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    Paul Brennan

    Research Analyst at GoldenTree Asset Management

    Paul Brennan is a Research Analyst at GoldenTree Asset Management, where he specializes in credit and fixed income analysis across corporate bonds, loans, distressed debt, and structured products. He has covered companies such as Dufry AG/ADR and contributes to the firm's proprietary multi-sector and relative value credit strategies, supporting performance in vehicles that have delivered annualized net returns of approximately 10% since inception. Brennan began his finance career over a decade ago and has served at GoldenTree since at least 2021, leveraging deep expertise in multi-asset credit opportunities. He holds the Chartered Financial Analyst (CFA) designation, underscoring his professional credentials and investment acumen.

    Paul Brennan's questions to Dufry AG/ADR (DUFRY) leadership

    Paul Brennan's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2021

    Question

    Paul Brennan from GoldenTree Asset Management asked if there was potential upside to the 2022 cash flow scenarios from further MAG relief, given the significant increase in relief seen during 2021. He also questioned why concession costs as a percentage of revenue were guided to increase in 2022.

    Answer

    CEO Julian Gonzalez responded that while there is some potential for more relief, he would not model significant additions as a recovery is expected. He clarified that the 2022 scenarios only include relief already secured (CHF 380-400 million), which is less than the massive relief achieved for 2021, thus explaining the higher concession cost as a percentage of recovering sales.

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