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Takeaway: This webcast originally aired on February 22, 2021. Replay and transcript excerpts are available below.

In this clip from THE PITCH, we give you an inside look at how a research analyst's high-conviction stock idea becomes a manager's winning position.

Watch below as Retail analyst Brian McGough pitches Hedgeye CEO Keith McCullough on Dufry (DUFN), McGough's new 'Best Idea' Long position. 

Click here to learn more about Brian McGough's "Retail Pro" Product.

Click here to watch the entire hour long The Pitch, including 5 other analysts' Best Ideas.

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"I want to talk about DUFRY (DUFN-CH) or (DFRYF-USA). This is the mother of all reopening plays. 

What is DUFRY? In a nutshell, the primary business is Duty Free in airports. 90% of the business is tied to airports and airport sales. If you take a 10,000 foot view, find me any other brick-and-mortar retailer where the customer is literally land-locked in the store for an hour, there's zero Amazon competition, and the company is a globally diversified monopolist in every market that it operates.. the simple answer is you can't find one. 

It doesn't exist.

Anyone investing in DUFRY today has to look through a lot of turmoil in the current numbers, given it's a travel-oriented company.

But here's a number of underappreciated angles.

  • It only has roughly 10% of the global Duty Free market.
  • We're seeing an accelerating trend where private operators are taking over airports, and trying to upscale the shopping experience.
  • This is a company that's going the route of luxury and evolving into a boutique model.
  • There are a number of key strategic partners to grow their luxury portfolio, who are investing and will be adding a ton of value for DUFRY.

This is very much a story of the entire Duty Free experience changing. This is a multi-year, multibagger."

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The Call is our morning research call hosted by Hedgeye CEO Keith McCullough with our 40+ analyst research team. It helps small and large investors alike make better decisions via unique and investable stock/sector updates. Click here to learn more.