SIMON BROWN: I’m chatting now with Chantal Marx, head of research at FNB Wealth and Investments. Chantal, I appreciate the early morning time. Two stocks on you and your team’s radar – I suppose we should credit the team, rather, not just you – a local one and an offshore.
SIMON BROWN: I like that. I like the utility nature of it as well. This is an industry. There are barriers to entry – you and I could get a bakkie and try and build these, and truthfully we would never do it well. This needs that that critical scale, which they’ve got, and truthfully the years of experience which sit in the senior executive team at Balwin.
CHANTAL MARX: Yes. It’s really cool. I think I’ll also butcher the name, but I’m going to give it a go: Dufry.CHANTAL MARX: It’s a play on ‘duty free’. ‘Du-free’ I think is the right way to pronounce it. It is a Swiss-listed company. And, as you mentioned, they specialise in duty-free shops. Now, if you look at what has been happening in international travel globally, it has picked up quite nicely; but we are still not close to levels that we were [at] pre-Covid.
SIMON BROWN: Yes. That’s just it. You’ve got retail, but you’ve got retail on travel and, as you point out, travel is recovering. There might be some stumbles over the year, recessions and worries around that, but post pandemic we are out there and travelling. And to your point on the Toblerone – it’s that captive market. I’ve been stuck at airports for protracted periods. It’s not always because my flight is delayed, sometimes I’m just early or it’s a connecting flight or something.
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