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1. Company Snapshot

1.a. Company Description

DO & CO Aktiengesellschaft provides catering services in Austria, Turkey, Great Britain, the United States, Spain, Germany, and internationally.It operates through three segments: Airline Catering; International Event Catering; and Restaurants, Lounges & Hotel.The Airline Catering segment offers airline catering services.


The International Event Catering segment provides event catering and infrastructure services.The Restaurants, Lounges & Hotel segment engages in the operation of lounges, retail stores, airport catering, restaurants and Demel café, hotels, and staff restaurants.This segment also operates under the DO & CO, Hédiard, HENRY, and Demel brands.


DO & CO Aktiengesellschaft was founded in 1981 and is based in Vienna, Austria.

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1.b. Last Insights on DOC

DO & CO Aktiengesellschaft's recent performance was negatively impacted by the company's struggles to adapt to the evolving market landscape. The decline in air travel demand due to geopolitical uncertainties and the ongoing impact of the COVID-19 pandemic on the airline industry have likely weighed on the company's sales. Furthermore, the increasing competition from low-cost carriers and the rise of digital platforms have made it challenging for DO & CO to maintain its market share. The company's inability to effectively manage its costs and maintain profitability has also contributed to its recent underperformance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.43%)

6. Segments

Airline Catering

Expected Growth: 14%

DO & CO's 14% growth in airline catering is driven by increasing demand for premium in-flight meals, strategic partnerships with major airlines, expansion into new markets, and investments in digitalization and sustainability. Additionally, the company's focus on quality, innovation, and customer experience has led to higher customer retention and acquisition rates.

International Event Catering

Expected Growth: 15%

DO & CO's 15% growth in International Event Catering is driven by increasing demand for premium catering services at high-profile events, expansion into new markets, and strategic partnerships with event organizers. Additionally, the company's focus on innovative culinary experiences, high-quality service, and customized solutions has enabled it to capitalize on the growing trend of experiential events.

Restaurants, Lounges and Hotel

Expected Growth: 17%

DO & CO's 17% growth in Restaurants, Lounges, and Hotels is driven by increasing demand for premium travel experiences, strategic partnerships with airlines, and expansion into new markets. Additionally, the company's focus on innovative culinary concepts, exceptional service, and high-quality amenities has led to increased customer loyalty and retention, further fueling growth.

7. Detailed Products

Inflight Catering

DO & CO provides high-quality catering services to airlines, offering a wide range of meals and beverages tailored to individual airline brands and passenger preferences.

Airport Lounges

DO & CO operates airport lounges, offering passengers a comfortable and relaxing environment with complimentary food, drinks, and amenities.

Catering Logistics

DO & CO provides logistics and supply chain management services for catering operations, ensuring efficient and timely delivery of food and beverages to airlines.

Retail and Convenience

DO & CO operates retail and convenience stores in airports, offering passengers a range of food, beverages, and travel essentials.

Food and Beverage Concepts

DO & CO develops and operates unique food and beverage concepts in airports, such as restaurants, cafes, and bars.

8. DO & CO Aktiengesellschaft's Porter Forces

Forces Ranking

Threat Of Substitutes

DO & CO Aktiengesellschaft operates in the airline catering industry, where substitutes are limited. However, the company faces some threat from substitutes such as in-flight meal boxes and pre-packaged snacks.

Bargaining Power Of Customers

DO & CO Aktiengesellschaft's customers, mainly airlines, have significant bargaining power due to their large scale of operations and ability to switch caterers.

Bargaining Power Of Suppliers

DO & CO Aktiengesellschaft has a diverse supplier base, which reduces the bargaining power of individual suppliers. The company's long-term contracts with suppliers also mitigate this risk.

Threat Of New Entrants

The airline catering industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This limits the threat of new entrants.

Intensity Of Rivalry

The airline catering industry is moderately competitive, with a few large players competing for market share. However, DO & CO Aktiengesellschaft's strong relationships with airlines and its diversified customer base mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 74.73%
Debt Cost 12.77%
Equity Weight 25.27%
Equity Cost 12.77%
WACC 12.77%
Leverage 295.68%

11. Quality Control: DO & CO Aktiengesellschaft passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Brunel International

A-Score: 6.1/10

Value: 6.8

Growth: 6.1

Quality: 5.2

Yield: 8.8

Momentum: 3.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Enter Air

A-Score: 5.9/10

Value: 8.2

Growth: 7.6

Quality: 4.2

Yield: 4.4

Momentum: 5.0

Volatility: 6.3

1-Year Total Return ->

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Toscana Aeroporti

A-Score: 5.3/10

Value: 4.1

Growth: 5.2

Quality: 6.1

Yield: 3.1

Momentum: 7.5

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
DO & CO

A-Score: 5.2/10

Value: 4.0

Growth: 8.3

Quality: 5.5

Yield: 0.6

Momentum: 8.5

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Norwegian Air

A-Score: 5.2/10

Value: 7.9

Growth: 3.9

Quality: 4.2

Yield: 4.4

Momentum: 8.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Finnair

A-Score: 4.0/10

Value: 7.2

Growth: 4.7

Quality: 1.5

Yield: 1.9

Momentum: 7.0

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

190.6$

Current Price

190.6$

Potential

-0.00%

Expected Cash-Flows