The Moodie Reportfolio: Autogrill shares rise on strong half-year performance

INTERNATIONAL. The value of Autogrill’s shares surged +12.8% in August, the strongest performance during the month among the basket of shares that make up The Moodie Reportfolio.

The rise came against the background of Autogrill’s positive set of results for the first half of 2008. Consolidated H1 2008 revenues were up +25.1% at €2,544.5 million. Consolidated EBITDA amounted to €233.1 million, up +6.4% on the prior-year period. Aldeasa, Alpha Group and World Duty Free showed positive revenue growth (+4.5%, +0.6% and +7.8% respectively) in the half.

Other leading travel retailers produced strong half-year revenue statements, including Dufry, Aelia, The Nuance Group and Hellenic Duty Free Shops. But in many cases their shares – or those of their parent groups – have struggled as the weak global economy and lacklustre performance of stock markets takes its toll.

The total value of shares (in US Dollars) in The Moodie Reportfolio fell by -3.0% in August. Overall The Moodie Reportfolio has decreased by -31.9% since it was launched on 1 August 2007, largely due to deterioration in the financial markets, driven by the US sub-prime crisis.

At the beginning of August 2007 The Moodie Report invested a hypothetical US$10,000 – or local currency at prevailing exchange rates – in 13 travel retail-related stocks. Some are pure duty free/travel retail companies, some are parent or related groups. The resultant basket of stocks is The Moodie Reportfolio.

The stocks are:

– Autogrill (Aldeasa, Alpha, HMSHost, World Duty Free)
– Bahrain Duty Free Shops
– Dufry
– Dufry South America
– Hellenic DFS
– Japan Airport Terminal Co
– Jordanian Duty Free Shops
– Lagardère (Aelia; HDS Retail)
– Lotte Shopping Co
– LVMH (DFS Group)
– MISR Duty Free Shops (Egypt)
– Stefanel
– Tourvest

Each month our Research & Analysis Manager, Singapore-based Justin Lee, reports on the change in The Moodie Reportfolio and its individual components. He tracks our original investment and notes the outstanding performers for the month in both local and US currency and the year to date (the latter in US Dollar terms).