We are maintaining our fair value estimate for narrow-moat Avolta as the company reported solid revenue development in the first quarter. Core turnover, which excludes fuel sales from the motorway business acquired with Autogrill, was up 8.6% organically (8.9% on a like-for-like basis), signaling continuing consumer appeal for travel.
Avolta is well positioned to benefit from increasing passenger flows, which have historically grown faster than global GDP.
Continuing share gains of low-cost carriers could dampen revenue per passenger, not being fully offset by growth in passenger numbers.
|
Metric
|
AVOL
|
MC
|
|---|---|---|
Price/Earnings (Normalized) | 19.31 | 25.73 |
Price/Book Value | 2.41 | 6.41 |
Price/Sales | 0.41 | 4.54 |
Price/Cash Flow | 2.41 | 17.04 |
|
Metric
|
AVOL
|
MC
|
|---|---|---|
Quick Ratio | 0.34 | 0.58 |
Current Ratio | 0.60 | 1.32 |
Interest Coverage | 1.45 | 23.09 |
|
Metric
|
AVOL
|
MC
|
|---|---|---|
Return on Assets (Normalized) | 3.47% | 11.43% |
Return on Equity (Normalized) | 24.06% | 27.46% |
Return on Invested Capital (Normalized) | 7.63% | 16.88% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
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