DO & CO: Staying on course, chg. - NuWays AG Research

Equity story unchanged. The prolonged Strait of Hormuz closure and related fuel-supply risk warrant a more cautious near-term view. Still, DO & CO’s growth and margin expansion case remains intact, with any potential pressure seen as temporary.

Estimates are cut to reflect a more cautious near-term macro backdrop around fuel supply, mainly delaying part of the expected growth and margin expansion. The revised estimates are still broadly in line with consensus (eCons 26/27: sales growth 8.8% yoy, EBIT margin 8.9%). BUY, new PT € 250 (old: € 266), based on DCF.

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