Do & Co: Airline Catering Leader, Likely to Keep Gaining Market Share

José Antonio Larraz of Equam Capital presented his investment thesis on Do & Co (Austria: DOC) at European Investing Summit 2021.

Thesis summary:

Do & Co is a gourmet entertainment company specializing in airline catering. The company operates in three business units: airline catering (74% of revenue), event catering (14%), and restaurants, lounges and hotels (12%).

Despite the great impact of the Covid situation on the business, the company has been able to demonstrate the flexibility of the business to adapt to different market environments (revenue dropped by more than 70% in FY20 but the company maintained a healthy 7% EBITDA margin and breakeven operating cash flow). By focusing on the premium segment and despite the difficult environment, the company has gained important contract awards with major airlines (representing >50% of pre-Covid revenue), and prospects appear solid for continuing to gain business in the coming quarters.

Assuming conservative airline traffic recovery scenarios, José estimates 70-100% upside potential for the shares over a three- to four-year timeframe.

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About the instructor:

José Antonio Larraz is a founding partner of Equam Capital. Jose has 12 years of experience as a partner in Capital Alianza Private Equity, investing in Spanish private companies in the middle market. He has investment experience in chemical, food, retail, outsourcing and telecommunications sectors, having participated in the board of directors of six different companies. Jose has 4 years of experience in financial advisory, corporate finance and M&A at Lehman Brothers in London and New York and He is a Professor at Instituto de Empresa since 2008. Jose holds a degree in Law and Business Administration from ICADE University and MBA from Insead.

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