Original-Research: DO & CO AG - from NuWays AG 13.02.2026 / 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.
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 |
Q3 review: fx distorts, margins improve Q3 25/26 results highlighted encouraging operational momentum, despite fx noise. Reported sales declined 2% yoy to € 630m (eCons: € 648m; eNuW: € 647m) against a tough comp that in fact had an 8pp fx-tailwind. Importantly,
fx-adj. sales grew 16% yoy, supporting our
positive view on underlying demand. Moreover, the
EBIT margin improved to 8.9% (+0.2pp yoy, 0.2pp better than expected, also see p.2), thanks to a decline in material expenses (-5.5% yoy).
Q3 Airline Catering sales (c. 80% of group)
declined 3% yoy (fx-adj. up 19% yoy) to € 471m. Importantly, profitability held up, showing an EBIT of € 39m, broadly stable yoy, supported by a favourable material cost trend (-4.4% yoy). The demand
setup into 2026 remains constructive for airline catering, with IATA expecting further passenger growth (c. 5% yoy). Turkey adds a tangible volume tailwind:
Istanbul Airport is targeting roughly 7% passenger growth in 2026 (close to 90m). At the same time,
Turkish Airlines is stepping up investments at the hub including catering infrastructure and it has the ambition to
double its aircraft fleet within the next 10 years. DOC’s new 150,000m² Istanbul
gourmet kitchen, for which construction starts in Feb 26, should
put capacity behind that growth. In addition, DOC is seeing firm
tender momentum, having participated in 73 closed tenders in 2025 with a
win rate >50% (17 new contracts, remainder extensions), supporting further growth and visibility in Airline Catering. With that, we expect reported growth to re-accelerate in Q4 as fx comps ease.
International Event Catering delivered a “flat but healthy” quarter with sales of € 109m (+1% yoy) and EBIT of € 12m (+2% yoy; margin: 11.2%). The
underlying sales run rate remains solid (+13% yoy in 9M 25/26 adj.
for the EURO 2024 event last year), supported by Formula 1 hospitality and strong utilisation across DOC’s Munich venues. Moreover, DOC seems to make
progress on the FIFA world cup in 2026, with details expected in the coming weeks (eNuW: c. € 30m of sales potential, partly reflected in estimates). Meanwhile, balance sheet quality continues to improve, supported by better than expected cash generation (FCF: € 66m in Q3). DOC has
deleveraged to a net debt/EBITDA of 0.2x, effectively close to net debt neutral (only € 52m after Q3). This provides resilience and financial flexibility. All in all, DOC maintains
exposure to the secular growth in air travel, a
differentiated premium positioning (validated by Turkish Airlines’ Skytrax 2025 onboard catering award) and sound
contract visibility.
BUY, unchanged
PT of € 266, based on DCF. You can download the research here:
do-co-ag-2026-02-13-longupdate-en-d41d2 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 ++++++++++ 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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