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    David Holmes

    Managing Director and Senior Equity Research Analyst at Bank of America

    David Holmes is a Managing Director and Senior Equity Research Analyst at Bank of America, specializing in coverage of the oil and gas sector with a focus on major energy companies such as Chevron, ExxonMobil, ConocoPhillips, and Occidental Petroleum. He is recognized for his data-driven research approach, maintaining a strong track record of accurate calls and exceeding sector benchmarks, with recent performance showing a top-quartile success rate and consistent positive returns for investors. Holmes began his Wall Street career in the early 2000s, holding analyst roles at Citigroup before joining Bank of America in 2013, and he is a CFA charterholder with FINRA Series 7, 63, and 86/87 registrations. His industry expertise and analytical rigor have garnered industry recognition and high client rankings, making him a leading figure among energy equity research professionals.

    David Holmes's questions to Dufry AG/ADR (DUFRY) leadership

    David Holmes's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2020

    Question

    David Holmes from Bank of America asked for an estimate of the monthly cash burn for Q1 2021 and sought clarification on why the company does not expect a medium-term catch-up in CapEx, questioning if new efficiencies had been found.

    Answer

    CFO Yves Gerster explained that while they cannot provide monthly granularity, the average cash burn for H1 2021 is projected at CHF 50 million/month in the -40% sales scenario and CHF 60 million/month in the -55% scenario, with Q1 being higher than Q2 due to seasonality. He confirmed that CapEx levels are expected to remain below the historical 3-3.5% range, settling between 2.5% and 3% going forward due to identified optimizations.

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