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

Original-Research: DO & CO AG - from NuWays AG 13.08.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

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



13.08.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.



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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: [e-mail]
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