Original-Research: DO & CO AG (von NuWays AG): BUY
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Original-Research: DO & CO AG - from NuWays AG
15.06.2026 / 10:00 CET/CEST
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Classification of NuWays AG to DO & CO AG
Company Name: DO & CO AG
ISIN: AT0000818802
Reason for the research: Update
Recommendation: BUY
Target price: EUR 255
Target price on sight of: 12 months
Last rating change:
Analyst: Simon Keller
Q4 review: premium demand remains resilient
DO & CO closed FY 25/26 with a strong Q4. Sales grew 13% yoy to EUR 594m and
EBIT improved 10% yoy to EUR 49m (margin: 8.3%), 4% ahead of consensus. This
is despite the Middle East conflict weighing on March operations, which cost
c. EUR 16m in sales and EUR 2-3m in EBIT.
Airline Catering grew Q4 sales by 11% yoy to EUR 497m on broad-based growth
across the network (e.g. Spanish and UK locations) and the ramp-up of
recently won contracts, delivering an EBIT of EUR 39m (margin: 7.9%). Demand
at key partner Turkish Airlines remains intact, with volumes only slightly
below plan in March and April despite the conflict. Moreover, premium and
long-haul demand has proven robust through the crisis, in line with recent
airline commentary. Several new contracts commence in Q1 26/27 (e.g.
Emirates ex Boston), complemented by the newly awarded five-year contract
with American Airlines in Chicago (start: Feb 2027; c. EUR 50m sales impact).
Meanwhile, construction of the 150,000 sqm Istanbul gourmet kitchen is
progressing (operations from 2028) with the EUR 20-25m of related equipment
capex is only due in FY 27/28 (eNuW).
International Event Catering was the Q4 standout, with sales up 43% yoy to EUR
49m, supported by the earlier Japanese GP, FC Bayern's Champions League run
and a busier SAP Garden. The segment's 11.0% EBIT margin faced a tough
comparison against an accrual-flattered 13.3% margin in the prior year. With
the FIFA World Cup now underway DO & CO is catering to more than 70,000 VIP
guests across 20 matches, including the opening match and the final (eNuW: $
30-40m of sales at margins close to the segment avg., eNuW). The cancelled
Bahrain and Saudi Arabia F1 GPs (eNuW: EUR 10m of sales) should be partly
offset by the new Madrid GP (Sep 2026) and an NFL game at the Allianz Arena
(Nov 2026).
Restaurants, Lounges & Hotels grew sales 13% yoy to EUR 48m with the margin up
0.4pp to 10.0%. Current hotel cross-reads remain supportive, with April
industry data pointing to improving occupancy across the upper end of the
European hotel market (source: Hospitality ON). Moreover, a new DO & CO
restaurant and DEMEL are set to open in London in Q1 2027.
Outlook: guided sales growth of 7-8% yoy looks achievable for FY 26/27
(eNuW: +7% yoy), of which 40-50% is to come from new contracts with the
remainder stemming from price and volumes. The EBIT margin is seen at
8.6-9.0% (eNuW: 8.8%), with the upper end contingent on an easing of the
Middle East conflict and the lower end reflecting a further escalation.
All in, the equity story remains intact: DO & CO combines exposure to
structurally growing premium air travel with high revenue visibility (c. 70%
of sales under multi-year contracts), a flexible cost base (c. 80% variable
costs), room for further margin expansion and a strong balance sheet that is
effectively net debt free (0.05x net debt/EBITDA).
BUY, new PT of EUR 255 (old: EUR 250), based on DCF
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=2d442ec2b23a04501d7aa644deac36e1
For additional information visit our website:
https://www.nuways-ag.com/research
Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++
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2345994 15.06.2026 CET/CEST
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