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    Margiotta Lorenzo

    Research Analyst at Bank of America

    Margiotta Lorenzo is a Research Analyst at Bank of America, specializing in equity research with a focus on the travel retail sector. He has covered companies such as Dufry AG/ADR, participating in earnings calls and providing analytical insights to investors. Margiotta has built his career at Bank of America, where he focuses on delivering up-to-date research on travel-related equities. His professional credentials and additional performance metrics are not publicly listed, though his engagement in research events highlights his active role within the firm.

    Margiotta Lorenzo's questions to Dufry AG/ADR (DUFRY) leadership

    Margiotta Lorenzo's questions to Dufry AG/ADR (DUFRY) leadership • Q2 2021

    Question

    Margiotta Lorenzo asked whether recent personnel and other expense savings were transitory or would impact long-term targets, and sought confirmation on the 2023 equity-free cash flow recovery timeline and its relation to sustainable cost savings.

    Answer

    CFO Yves Gerster clarified that current expense savings are temporarily inflated by low turnover, while the sustainable savings target remains. He confirmed that equity-free cash flow is expected to recover to 2019 levels between 2022-2023, noting that the CHF 400 million in permanent savings would translate to a smaller amount at the cash flow level after taxes and other factors.

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