Special Situations
AGL: Internal Restructuring Starts to Bear Fruit

Though we originally entered Autogrill SpA (AGL IM) into the Model Portfolio on a series of potential scenarios (Italian/European business Spinoff, stake sale and M&A), the company is instead demonstrating the benefits of the ongoing internal reorganization in terms of its plans for growth. AGL missed slightly on its most recent earnings release, but the management's focus is firmly set on continuing to deliver results in strategic partnerships, acquisitions, and market area dominance.

  • Management Reiterates Guidance Despite 1H FY19 Earnings Miss / Internal Reorganization Shows Ongoing Benefits
  • Improving Foothold in North America (Other Operations are in Europe & Rest of the World) / Market Leader in USA & Canada
  • Subsidiary HMSHost Made Strategic Acquisition of Pacific Gateway Concessions / Brewing Partnership with Panera Bread
  • Focus on Key Airport Presence (Dominates Revenue Generation) to Drive Growth / Lower Leverage than Peers
  • Target Price Revised / AGL IM is a Current Special Situations Model Portfolio Holding
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