Sign in

    Iva Horcicova

    Vice President and Credit Investment Analyst at Napier Park Global Capital

    Iva Horcicova is a Vice President and Credit Investment Analyst at Napier Park Global Capital, specializing in European credit strategies with a focus on performing and stressed leveraged loans and high yield bonds. She has analyzed and covered companies including Dufry AG/ADR and provides in-depth research on corporate debt structures across Europe; her background includes substantial transaction experience from advising corporate and sponsor clients during her tenure in High Yield Debt Capital Markets at ING Bank. Beginning her career in 2012 as an investment banking graduate at UniCredit in Munich, she joined Napier Park after six years at ING, and brings advanced academic credentials with a Master’s in Business & Law and an LL.M. in Finance. Horcicova is also an advisory board member for Alpha Challengers and E2W, reflecting her leadership in industry initiatives, though publicly available sources do not list recent performance metrics or securities license registrations.

    Iva Horcicova's questions to Dufry AG/ADR (DUFRY) leadership

    Iva Horcicova's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2020

    Question

    Iva Horcicova from Napier Park Global Capital asked if the Asia expansion strategy is primarily focused on the Alibaba partnership in China or if growth is also expected elsewhere in the region. She also requested more detail on the 2020 impairment and its future impact on amortization.

    Answer

    CEO Julián Díaz confirmed that Asia expansion is a top priority, starting with the online-offline model with Alibaba in China, which he sees as critical for engaging Chinese travelers across the entire region and boosting like-for-like sales. CFO Yves Gerster explained the impairments were mainly on right-of-use assets and concession rights. He described this as a timing shift that will result in a significantly lower P&L charge from amortization and thus higher profitability in future years.

    Ask Fintool Equity Research AI