FY25/26 out: record cash & market share momentum intact, PT up to €272.00 (from €262.00)

研报英文原文证据摘录

FY25/26 out: record cash & market share momentum intact, PT up to €272.00 (from €262.00)

June 15, 2026

Middle East run-rate, and assumes no dramatic escalation of the conflict.

Encouragingly, management stressed the asymmetry as well: once Gulf

traffic fully normalises, the swing could turn more positive than simply a

return to normal, as carriers move aggressively to refill premium cabins,

which could open up more contract win opportunities for DOC.

We remain positive on the investment case. DO & CO is a unique,

vertically-integrated premium gourmet and hospitality business with

a culinary DNA that the scale incumbents — Gategroup and LSG —

simply do not possess, which explains its persistent market-share gains

among network carriers upgrading the premium cabins, where up to three-

quarters of profit is made. Over half of group revenue is locked into

multi-year, largely cost-plus contracts, providing both visibility and pricing

power, even as airlines hunt for cost savings elsewhere on the aircraft. The

model now combines double-digit constant-currency growth, a multi-year

margin path towards low-teens, and — newly — a self-funding, net-cash

balance sheet throwing off substantial free cash flow. Layered on top is

genuine optionality from the US stadium opportunity and the experience-

economy tailwind powering IEC and RLH.

We reiterate our Overweight rating with a new PT of €272.00 (from

€262.00). Sales estimates are increased by 1% into FY27/28E, EBIT is lifted

by 5% on average. A conservatively higher tax rate largely acts as a wash at

the EPS level. We show FY28/29E for the first time and roll over valuation

to FY28/29E in light of visibility on sustainable growth rates and margin

improvements.

Our 12-month price target of €272.00 is based on Adjusted Free Cash Flow