DO & Co Q4 review: premium demand remains resilient - NuWays AG Research

DO & CO closed FY 25/26 with a strong Q4. Sales grew 13% yoy to € 594m and EBIT improved 10% yoy to € 49m (margin: 8.3%), 4% ahead of consensus. This is despite the Middle East conflict weighing on March operations, which cost c. € 16m in sales and € 2-3m in EBIT.

All in, the equity story remains intact: DO & CO combines exposure to structurally growing premium air travel with high revenue visibility (c. 70% of sales under multi-year contracts), a flexible cost base (c. 80% variable costs), room for further margin expansion and a strong balance sheet that is effectively net debt free (0.05x net debt/EBITDA).

BUY, new PT of € 255 (old: € 250), based on DCF.

Länk till analysen i sin helhet: https://www.nuways-ag.com/research/q4-review-premium-demand-remains-resilient