Original-Research: DO & CO AG (von NuWays AG): BUY
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Original-Research: DO & CO AG - from NuWays AG
20.10.2026 / 09:00 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
Q2 preview: Momentum on the menu
Growth is set to accelerate in Q2, with results due on 12 November. We
expect Q2 sales of EUR 676m (+8% yoy), accelerating from c. 5% yoy in Q1 as
Middle East disruptions recede. EBIT is seen at EUR 61m (+12% yoy), implying a
9.0% margin (+0.3pp; eNuW).
Customer trends and premium demand support Airline Catering. While IATA
reported a 0.8% yoy decline in global passenger traffic in August, other
cross-reads relevant to DOC paint a more positive picture. Turkish Airlines'
September passenger numbers rose 3.6% yoy (international: +4.8% yoy), with
the seat load factor improving to 86.8% (+2.2pp yoy). Premium demand also
remains encouraging: exemplary is Delta's Q3 premium revenue which increased
18% yoy on 6% more seats, with higher load factors. Growing passenger
volumes and expanding premium cabins support catering demand (eNuW).
New contract starts provide an additional growth driver. New Air India and
American Airlines business at Heathrow adds growth from September. Together
with positive customer trends, this underpins our Q2 forecasts for Airline
Catering of EUR 541m sales (+5% yoy) and EUR 47m EBIT (+8% yoy), implying an
8.7% margin (+0.3pp; eNuW). Further contract starts sustain momentum through
H2: Emirates in Boston and Air Canada in Los Angeles follow from October,
with American Airlines in Chicago from February 2027. Ongoing tenders offer
further scope to broaden the customer base.
Higher fares reinforce the importance of premium service. American Airlines
offset nearly half of its calendar Q2 fuel cost increase through higher
fares. Preserving a strong onboard experience helps airlines justify higher
premium prices and retain customers. We view quality catering as a visible
way to reinforce the premium proposition at modest cost relative to the
ticket price, supporting DOC's positioning as airlines balance cost
discipline and customer loyalty (eNuW).
World Cup revenues and rising F1 hospitality demand to drive Event Catering
growth. We expect sales of EUR 85m (+32% yoy) and EBIT of EUR 9m (+45% yoy),
implying a 10.5% margin (+1.0pp; eNuW). Around 30% of World Cup sales fall
into Q2 (c. EUR 10m), including the final in New York. At the same time
Madrid's F1 debut supports the event mix. Earlier comments from F1 owner
Liberty Media on higher Paddock Club attendance and hospitality revenues at
recurring races suggest that F1 catering can continue to drive DOC's event
growth beyond the World Cup (eNuW). Qatar and Abu Dhabi remain on the
calendar, although cancellation risk persists (eNuW: c. EUR -15m potential
sales impact).
DOC combines structural growth with earnings resilience. Premium travel and
global sports hospitality support growth, while c. 70% of sales under
multi-year contracts and a c. 80% variable cost base provide visibility and
flexibility. We conservatively retain our FY26/27 EBIT margin estimate at
8.8%, the guidance midpoint, with further contract ramp-ups leaving scope
for H2 margins to match the 8.9% expected for H1 (eNuW). Reiterate BUY with
an unchanged PT of EUR 255, on DCF.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=e92675bd5f91e972cbdf9560047a2b07
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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