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Avolta AG
(AVOL)
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Rating:61Neutral
Price Target:
CHF52.00
▲(11.11% Upside)
Action:Reiterated
Date:07/31/26
The score is primarily driven by solid operating recovery and strong cash generation, supported by constructive guidance and continued deleveraging. Offsetting these positives are the highly leveraged balance sheet and a relatively expensive valuation, while technicals are mixed with near-term softness but longer-term trend support.
Positive Factors
Strong cash generation
Consistent, multi-year operating and free cash flow growth provides durable capacity to service debt, fund capex, and sustain shareholder returns. Strong cash conversion underpins deleveraging targets and enables strategic flexibility for accretive M&A or continued buybacks without eroding liquidity.
Negative Factors
Very high leverage
Elevated absolute debt relative to a diminished equity base keeps financial rigidity high. Even with recent deleveraging, leverage magnifies earnings shocks, limits strategic flexibility, raises refinancing risk, and could force more conservative investment or slower buybacks if cash flow lags.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent, multi-year operating and free cash flow growth provides durable capacity to service debt, fund capex, and sustain shareholder returns. Strong cash conversion underpins deleveraging targets and enables strategic flexibility for accretive M&A or continued buybacks without eroding liquidity.
Read all positive factors
Avolta AG (AVOL) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF6.73B
Dividend Yield2.38%
Average Volume (3M)174.83K
Price to Earnings (P/E)33.1
Beta (1Y)1.18
Revenue Growth-1.27%
EPS Growth80.18%
CountryCH
Employees69,278
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)1.46
Shares Outstanding141,648,350
10 Day Avg. Volume177,797
30 Day Avg. Volume174,829
Financial Highlights & Ratios
PEG Ratio0.34
Price to Book (P/B)3.54
Price to Sales (P/S)0.48
P/FCF Ratio2.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF52.83Price Target Upside12.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)3.57
Revenue Forecast (FY)CHF13.93B
Avolta AG Business Overview & Revenue Model
Company Description
Avolta AG, a prominent global travel retailer established in 1865 and based in Basel, Switzerland, adopted its current name in November 2023, previously operating as Dufry AG. The company manages a vast network of duty-free and duty-paid retail ou...
How the Company Makes Money
Avolta makes money primarily by operating concessions in travel locations (most notably airports) where it sells goods through its travel retail stores and serves customers through its food & beverage outlets. Revenue is generated from (1) product...
Avolta AG Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 09, 2027
Earnings Call Sentiment Positive
The call balanced notable near‑term challenges with clear evidence of resilience and strategic progress. Short‑term headwinds (Middle East crisis, large concession ramp‑ups in Pudong and JFK, FX translation and some regional weakness) reduced H1 organic growth to 3.7% and pressured margins to 9.1%. However, underlying performance adjusted for those temporary effects would be stronger (organic ~5.2%, EBITDA ~9.5%). Management highlighted strong Q2 cash generation (EUR 370m), ongoing deleveraging (leverage 2.07x), continued shareholder returns (dividend policy and buybacks), strategic commercial wins (Pudong, JFK) and accelerating digital/loyalty initiatives (Club Avolta at 20m members). Given the temporary nature of the main headwinds and multiple positive operational and financial indicators, the overall tone is constructive and the company remains confident in its midterm guidance.Positive Updates
Solid top-line with adjusted organic growth
Reported H1 turnover of CHF 6.437 billion with organic growth of 3.7%. Management states organic growth would have been 5.2% if the Middle East crisis impact is excluded.
Negative Updates
Geopolitical headwind: Middle East crisis impact
Middle East crisis materially weighed on performance: management estimates H1 organic growth would be ~150 bps higher (5.2% vs 3.7%) and EBITDA would be ~40 bps higher (9.5% vs 9.1%) if Middle East and ramp‑up effects were excluded. EMEA identified as most affected region.
Read all updates
Q2-2026 Updates
Positive
Negative
Solid top-line with adjusted organic growth
Reported H1 turnover of CHF 6.437 billion with organic growth of 3.7%. Management states organic growth would have been 5.2% if the Middle East crisis impact is excluded.
Read all positive updates
Company Guidance
Management reconfirmed its mid‑term guidance of 5–7% organic growth, EBITDA margin expansion of 20–40 basis points per year and year‑on‑year increases in equity free cash flow, while maintaining a dividend policy of one‑third of cash flow and active buybacks (EUR 225m program, ~EUR 106m executed by June 30; ~EUR 160m of treasury shares purchased YTD); targets include net debt/EBITDA of 1.5–2.0x (up to 2.5x temporarily for M&A). They pointed to July trading of >4% organic growth, H1 turnover CHF 6.437bn, H1 organic growth 3.7% (5.2% ex‑Middle East), core EBITDA CHF 583m (9.1% margin; 9.5% adjusted for one‑offs), equity free cash flow 207m, leverage reduced to ~2.07x (down ~0.1x year‑on‑year) and an H1 FX headwind of −5.7% (full‑year FX assumption ~−3.5%).Avolta AG Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
46
Neutral
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.82B | 13.98B | 13.72B | 12.79B | 6.88B | 3.92B |
| Gross Profit | 4.17B | 4.25B | 4.26B | 3.92B | 4.19B | 2.21B |
| EBITDA | 2.92B | 3.03B | 2.84B | 2.47B | 1.62B | 1.05B |
| Net Income | 207.00M | 199.00M | 103.00M | 87.30M | 58.20M | -385.40M |
Balance Sheet | ||||||
| Total Assets | 17.34B | 16.30B | 17.40B | 16.51B | 9.31B | 9.99B |
| Cash, Cash Equivalents and Short-Term Investments | 993.00M | 727.00M | 756.00M | 769.50M | 854.70M | 793.50M |
| Total Debt | 12.46B | 11.45B | 11.91B | 11.19B | 6.58B | 7.45B |
| Total Liabilities | 15.56B | 14.24B | 14.88B | 14.02B | 8.34B | 8.96B |
| Stockholders Equity | 1.61B | 1.91B | 2.35B | 2.36B | 893.00M | 956.60M |
Cash Flow | ||||||
| Free Cash Flow | 2.40B | 2.40B | 2.12B | 1.92B | 1.40B | 587.00M |
| Operating Cash Flow | 2.82B | 2.86B | 2.60B | 2.36B | 1.51B | 678.20M |
| Investing Cash Flow | -506.00M | -475.00M | -312.00M | -1.00M | -67.40M | -72.80M |
| Financing Cash Flow | -2.29B | -2.31B | -2.18B | -2.40B | -1.34B | -136.20M |
Avolta AG Technical Analysis
Positive
46.80
Price Trends
50.22
Negative
48.24
Positive
46.61
Positive
Market Momentum
-0.53
Negative
49.62
Neutral
65.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:AVOL, the sentiment is Positive. The current price of 46.8 is below the 20-day moving average (MA) of 49.10, below the 50-day MA of 50.22, and above the 200-day MA of 46.61, indicating a neutral trend. The MACD of -0.53 indicates Negative momentum. The RSI at 49.62 is Neutral, neither overbought nor oversold. The STOCH value of 65.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:AVOL.
Avolta AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | CHF5.13B | 20.03 | ― | 1.92% | 1.51% | 8.62% | |
67 Neutral | CHF3.90B | 13.27 | ― | 4.54% | -1.58% | 2.02% | |
64 Neutral | CHF6.08B | 26.19 | 21.15% | 1.84% | 5.68% | 8.06% | |
62 Neutral | CHF4.35B | 19.82 | ― | 3.83% | -1.37% | 8.55% | |
61 Neutral | CHF6.73B | 33.11 | 10.65% | 2.46% | -1.27% | 80.18% | |
57 Neutral | CHF1.32B | 81.25 | ― | 0.38% | -7.74% | -58.06% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
CH:AVOL
Avolta AG
49.42
7.89
19.00%
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CH:SKAN
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Avolta AG Corporate Events
Avolta posts resilient H1 2026 results and doubles down on global travel retail expansion
Jul 30, 2026
Avolta AG reported resilient first-half 2026 results, with IFRS turnover of CHF 6,569m and operating profit of CHF 441m, supported by CORE organic growth of 3.7% despite Middle East disruption. EBITDA margins were slightly compressed by geopolitic...
Avolta Wins Eight-Year Duty-Free Extension at Aruba Airport
Jul 23, 2026
Avolta AG has secured an eight-year extension of its duty-free concession at Aruba’s Queen Beatrix International Airport, solidifying a partnership with Aruba Airport Authority N.V. that spans more than 30 years and will carry into the airpo...
Avolta Sets July 30 Date for HY 2026 Results and Investor Webcast
Jul 16, 2026
Avolta AG will publish its half-year 2026 financial results on July 30, 2026 at 06:30 CEST, with related documents available on the company’s investor relations website. The Swiss-listed group is emphasizing accessibility for global stakehol...
Avolta to Enter Japanese Travel Retail with Acquisition of DFS Okinawa
Jun 23, 2026
Avolta AG has agreed to acquire 100% of DFS Okinawa, marking its entry into the Japanese travel retail market and significantly expanding its Asia-Pacific footprint. DFS Okinawa operates duty-free and travel retail locations at Naha Airport’...
Avolta Wins 10-Year Travel Retail and F&B Deal at Orlando Airport
Jun 22, 2026
Avolta AG has secured a 10-year contract at Orlando International Airport in the U.S., extending its long-term presence at Florida’s busiest airport with coverage of more than 1,800 square meters. The agreement reinforces Avolta’s posi...
Avolta Extends Debt Maturities With €400 Million Bond Refinancing
Jun 15, 2026
Avolta AG has strengthened its balance sheet by partially refinancing its EUR 750 million Senior Notes due 2027 through the issuance of EUR 400 million Senior Notes maturing in 2033 and a cash tender offer. Bondholders tendered EUR 354 million, an...
Avolta Wins Eight-Year Travel Retail Extension at Phoenix Sky Harbor
Jun 9, 2026
Avolta AG has secured an eight-year extension for its travel retail operations at Phoenix Sky Harbor International Airport, covering more than 1,400 square meters in Terminal 4 and maintaining its position as the airport’s exclusive duty-fre...
Avolta issues €400 million senior notes to refinance 2027 debt
Jun 2, 2026
Avolta AG has priced a new €400 million tranche of euro-denominated senior notes with a seven-year term maturing in 2033 and an annual coupon of 4.625%, payable semi-annually. The proceeds will be used to refinance part of the company’...
Avolta enters Baltic market with 12-year retail and F&B deal at Riga Airport
May 28, 2026
Avolta AG has secured a 12-year master concession at Riga Airport in Latvia, marking its debut in both the airport and the country and expanding its footprint in Northern and Eastern Europe. The deal covers eight retail outlets and 22 food and bev...
Avolta Wins 12-Year Norfolk Airport Deal, Launches Hybrid Retail-Dining Stores
May 27, 2026
Avolta AG has secured a 12-year concession at Norfolk International Airport in Virginia to operate nine new retail and food beverage outlets, including four hybrid store formats that blend shopping and dining. The deal significantly deepens Avolt...
Avolta lifts Q1 profits and expands concessions despite Middle East drag
May 7, 2026
Avolta AG reported a resilient first quarter of 2026, with CORE turnover of CHF 2.9 billion growing 4.7% organically despite headwinds from the Middle East conflict and currency translation. CORE EBITDA rose 8.4% at constant exchange rates with a ...
Avolta Shareholders Back All Board Proposals at 2026 AGM
May 6, 2026
Avolta AG shareholders strongly endorsed the company’s direction at the 2026 Ordinary General Meeting in Basel, approving the 2025 consolidated and annual financial statements and non-financial reporting with overwhelming majorities, alongsi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.