CFA Research Challenge - Autogrill SpA - UniPV Team

AUTOGRILL S.p.A.
CFA Institute Research Challenge
Milan, 11 March 2013
Universita degli
Studi di Pavia
Liechtenstein Stock Exchange
Alessandro Greppi ,Fitria, Kinga Karkus, Alberto Scarioni, Leyla Tanzi

INVESTMENT SUMMARY
COMPANY &
INDUSTRY OVERVIEW
VALUATION
FINANCIAL
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 ↑
VA L U AT I O N = > Ta 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
VALUATION
FINANCIAL
ANALYSIS
RISK ANALYSIS
R E L E VA 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
generation
Flexible cost
structre
High
retention
rates
Long-lasting
concessions

BUSINESS ANALYSIS & COMPETITIVE POSITIONING
A world leader in the concession industry that serves travellers around the world.
DISTRIBUTION CHANNELSGEOGRAPHICAL PRESENCE BRANDS & PRODUCTS
INVESTMENT SUMMARY
COMPANY &
INDUSTRY OVERVIEW

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

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
Italian Motorway traffic vs AGL SalesAGL vs NA Traffic GrowthAGL vs Euro GDP Growth

EXPLOITING NEW MARKETS
50
75
100
125
150
175
200
225
250
275
300
0
100
200
300
400
500
600
700
800
900
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Passengers
mln$
Revenues (mln $) Fees and Maintenance Costs (mln $) Passengers (mln)
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

FINANCIAL ANALYSIS
INVESTMENT SUMMARY
COMPANY &
INDUSTRY OVERVIEW
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
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

VALUATION
INVESTMENT SUMMARY
COMPANY &
INDUSTRY OVERVIEW
DCF ANALYSIS
WACC Assumptions
Risk 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
EUR 10.0
Upside of 6.3%
BULL CASE
EUR 11.3
Upside of 19.7%
EUR 12.6
Upside 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

Very similar to AGL in terms of overall business
I. INDUSTRIAL PEERS
P/E multiple
PEERS COMPARISONVALUATION
INVESTMENT SUMMARY
COMPANY &
INDUSTRY OVERVIEW
SW
DUFN
AGL CPG
R² = 0.9443
0.00
5.00
10.00
15.00
20.00
25.00
0% 5% 10% 15% 20%
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
X Y
Intercept Ebitda % Sales growth Beta EV/SALES
AGL 1 9.2% 3.9% 0.85 0.63
MCD 1 36.3% 6.1% 0.49 3.67
SBUX 1 20.7% 11.2% 0.80 2.61
YUM 1 20.5% 11.1% 0.69 2.20
SW 1 7.0% 6.7% 0.45 0.61
THI 1 24.1% 7.2% 0.24 2.36
BKW 1 60.5% 0.6% 1.00 7.60
DRI 1 13.0% 7.1% 0.80 1.00
PNRA 1 17.9% 9.7% 0.99 1.86
DNKN 1 52.5% 7.1% 1.00 7.67
DUFN 1 15.9% 10.0% 1.07 1.40
ARCO 1 8.4% 9.3% 1.34 0.78
WTB 1 25.0% 10.1% 0.78 2.44
EAT 1 13.9% 2.6% 0.94 1.03
CPG 1 8.9% 5.1% 0.72 0.85
DPZ 1 18.3% 2.8% 0.78 2.36
INVESTMENT SUMMARY
COMPANY &
INDUSTRY OVERVIEW
X1= Ebitda %
X2=Sales Growth
X3= Beta
Statistics
F=142
R2=0.97

INVESTMENT SUMMARY
COMPANY &
INDUSTRY OVERVIEW
Very similar to AGL in terms of
overall business
I. INDUSTRIAL PEERS
 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
RISKS
Financial
Strategic
Operating

RISK ANALYSIS I.
INVESTMENT SUMMARY
COMPANY &
INDUSTRY OVERVIEW
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’SPOLICY
 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’SPOLICY
 Channel diversification
 Constant innovation of products &
customer services
 Cost cutting to limit impacts on CF
INVESTMENT SUMMARY
COMPANY &
INDUSTRY OVERVIEW

RISK ANALYSIS III.
INVESTMENT SUMMARY
COMPANY &
INDUSTRY OVERVIEW
OPERATING RISKS
REPUTATION
CONSUMPTION
HABITS
CONCESSION FEES
CUSTOMER
SATISFACTION
SHOP
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’SPOLICY
 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

SWOT ANALYSIS
STRENGTHS 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 Retail
Situation Italian-listed company
Product mix
Food & 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 sales
Growth CAGR 2012-18E 1% CAGR 2012-18E 7.4%
Focus on organic growth
Contract average 10-25 years 5-10 years
Sales share 69% 31%
Sales FY12e EUR 4088mio EUR 2000mio
EBITDA FY12e EUR 334.6mio EUR 252.6mio
EBITDA margin 8.20% 12.60%
Competitors
Compass, Sodexo, Restaurant Group,
IMC, Cremonini, Farmi, Elior, SSP
Dufry

BENCHMARKING WITH COMPETITORS
TR&DF FOOD SERVICE
Benchmarking with Dufry Compass Sodexo
Listed public company located in Switzerland.
British multinational contract food service and
support services
France 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 travel
Largest 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 16729mio
CHF482mio 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 ACCOUNT
P&L Account (Em) 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E
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
%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 -1796.3
Personnel Expense -1472.6 -1539.0 -1576.0 -1649.5 -1699.9 -1772.1 -1836.6 -1903.8
Other Operating costs -575.5 -631.6 -663.5 -654.6 -661.3 -680.5 -705.0 -725.1
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%
% 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 -97.6
Pre-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 -72.7
Tax 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 -23.0
Net 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 SHEET
Balance Sheet (Em) 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E
Intangible assets 2154.5 2253.4 2339.5 2448.1 2583.8 2707.6 2829.0 2944.5
Tangible assets 923.4 974.5 1018.8 1073.5 1134.7 1197.0 1259.0 1318.9
Fin. Assets 26.5 26.5 26.5 26.5 26.5 26.5 26.5 26.5
Total 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 266 275.9 288.6 300.2 313.2 326.2 338.9 352.2
Receivables 53.5 60.9 69.2 78.5 88.9 99.8 162.9 184.0
Other receivables 227.9 243.6 257.8 274.9 293.9 313.5 333.3 352.7
Payable -632.4 -657.0 -685.5 -711.2 -740.4 -764.3 -792.5 -821.7
Other liabilities -406.2 -418.3 -433.0 -445.6 -460.4 -474.6 -488.4 -502.7
Total NWC -491.2 -494.8 -502.8 -503.2 -504.7 -499.5 -445.8 -435.5
Invested Capital 2613.2 2759.6 2882.0 3045.0 3240.2 3431.6 3668.8 3854.4
Risk fund provisions -66.5 -91.4 -94.3 -98.2 -102.5 -106.9
Severance fund and
other -194.5 -182.7 -188.7 -196.4 -205.1 -213.8 -222.2 -230.0
Asset held for sales 0 0 0 0 0 0 0
NET 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 1396.6
Minorities 19.6 21.3 21.7 24.2 27.0 29.9 34.0 35.8
Total Net Equity 799.4 851.2 866.3 968.5 1,078.2 1,196.5 1,361.4 1,432.4
Convertible bonds 0 0 0 0 0 0 0 0
L T Liabilities 1568.6 1650.9 1750.3 1800.1 1873.3 1933.9 1994.2 2098.1
L T LIABILITY 1568.6 1639.4 1741.5 1796.4 1871.4 1933.9 1998.0 2106.3
S T Liabilities 214.2 237.0 247.8 249.5 257.8 264.1 268.5 278.3
Liquidity and loans -230 -242.1 -256.6 -263.9 -274.7 -283.6 -292.4 -307.6
S T LIABILITY -15.8 -5.1 -8.9 -14.5 -16.9 -19.5 -23.9 -29.3
NFP 1,552.8 1,634.3 1,732.7 1,782.0 1,854.4 1,914.4 1,974.1 2,076.9
TOTAL 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 2018E
Group 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 -103.4
Theoretical 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 53.7
Free 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 2018E
Sales 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 438.8 413.8 360.3 323.3 329.9 336.2 342.9 349.3 356.0
Corporate 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 STRUCTURE
Debt Issue
Available
Amount
Original
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-15
Floating (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-12
Floating (Euribor)
3 months + 0.35%
b.p
0
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 COMPOSITION
DEBT IN CURRENCY DEBT RATE

DEBT RATIO
Debt Key Ratios 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E
Net Debt/EBITDA (x) 2.52 2.79 3.01 2.92 2.87 2.80 2.73 2.72
Coverage Ratio (x) 3.84 2.89 2.52 2.76 2.89 3.06 3.23 3.36
Net Debt/Equity (x) 1.94 1.92 2.00 1.84 1.72 1.60 1.45 1.45
Debt/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 2018E
Total Debt 1782.8 1876.4 1989.3 2045.9 2129.1 2198.0 2266.5 2384.6
Total Net Debt 1552.8 1634.3 1732.7 1782.0 1854.4 1914.4 1974.1 2076.9
Cash 230.0 242.1 256.6 263.9 274.7 283.6 292.4 307.6
Cost of debt 5.3% 5.5% 5.4% 5.1% 5.0% 4.9% 4.8% 4.7%

DCF - BULL CASE
DCF Bull case
(EUR mln)
2012 2013 2014 2015 2016 2017 2018
Sales Rev Turn 6088.4 6340.0 6645.8 6959.3 7265.5 7563.4 7850.8
Growth 4.1% 4.8% 4.7% 4.4% 4.1% 3.8%
Ebitda 586.80 595.00 639.00 688.00 737.45 784.33 831.40
Growth 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 329.7 330.0 347.0 363.0 379.3 393.3 406.7
Amortization &
Other/Capex 5.4% 5.2% 5.2% 5.2% 5.2% 5.2% 5.2%
Ebit 257.06 265.00 292.00 325.00 358.19 391.03 424.73
Growth 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 273 265 285 300 315 335 360
Capex /Sales 4.5% 4.2% 4.3% 4.3% 4.3% 4.4% 4.6%
Free Operating CF 236.7 254.8 262.7 287.6 304.8 272.8 327.8
FCFF ps 0.93 1.00 1.03 1.13 1.20 1.07 1.29
Wacc calculations
Years 2012 2013 2014 2015 2016 2017 2018
Risk 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 0.93
Mkt 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 Summary
Cur Mkt Cap 2404
Curr Entp Val 3944
Eqy Sh Out (mln) 254
Long Term Growth Rate 2.0%
Long Term WACC 8.1%
Net Financial pos. (mln) 1540
Cumulated FCF ps 2017 5.15
Terminal Value 21.5
Discount Rate TV 8.1%
Discounted Terminal
Value
13.5
Cumulated DCF 18.6
Equity Value ps 12.6
Price as date 9.45
Upside/(downside) 33.20%

DCF - BEAR CASE
DCF 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 6954.9
Growth 1.8% 2.3% 2.7% 2.4% 2.2% 2.0%
Ebitda 586.00 555.00 571.00 591.00 609.99 627.75 644.72
Growth -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%
provisions 325 325 329 336 343 350 355
Amortization&
Other/Capex 5.3% 5.2% 5.2% 5.2% 5.2% 5.1% 5.1%
Ebit 260.88 230.00 242.00 255.00 266.66 278.09 289.33
Growth -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 272 201 190 198 209 219 231
Capex /Sales 4.5% 3.2% 3.0% 3.0% 3.1% 3.2% 3.3%
FCFF ps 0.93 1.14 1.20 1.24 1.23 1.05 1.22
Wacc calculations
Years 2012 2013 2014 2015 2016 2017 2018
Risk 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 0.93
Mkt 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 Summary
Cur Mkt Cap 2404
Curr Entp Val 3944
Eqy Sh Out (mln) 254
Long Term WACC 8.2%
Net Financial pos. (mln) 1540
Terminal Value 17.1
Discounted Terminal
Value
10.7
Cumulated DCF 16.1
Price as date 9.45

DCF – CENTRAL SCENARIO (WACC CALCULATIONS)
Valuation Summary
Cur Mkt Cap 2.404
Curr Entp Val 3.944
Eqy Sh Out (mln) 254.4
Long Term WACC 8.1%
Net Financial pos. (mln) 1.54
Terminal Value 19.3
Discounted TV 12.1
Cumulated DCF 17.2
Price as date 9.45
Wacc calculations
Year 2012 2013 2014 2015 2016 2017 2018
Free 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 0.93
Mkt 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 1.99
Cost 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 2018
Sales Rev Turn 6088.4 6287.5 6545.8 6835.3 7126.6 7406.7 7677.7
Growth 3.3% 4.1% 4.4% 4.2% 3.9% 3.6%
Ebitda 586.80 575.00 609.00 647.00 684.73 722.35 762.59
Growth -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 330 336 354 373 391 411 433
Amortization & other / Capex 5.4% 5.3% 5.4% 5.5% 5.5% 5.6% 5.6%
Ebit 257.98 239.80 255.12 274.20 292.28 311.86 328.53
Growth -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 273 220 258 275 290 310 327
Capex /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 10.2
Change in NWCapital / Sales -0.06% -0.13% -0.01% -0.02% 0.07% 0.72% 0.13%
Free Operating Cash Flow 237 288 271 288 297 261 321
FCFF ps 0.93 1.13 1.07 1.13 1.17 1.02 1.26

DCF - FOOD & BEVERAGE
DCF Bear case
(EUR mln)
2012 2013 2014 2015 2016 2017 2018
Sales Rev Turn 4088.0 4095.0 4140.5 4215.0 4277.4 4330.8 4381.5
Growth 0.2% 1.1% 1.8% 1.5% 1.3% 1.2%
Ebitda 334.00 297.50 303.80 310.00 316.10 322.22 328.18
Growth -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%
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 137.48 111.50 114.90 119.20 123.19 126.46 129.25
Growth -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 237 180 188 180 172 161 152
Capex /Sales 5.8% 4.4% 4.5% 4.3% 4.0% 3.7% 3.5%
FCFF ps 0.19 0.27 0.26 0.32 0.32 0.39 0.49
Wacc calculations
Years 2012 2013 2014 2015 2016 2017 2018
Risk 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 0.93
Mkt 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 Summary
Cur Mkt Cap 1603
Curr Entp Val 2604
Eqy Sh Out (mln) 1.0
Long Term Growth Rate 7.9
Long Term WACC 1000
Terminal Value 7.9
Discount Rate TV 4.53
Discounted TV 6.11
Cumulated DCF 2.17
Equity Value ps 1603
Price as date 2604
Upside/(downside) 1.0

DCF - TRAVEL RETAIL & DUTY FREE
DCF Bear case
(EUR mln)
2012 2013 2014 2015 2016 2017 2018
Sales Rev Turn 2000.0 2192.5 2405.0 2630.0 2858.8 3086.1 3305.2
Growth 9.6% 9.7% 9.4% 8.7% 8.0% 7.1%
Ebitda 252.40 278.00 305.80 337.00 368.50 400.88 434.63
Growth 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%
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 119.00 128.50 141.00 155.40 170.39 185.47 200.29
Growth 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 95 128 149 170
Capex /Sales 1.8% 1.8% 2.9% 3.6% 4.5% 4.8% 5.1%
FCFF ps 0.72 0.72 0.69 0.68 0.66 0.69 0.72
Wacc calculations
Years 2012 2013 2014 2015 2016 2017 2018
Risk 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 0.93
Mkt 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 Summary
Cur Mkt Cap 801
Curr Entp Val 1341
Eqy Sh Out (mln) 2.7%
Long Term WACC 540
Terminal Value 8.3%
Discount Rate TV 8.07
Discounted TV 11.2
Cumulated DCF 9.12
Equity Value ps 801
Price as date 1341

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 1.26
Wacc 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 0.63
DCF 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
VALUATION
Discounted Terminal Value 12.1
Cumulated DCF 17.36
Price (S) 17.36
Strike (K) 6.3
Expiration Date 09.17.2016
Volatility 11.8%
LN (S/K) 1.022
d1 5,150
d2 4,926
N(d1) 1,000
N(d2) 1,000
Call 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 0.00
STD ERROR 0.13 0.00
R^2 - STD ERROR ESTIMATION Y 0.32 0.04
STATISTIC F – DEGREE OF
FREEDOM
94.16 202.00
SS REGRESSION – SS RESIDUALS 0.12 0.27

BOARD OF DIRECTORS & SHAREHOLDERS STRUCTUREExecutive
NonExecutive
Independentfor
Code
Independentfor
T.U.F.
Board of directors
Internalcontrol
&Corp.Gov.
Commitee
Humanresources
Committee
Strategy
&Investments
Committee
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
GEOGRAPHICAL PRESENCE
BACK

DISTRIBUTION CHANNELS
INVESTMENT SUMMARY
COMPANY &
INDUSTRY OVERVIEW
47%
44%
4%
5%
F&B Sales breakdown
Airports Motorways
Railway stations Others
98%
2%
TR&DF Sales breakdown
Airports Motorways
BACK

BRAND AND PRODUCT PORTFOLIO
FOOD & BEVERAGE TRAVEL RETAIL & DUTY FREE
INVESTMENT SUMMARY
COMPANY &
INDUSTRY OVERVIEW
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CFA Research Challenge - Autogrill SpA - UniPV Team

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