Original-Research: DO & CO AG (von NuWays AG): BUY
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Original-Research: DO & CO AG - from NuWays AG
Classification of NuWays AG to DO & CO AG
Q1 defies travel fears, growth continues across all segments Q1 revenues increased by 11% yoy to € 612m, driven by growth across all segments: Airline Catering (AC) grew by +11% yoy to € 467m on the back of ongoing and past customers wins, e.g. Delta Airlines at JFK, but also thanks to continuously growing demand with existing customers. International Event Catering (IEC) grew against a tough comparable base (EURO 2024) by +10% yoy to € 100m thanks to strong performances in F1 (one more race and good locations compared to Q1’24) as well solid utilizations at sport events (UEFA CL and FIFA Club WC) as well as music concerts. Restaurants, Lounges and Hotels (RLH) also showed a strong development with revenues of € 44m (+8% yoy) driven by growth across all three subdivisions on the back of unbroken demand. In general, Q1 sales growth could have been ever higher, but was hindered by a negative FX effect of € 30m (i.e. +16% yoy sales growth in constant currency). Q1 marked a new EBIT record as it expanded by 44% yoy to € 53m (8.6% margin, up 2pp yoy and 0.1pp qoq). Generally speaking, the main driver was the improved gross margin (+2pp yoy) mainly thanks a relative cost reduction in AC (JFK ramp up costs in Q1’24/25). Out of the absolute € 16m yoy EBIT increase on group level, € 13.1m yoy came from AC (16% incremental EBIT margin), € 1.2m yoy came from IEC (13% incremental EBIT margin) and € 1.6m yoy came from RLH (49% incremental EBIT margin) highlighting the strong margin profile in this segment. On group level, Q1 thus showed a 26% incremental EBIT margin, highlighting the profitability gains stemming from a low fixed cost ratio coupled with revenue growth. On the back of the developments described above, cash generation improved drastically on a yoy comparison. CFO went up by € 20m or 156% yoy to € 32.5m on the back of higher earnings and slightly lower tie up in working capital. Secondly, investments nearly halved from € 18.5m (Q1 24/25) to € 9.6m, resulting in an excellent FCF of € 23m (vs. € -5.8m in Q1’24/25). Against prior fears of slowing demand, DOC is experiencing the opposite and thus reiterated its FY’25/26 guidance of 8-10% sales growth but specified the EBIT margin target to the upper end of 8.0-8.5%. In the mid-term, a continuous momentum is expected (8-10% sales growth annually, € 3bn sales within the next years) with continuously expanding margins due to operating leverage. Against this backdrop, we adapt our assumptions to reflect a better than expected profitability and demand curve into the following years. In effect, we therefore increase our DCF-based PT to € 266 (old: € 235) and confirm the BUY recommendation. You can download the research here: do-co-ag-2025-08-15-update-en-006b2 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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2184366 15.08.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 935,37 | 253,46 | 705,20 | 1.419,35 | 1.819,45 | 2.298,12 | 2.420,00 | |
| EBITDA1,2 | 70,11 | 45,04 | 96,34 | 143,33 | 202,12 | 262,39 | 284,00 | |
| EBITDA-Margin3 | 7,50 | 17,77 | 13,66 | 10,10 | 11,11 | 11,42 | 11,74 | |
| EBIT1,4 | -1,92 | -27,28 | 42,40 | 85,71 | 135,79 | 183,60 | 196,00 | |
| EBIT-Margin5 | -0,21 | -10,76 | 6,01 | 6,04 | 7,46 | 7,99 | 8,10 | |
| Net Profit (Loss)1 | -15,62 | -37,57 | 13,92 | 35,84 | 73,83 | 115,78 | 128,00 | |
| Net-Margin6 | -1,67 | -14,82 | 1,97 | 2,53 | 4,06 | 5,04 | 5,29 | |
| Cashflow1,7 | 102,71 | 27,46 | 66,51 | 114,12 | 179,69 | 173,94 | 191,00 | |
| Earnings per share8 | -2,55 | -3,64 | 1,29 | 3,37 | 6,11 | 8,41 | 10,40 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 1,00 | 0,00 | 2,00 | 2,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: KPMG
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| DO & CO | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 915210 | AT0000818802 | AG | 2.034,14 Mio € | 30.06.1998 | Kaufen | 8FWR695C+7J |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 16,54 | 23,38 | 0,71 | 62,59 | 5,08 | 11,69 | 0,89 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 2,00 | 2,00 | 1,08% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 10.07.2025 | 14.08.2025 | 12.11.2025 | 12.02.2026 | 12.06.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -11,27% | -2,70% | +3,22% | +13,83% | +1.948,46% |
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