Original-Research: DO & CO AG (von NuWays AG): BUY

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

13.08.2026 / 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

Solid Q1 despite Middle East headwinds

DOC shrugged off the weak Middle East situation in Q1. Sales rose 5% yoy to

EUR 642m and EBIT 8% yoy to EUR 57m (margin: 8.8%, +0.2pp yoy), broadly in line

with consensus. The conflict cost c. EUR 40m of sales (EUR 25m Airline Catering,

EUR 15m International Event Catering), without which growth would have been c.

11% yoy, yet the EBIT margin still improved in all three segments. The net

result grew 16% yoy to EUR 31m, helped by a much improved financial result (EUR

-0.4m vs EUR -5.4m) as interest income on the Turkish cash position nearly

doubled.

Airline Catering sales increased 4% yoy to EUR 484m, or c. 9% adjusted for the

Middle East drag, at slightly improved EBIT margin (8.3%, +0.1pp yoy).

Türkiye remained the main growth contributor with segment sales up 17% yoy.

Continued tender wins broadened the customer base further, though the larger

new contracts only start contributing from Q2.

International Event Catering grew sales 11% yoy to EUR 112m and lifted the

EBIT margin by 0.8pp to 10.6%, despite the cancelled Bahrain and Saudi

Arabia GPs. The FIFA World Cup more than compensated, with DOC hosting over

75,000 VIP guests across 20 matches including the opening game and the

final. Around 70% of the related sales fell into Q1 and the remainder into

Q2.

Restaurants, Lounges & Hotels sales improved 7% yoy to EUR 47m with the margin

up 0.2pp to 10.2%, supported by sustained city tourism and rising volumes in

gourmet retail with Henry and DEMEL. The Vienna Stephansplatz flagship is

meanwhile closed for a general refurbishment, with both restaurants and the

hotel due to reopen in October.

Growth is set to accelerate over the coming quarters. Sales growth of 6-8%

yoy at an EBIT margin of 8.6-9.0% remains targeted for FY 26/27 (eNuW: +7%

and 8.8%). The step-up starts at Heathrow in September, where a temporary

American Airlines arrangement converts into a long-term contract at up to 22

flights per day (currently only c. 6 per day, eNuW). Further contract starts

are spread across autumn, with another American Airlines contract in Chicago

from February 2027. Middle East volumes are meanwhile back at pre-conflict

levels.

The World Cup also opened a new US avenue. Known in the US mainly for

airline catering and F1, DOC demonstrated large-scale stadium hospitality,

which matters in a business where new work follows well perceived

performance rather than marketing. As venues already pay comparable prices,

the pitch is better quality at almost unchanged cost. Initial talks have

started, though incumbents are under contract, so new US stadium business is

still 2-3 years out, with corporate and single-event work possible earlier.

All in, DOC continues to combine exposure to two structurally growing

premium markets, air travel and global sports hospitality, with c. 70% of

sales under multi-year contracts, c. 80% variable costs and a net cash

balance sheet, supporting our BUY, with an unchanged PT of EUR 255, based on

DCF.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=583a5c5bc3dd89284320518a9e024352

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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2382028 13.08.2026 CET/CEST

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