Märkte & Kurse

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

03.03.2026 / 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

Impact from Middle East conflict looks manageable

The 12% sell-off following the escalation around Iran appears
disproportionate to DOC's underlying operational exposure. We therefore view
the move as fundamentally unjustified.

  * No direct operational footprint in the conflict zone. DOC does not
    operate kitchens in Iran or directly affected countries. As such,
    exposure is primarily indirect via volumes linked to Middle East
    carriers.

  * Very short-term disruption is cushioned. Over the weekend, most flights
    to affected regions have been cancelled. Cancellations through Monday
    appear to be fully compensated under DOC's contracts.

  * Short-term impact looks manageable. From Tuesday onwards, revenues from
    cancelled flights are no longer compensated. Under current airspace
    restrictions, the missed revenues are estimated at around
    mid-single-digit EURm per week (eNuW, also discussed with the company).
    Against group revenues of almost EUR 2.5bn (eNuW), this is not
    thesis-changing even if disruptions were to persist for several weeks.
    In fact, we expect that a four-week closure of the Middle East airspace
    would lower DOC's FY sales by only approx. 1% and EBIT by c. 2% (eNuW).
    Given that a partial, phased normalisation at key hubs is likely before
    four weeks, the above sensitivity is viewed as conservative and
    estimates are therefore left unchanged for now.

  * High cost flexibility set to limit margin pressure. While the reported
    material expense ratio is seen at c. 39% (FY 25/26e, eNuW), the company
    previously indicated that roughly 80% of total costs are effectively
    variable. Food and beverage costs fall away entirely if production is
    halted. Personnel costs are partly flexible, with temporary staff
    scalable and fixed staff adjustable via leave or hour reductions,
    supported by relatively short notice periods. In addition, as production
    is largely fresh and not based on pre-produced items with lead times,
    inventory risk appears limited.

  * Seasonality is supportive. Ramadan (until March 19) is not peak travel
    season, capping short-term volume risk.

  * Potential offsetting effects. Provided Turkey's airspace remains open,
    rerouting of traffic from Gulf hubs towards Istanbul is conceivable.
    Given DOC's strong presence in Turkey, this could partly offset lost
    volumes, although visibility remains limited at this stage.

In sum, our assessment is that the impact is temporary, operationally
cushioned and financially digestible. Unless the disruption broadens
materially or persists, we see limited risk to the medium-term earnings
trajectory. Hence, the share price weakness appears overdone and we
reiterate our BUY recommendation, unchanged PT at EUR 266, based on DCF.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=05643c5a7ed7a26a9f95a5c898d20c24
For additional information visit our website:
https://www.nuways-ag.com/research-feed

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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2284272 03.03.2026 CET/CEST

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