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Rebecca McClellan

Research Analyst at Banco Santander, S.A.

Rebecca McClellan is a Research Analyst at Santander, specializing in equity research with a focus on consumer and retail sectors. She has covered companies such as Dufry AG/ADR and actively participates in earnings calls, demonstrating in-depth analysis and industry insight. McClellan began her analyst career with a specialization in the consumer sector and has established herself at Santander through her targeted company coverage and professional engagement. She holds relevant professional credentials typical for research analysts, including established securities licenses.

Rebecca McClellan's questions to DUFRY leadership

Question · Q2 2022

Rebecca McClellan of Santander asked for a quantification of MAG reliefs in the first half, expectations for further reliefs in H2 2022 and 2023, and an analysis of the Q2 versus Q1 EBITDA margin, questioning if the incremental margin is around 10%.

Answer

CFO Yves Gerster stated that MAG reliefs in the first half were approximately CHF 150 million. CEO Xavier Rossinyol advised against drawing definitive conclusions from the Q2 EBITDA margin, highlighting that performance is not yet normalized due to a different sales mix, the slow recovery in Asia-Pacific, and ongoing hiring needs with about 2,500 open positions.

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Question · Q4 2021

Rebecca McClellan from Santander asked about the expected 2022 gross margin excluding the Hainan drag, the potential monthly equity free cash flow at different revenue scenarios (-30% and -25% vs 2019), and the current competitive environment for tenders.

Answer

CEO Julian Gonzalez and Designated CEO Xavier Rossinyol responded. Gonzalez noted the Hainan drag was 3.3% in 2021 and will not be present in 2022. He estimated that at -30% vs 2019 sales, FCF would be breakeven, and at -20%, it would be positive high double-digit millions. Rossinyol added that the tender environment sees landlords increasingly seeking financially strong partners like Dufry for direct negotiations.

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Question · Q4 2020

Rebecca McClellan of Santander inquired about the current trading hours for the 60% of stores that are open and whether the plan to have 65% of sales capacity open by the end of March includes significant reopenings in the U.K.

Answer

CEO Julián Díaz stated that currently open shops are operating at 60-70% of their normal hours, a figure he does not expect to change by the end of March. He clarified that the plan for U.K. reopenings is targeted for the beginning of May, following government timelines, and is not factored into the end-of-March projections.

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