Märkte & Kurse

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Original-Research: DO & CO AG - from NuWays AG

05.01.2026 / 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 266
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller

Operational momentum intact, chg.

Thanks to high demand for air travel and new contract additions, DOC's Q3
25/26 results (CYQ4) are set to reaffirm the strong fx-adj. momentum from
previous quarters. While reported growth figures might look weak at first
glance on February 12th (see p.2), this should be almost entirely due to the
accounting effect of Turkey's hyperinflation and other fx-headwinds (eNuW:
adj. sales growth 9% yoy). Importantly, also reported figures should improve
materially in Q4 again, hence FY growth estimates remain intact (eNuW: +8.8%
yoy).

Operationally, fiscal Q3 should face strong air travel demand, with upbeat
October data: higher capacity and better utilization (source: IATA;
international Available Seat Kilometres +7.1% yoy, international Passenger
Load Factor +0.7pp yoy). Moreover, December is showing the highest growth in
scheduled seats this year of +4.7% yoy, a forward-looking activity measure
from IATA (also see p. 2), with momentum to stick into next year. This
macro-support should benefit DOC's Airline Catering segment's underlying
performance (80% of group sales, eNuW: fx-adj. sales growth of c. 9% yoy).

Within the International Event Catering segment (c. 12% of group sales),
fiscal H2 is not expected to show meaningful growth, due to exogenous
factors. Still, adj. for the European Football Championship last year (eNuW:
EUR 28m impact), sales look set to increase 11% yoy in full FY 25/26e (eNuW,
+1% yoy when including last year's big event). Moreover, momentum is seen to
build for the next year already: the Allianz Arena plans several high-demand
open-air concerts (e.g. Linkin Park, The Weeknd and Helene Fischer),
following an open air concert prohibition previously. Also the NFL is set to
return to the arena, which should all benefit DOC, the arena's official
hospitality and catering partner. Moreover, Formula 1 should run hot again,
with a completely new team (Cadillac) and a change in location: Madrid for
Imola. The replacement is structurally positive for DOC, as the new urban
race format supports higher hospitality penetration and premium pricing.
Consequently, in FY 26/27e the segment is poised to accelerate growth to 12%
yoy (eNuW: EUR 346m).

Group prospects continue to look bright, in light of the ongoing need for
airlines to differentiate via DOC's services, especially for relevant
business- and first-class customers. In fact, DOC's unique focus and solid
execution explains the high customer satisfaction (95% renewal rate), which,
together with efficient capital management, results in ROCEs >20%. All
backed with solid visibility: currently c. 70% of group sales are
contract-based until 2030e. DOC's positioning within this growing market
also explains an EPS CAGR of 24% between FY 24/25 and 27/28e (eNuW,
EUR-based), rendering the current PER of 20x appealing.

BUY, unchanged PT of EUR 266, based on DCF.

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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
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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2254100 05.01.2026 CET/CEST

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