 9.7% 9.4% 8.7% 8.0% 7.1% Ebitda 252.40 278.00 305.80 337.00 368.50 400.88 434.63Growth 10.1% 10.0% 10.2% 9.3% 8.8% 8.4%Ebitda margin 12.62% 12.68% 12.72% 12.81% 12.89% 12.99% 13.15%Amortization & other provisions 133 150 165 182 198 215 234
Amortization& Other/Capex 6.7% 6.8% 6.9% 6.9% 6.9% 7.0% 7.1%
Ebit 119.00 128.50 141.00 155.40 170.39 185.47 200.29Growth 8.0% 9.7% 10.2% 9.6% 8.9% 8.0%Ebit margin 5.95% 5.86% 5.86% 5.91% 5.96% 6.01% 6.06%Capex 36 40 70 95 128 149 170Capex /Sales 1.8% 1.8% 2.9% 3.6% 4.5% 4.8% 5.1%Free Operating CF 183.1 182.0 174.3 173.5 167.8 174.9 183.6FCFF ps 0.72 0.72 0.69 0.68 0.66 0.69 0.72
Wacc calculationsYears 2012 2013 2014 2015 2016 2017 2018Risk free rate 3.4% 3.5% 3.6% 3.7% 3.8% 3.9% 4.0%Beta Equity 0.82 0.84 0.86 0.88 0.9 0.92 0.93Mkt risk premium 6.7% 6.6% 6.5% 6.4% 6.3% 6.2% 6.0%Cost of Equity 8.9% 9.0% 9.2% 9.4% 9.5% 9.6% 9.7%Tax Rate 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% 28.0%Debt/ Equity 220.0% 230.0% 215.0% 210.0% 200.0% 191.0% 188.0%Cost of Debt 5.45% 5.35% 5.10% 5.00% 4.90% 4.80% 4.75%WACC 8.2% 8.2% 8.2% 8.2% 8.2% 8.3% 8.3%Discount Rate 0.92 0.85 0.79 0.73 0.67 0.62
Valuation SummaryCur Mkt Cap 801Curr Entp Val 1341Eqy Sh Out (mln) 2.7%Long Term Growth Rate 8.3%Long Term WACC 540Net Financial pos. (mln) 3.17Cumulated FCF ps 2017 12.7Terminal Value 8.3%Discount Rate TV 8.07Discounted TV 11.2Cumulated DCF 9.12Equity Value ps 801Price as date 1341Upside/(downside) 2.7%
REAL OPTION
DCF real option 2012 2013 2014 2015 2016 2017 2018 FCF ps 0.93 1.13 1.07 1.13 1.17 1.02 1.26Wacc 7.9% 7.9% 7.9% 8.0% 8.0% 8.1% 8.1%Compound Cost of Equity 7.9% 16.5% 25.9% 36.0% 47.0% 58.5%
Discount Rate 0.93 0.86 0.79 0.74 0.68 0.63DCF EVALUATION Discounted Cash Flow 1.05 0.92 0.90 0.86 0.70 0.79
Cumulated 1.05 1.96 2.86 3.72 4.42 5.21
VALUATIONCumulated FCF ps 2018 5.21Discounted Terminal Value 12.1Cumulated DCF 17.36Price (S) 17.36Strike (K) 6.3Expiration Date 09.17.2016Volatility 11.8%LN (S/K) 1.022d1 5,150d2 4,926N(d1) 1,000N(d2) 1,000Call Price 11.75
PORTFOLIO STRUCTURE
COMPANY NAME MKT CAP (MLN €) WEIGHT
AUTOGRILL 2404 7.45%DUFRY 3072 9.52%
SODEXO 10473 32.45%COMPASS 16322 50.58%
TOTAL 32271 100.00%
BETA STATISTICS
BETA ALPHA 1.21 0.00STD ERROR 0.13 0.00R^2 - STD ERROR ESTIMATION Y 0.32 0.04STATISTIC F – DEGREE OF FREEDOM 94.16 202.00
SS REGRESSION – SS RESIDUALS 0.12 0.27
MULTIPLES
MULTIPLES
BOARD OF DIRECTORS & SHAREHOLDERS STRUCTURE
Executive
Non Executive
Independent
for Code
Independent
for T.U.F.
Board of directors
Internal control &
Corp. Gov.
Commitee
Human resources Committe
e
Strategy &Investm
ents Committe
e
Related-party
Transaction
Commitee
X Benetton Gilberto Chairman
X Tondato Da Ruos Gianmario Chief Executive Officer
X Benetton Alessandro Director
X X X Barracco Alessandro Director X
X X X Camuffo Arnaldo Director X
X X X Giavazzi Francesco Director X
X X X Jesi Marco Director X
X X X Malguzzi Alfredo Director X X X
X X X Mangiagalli Marco Lead Director X X
X Mion Gianni Director X
X X X Orlando Stefano Director X X
X Roverato Paolo Director X X
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
GEOGRAPHICAL PRESENCE
BACK
DISTRIBUTION CHANNELS
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
47%44%
4%5%
F&B Sales breakdown
Airports Motorways Railway stationsOthers
98%
2%TR&DF Sales breakdown
Airports Motorways
BACK
BRAND AND PRODUCT PORTFOLIO
FOOD & BEVERAGE TRAVEL RETAIL & DUTY FREE
Property Licenced
INVESTMENT SUMMARY COMPANY & INDUSTRY OVERVIEW VALUATIONFINANCIAL ANALYSIS RISK ANALYSIS
BRAN
DSPR
ODU
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