DO & CO 3Q 19/20 - Another dynamic quarter but one-off costs impact margins
The groups 3Q 19/20 top line grew by 15.9% yoy to EUR 252.0 mn, somewhat less dynamically than the 18.4% achieved in 2Q 19/20. The comparable EBITDA margin contracted by 0.7%p yoy to 8.1%, while the EBIT margin was flattish at 5.5%. Our TP and estimates are currently under review following the change of analyst.Do & Co AG is a foodservice company. Co. maintains three business divisions. Its Airline Catering division provides gourmet food for passengers of airline companies such as Austrian Airlines, Turkish Airlines, Air France on long-haul flights. Co.'s flying cooks prepare fresh meals on-board. The International Event Catering division provides services such as handling the menu and the provision of food for sporting events, including tennis and golf tournaments, skiing events and Formula One Grand Prix races. The Restaurants, Lounges & Hotel division operates three restaurants; five restaurants with bars and one at the Casino Baden, and three bakeries under the Demel brand.
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