DO & CO

DO & CO's Cash & Cash Equivalents fell 69.0% yoy to EUR 55.7 mil in 2014

By Helgi Analytics - April 2, 2020

DO & CO's total assets reached EUR 584 mil at the end of 2014, up 13.9% compared to the previous year. Current...

Profit Statement 2012 2013 2014
Sales EUR mil 576 636 796
Gross Profit EUR mil 336 371 451
EBITDA EUR mil 58.4 66.2 80.9
EBIT EUR mil 41.3 46.6 53.5
Financing Cost EUR mil -0.724 1.77 -7.13
Pre-Tax Profit EUR mil 42.3 44.9 60.7
Net Profit EUR mil 22.8 26.1 34.9
Dividends EUR mil 4.87 4.87 4.87
Balance Sheet 2012 2013 2014
Total Assets EUR mil 352 513 584
Non-Current Assets EUR mil 157 197 376
Current Assets EUR mil 196 316 209
Working Capital EUR mil 32.6 55.5 60.3
Shareholders' Equity EUR mil 195 203 244
Liabilities EUR mil 157 310 340
Total Debt EUR mil 36.3 174 175
Net Debt EUR mil -36.9 -5.70 119
Ratios 2012 2013 2014
ROE % 12.5 13.1 15.6
ROCE % 15.1 11.8 10.1
Gross Margin % 58.3 58.3 56.6
EBITDA Margin % 10.1 10.4 10.2
EBIT Margin % 7.17 7.33 6.73
Net Margin % 3.96 4.10 4.38
Net Debt/EBITDA -0.631 -0.086 1.47
Net Debt/Equity -0.189 -0.028 0.487
Cost of Financing % -3.99 1.69 -4.10
Valuation 2012 2013 2014
Market Capitalisation USD mil 375 499 727
Enterprise Value (EV) USD mil 327 491 871
Number Of Shares mil 9.74 9.74 9.63
Share Price EUR 29.2 37.2 62.4
EV/EBITDA 4.35 5.59 8.36
EV/Sales 0.441 0.582 0.850
Price/Earnings (P/E) 12.5 13.9 17.2
Price/Book Value (P/BV) 1.46 1.78 2.46
Dividend Yield % 1.71 1.35 0.810

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     353 426 466 576 636   ...
Gross Profit EUR mil                     212 248 273 336 371   ...
EBIT EUR mil                     18.7 29.2 32.8 41.3 46.6   ...
Net Profit EUR mil                     9.66 15.4 19.3 22.8 26.1   ...
ROE %                     11.1 12.6 12.0 12.5 13.1   ...
EBIT Margin %                     5.30 6.86 7.03 7.17 7.33   ...
Net Margin %                     2.74 3.62 4.14 3.96 4.10   ...
Employees                     3,542 3,794 4,166 6,220 7,323   ...
balance sheet                                  
Total Assets EUR mil                     176 253 289 352 513   ...
Non-Current Assets EUR mil                     91.0 86.7 91.5 157 197   ...
Current Assets EUR mil                     84.7 166 197 196 316   ...
Shareholders' Equity EUR mil                     93.3 151 170 195 203   ...
Liabilities EUR mil                     82.4 102 118 157 310   ...
Non-Current Liabilities EUR mil                     11.5 10.3 18.2 41.2 181   ...
Current Liabilities EUR mil                     70.9 91.2 100 116 129   ...
Net Debt/EBITDA                     -0.807 -2.34 -1.62 -0.631 -0.086   ...
Net Debt/Equity                     -0.313 -0.724 -0.500 -0.189 -0.028   ...
Cost of Financing % ...                   2.55 ... ... -3.99 1.69   ...
cash flow                                  
Total Cash From Operations EUR mil ...                   45.9 57.7 45.7 36.0 41.2   ...
Total Cash From Investing EUR mil ...                   -14.4 -16.0 -62.5 -30.4 -56.3   ...
Total Cash From Financing EUR mil ...                   -17.4 38.4 -7.40 -17.8 129   ...
Net Change In Cash EUR mil ...                   14.0 80.1 -24.3 -12.2 114   ...
valuation                                  
Market Capitalisation USD mil ...                   90.4 164 326 375 499   ...
Number Of Shares mil ...                   8.32 8.25 8.35 9.74 9.74   ...
Share Price EUR ...                   7.59 15.0 30.2 29.2 37.2   ...
Earnings Per Share (EPS) EUR ...                   1.16 1.87 2.31 2.34 2.68   ...
Book Value Per Share EUR ...                   11.2 18.3 20.4 20.0 20.9   ...
Dividend Per Share EUR ...                   0.230 0.413 0.525 0.500 0.500   ...
Price/Earnings (P/E) ...                   6.53 8.01 13.0 12.5 13.9   ...
Price/Book Value (P/BV) ...                   0.676 0.818 1.48 1.46 1.78   ...
Dividend Yield % ...                   3.03 2.76 1.74 1.71 1.35   ...
Earnings Per Share Growth % ... ...                 277 61.1 23.8 1.12 14.3   ...
Book Value Per Share Growth % ... ...                 -5.93 63.2 11.2 -1.58 4.13   ...
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     353 426 466 576 636   ...
Cost of Goods & Services EUR mil                     140 178 194 240 266   ...
Gross Profit EUR mil                     212 248 273 336 371   ...
Staff Cost EUR mil                     120 136 149 191 211   ...
Other Cost EUR mil                     56.4 65.4 70.9 86.7 93.0   ...
EBITDA EUR mil                     36.1 46.8 52.4 58.4 66.2   ...
Depreciation EUR mil                     17.5 17.5 19.6 17.1 19.5   ...
EBIT EUR mil                     18.7 29.2 32.8 41.3 46.6   ...
Financing Cost EUR mil                     0.194 0.060 0.068 -0.724 1.77   ...
Extraordinary Cost EUR mil                     -0.766 -1.67 -2.86 -0.226 -0.010   ...
Pre-Tax Profit EUR mil                     19.3 30.8 35.6 42.3 44.9   ...
Tax EUR mil                     6.14 8.45 9.10 10.7 10.1   ...
Minorities EUR mil                     3.46 6.97 7.16 8.73 8.66   ...
Net Profit EUR mil                     9.66 15.4 19.3 22.8 26.1   ...
Dividends EUR mil                     1.91 3.41 4.39 4.87 4.87   ...
growth rates                                  
Total Revenue Growth % ...                   -9.03 20.8 9.46 23.6 10.4   ...
Operating Cost Growth % ...                   -9.33 14.4 9.31 25.9 9.73    
EBITDA Growth % ...                   25.8 29.4 12.0 11.5 13.3   ...
EBIT Growth % ...                   120 56.5 12.1 26.0 12.9   ...
Pre-Tax Profit Growth % ...                   118 60.2 15.3 18.8 6.20   ...
Net Profit Growth % ...                   363 59.7 25.3 18.0 14.3   ...
ratios                                  
ROE %                     11.1 12.6 12.0 12.5 13.1   ...
ROCE % ...                   8.43 14.5 17.9 15.1 11.8   ...
Gross Margin %                     60.2 58.3 58.5 58.3 58.3   ...
EBITDA Margin %                     10.2 11.0 11.2 10.1 10.4   ...
EBIT Margin %                     5.30 6.86 7.03 7.17 7.33   ...
Net Margin %                     2.74 3.62 4.14 3.96 4.10   ...
Payout Ratio %                     19.8 22.1 22.7 21.4 18.7   ...
Cost of Financing % ...                   2.55 ... ... -3.99 1.69   ...
Net Debt/EBITDA                     -0.807 -2.34 -1.62 -0.631 -0.086   ...
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets EUR mil                     91.0 86.7 91.5 157 197   ...
Property, Plant & Equipment EUR mil                     59.1 58.8 67.5 123 131   ...
Intangible Assets EUR mil ... ... ... ...             25.4 19.9 14.7 15.5 46.1   ...
Current Assets EUR mil                     84.7 166 197 196 316   ...
Inventories EUR mil                     10.3 13.4 11.5 18.3 22.2   ...
Receivables EUR mil                     31.2 31.9 44.8 56.0 79.8   ...
Cash & Cash Equivalents EUR mil                     29.2 109 85.0 73.2 179   ...
Total Assets EUR mil                     176 253 289 352 513   ...
Shareholders' Equity EUR mil                     93.3 151 170 195 203   ...
Of Which Minority Interest EUR mil                     0 0 0 30.2 31.1   ...
Liabilities EUR mil                     82.4 102 118 157 310   ...
Non-Current Liabilities EUR mil                     11.5 10.3 18.2 41.2 181   ...
Long-Term Debt EUR mil                     0 0 0 16.4 148   ...
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 2.63 7.13   ...
Current Liabilities EUR mil                     70.9 91.2 100 116 129   ...
Short-Term Debt EUR mil                     0 0 0 19.9 25.7   ...
Trade Payables EUR mil                     21.6 30.4 33.9 41.7 46.5   ...
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 31.4 31.0   ...
Equity And Liabilities EUR mil                     176 253 289 352 513   ...
growth rates                                  
Total Asset Growth % ...                   3.79 43.7 14.2 22.1 45.7   ...
Shareholders' Equity Growth % ...                   15.7 61.8 12.6 14.8 4.13   ...
Net Debt Growth % ...                   -41,773 275 -22.2 -56.7 -84.5   ...
Total Debt Growth % ... ...   ...             -100 ... ... ... 378   ...
ratios                                  
Total Debt EUR mil                     0 0 0 36.3 174   ...
Net Debt EUR mil                     -29.2 -109 -85.0 -36.9 -5.70   ...
Working Capital EUR mil                     19.9 14.9 22.4 32.6 55.5   ...
Capital Employed EUR mil                     111 102 114 189 252   ...
Net Debt/Equity                     -0.313 -0.724 -0.500 -0.189 -0.028   ...
Cost of Financing % ...                   2.55 ... ... -3.99 1.69   ...
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit EUR mil                     9.66 15.4 19.3 22.8 26.1   ...
Depreciation EUR mil                     17.5 17.5 19.6 17.1 19.5   ...
Non-Cash Items EUR mil ...                   13.5 19.7 14.2 6.35 18.5   ...
Change in Working Capital EUR mil ...                   5.21 4.99 -7.45 -10.2 -22.9   ...
Total Cash From Operations EUR mil ...                   45.9 57.7 45.7 36.0 41.2   ...
Capital Expenditures EUR mil ...                   -13.5 -16.3 -22.6 -35.4 -36.5   ...
Other Investments EUR mil ...                   -0.840 0.297 -39.9 4.99 -19.8   ...
Total Cash From Investing EUR mil ...                   -14.4 -16.0 -62.5 -30.4 -56.3   ...
Dividends Paid EUR mil ...                   -1.91 -3.41 -4.39 -4.87 -4.87   ...
Issuance Of Debt EUR mil ...                   -15.2 0 0 36.3 137   ...
Total Cash From Financing EUR mil ...                   -17.4 38.4 -7.40 -17.8 129   ...
Net Change In Cash EUR mil ...                   14.0 80.1 -24.3 -12.2 114   ...
ratios                                  
Days Sales Outstanding days                     32.3 27.3 35.1 35.5 45.8   ...
Days Sales Of Inventory days                     26.9 27.6 21.6 27.8 30.5   ...
Days Payable Outstanding days                     56.2 62.4 63.9 63.4 64.0   ...
Cash Conversion Cycle days                     2.94 -7.48 -7.19 -0.065 12.3   ...
Cash Earnings EUR mil                     27.1 33.0 38.9 39.9 45.6   ...
Cash Earnings Per Share EUR ...                   3.26 3.99 4.66 4.10 4.68   ...
Price/Cash Earnings (P/CE) ...                   2.33 3.75 6.47 7.12 7.94   ...
Free Cash Flow EUR mil ...                   31.5 41.7 -16.9 5.62 -15.1   ...
Free Cash Flow Yield % ...                   48.4 33.6 -7.19 1.92 -4.01   ...
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     5.60 7.20 7.14 7.12 6.02   ...
Gross Margin %                     60.2 58.3 58.5 58.3 58.3   ...
Employees                     3,542 3,794 4,166 6,220 7,323   ...
Cost Per Employee USD per month                     3,919 3,955 4,157 3,281 3,194   ...
Cost Per Employee (Local Currency) EUR per month                     2,817 2,990 2,990 2,555 2,406   ...
Staff Cost (As % Of Total Cost) %                     35.8 34.3 34.5 35.7 35.9   ...
Effective Tax Rate %                     31.9 27.4 25.6 25.4 22.6   ...
Enterprise Value (EV) USD mil ...                   48.6 19.0 216 327 491   ...
EV/EBITDA ...                   0.967 0.307 2.97 4.35 5.59   ...
EV/Capital Employed ...                   0.306 0.141 1.46 1.31 1.41   ...
EV/Sales ...                   0.099 0.034 0.333 0.441 0.582   ...
EV/EBIT ...                   1.87 0.490 4.74 6.16 7.93   ...
Domestic Sales EUR mil ... ... ... ... ... ... ... ... ... ... 135 146 158 181 180   ...
Capital Expenditures (As % of Sales) % ...                   3.84 3.82 4.86 6.14 5.73   ...
Revenues From Abroad EUR mil ... ... ... ... ... ... ... ... ... ... 217 280 309 395 456   ...
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... 61.6 65.7 66.2 68.6 71.7   ...
Sales of Airline Catering EUR mil                     259 327 350 600 450   ...
Sales of International Event Catering EUR mil                     34.0 36.7 46.0 71.1 60.8   ...
Sales of Restaurants, Lounges & Hotel EUR mil                     60.2 62.2 70.6 105 125   ...
EBITDA from Airline Catering EUR mil                     27.7 36.9 60.6 43.2 51.2   ...
EBITDA from International Event Catering EUR mil                     3.97 4.32 5.53 8.53 7.53   ...
EBITDA from Restaurants, Lounges & Hotel EUR mil                     4.39 4.63 5.43 6.68 7.41   ...
EBIT from Airline Catering EUR mil                     13.2 22.1 26.6 30.4 37.2   ...
EBIT from International Event Catering EUR mil                     2.99 3.27 6.18 6.57 5.18   ...
EBIT from Restaurants, Lounges & Hotel EUR mil                     2.39 2.91 3.60 6.32 4.23   ...
Sales in Austria EUR mil ... ... ... ... ... ... ... ... ... ... 135 146 158 181 180   ...
Sales in Turkey EUR mil ... ... ... ... ... ... ... ... ... ... 126 170 173 205 248   ...
Sales in Other Countries EUR mil ... ... ... ... ... ... ... ... ... ... 90.9 110 135 190 208   ...
EBITDA Margin from Airline Catering %                     10.7 11.3 17.3 7.20 11.4   ...
EBITDA Margin from International Event Catering %                     11.7 11.8 12.0 12.0 12.4   ...
EBITDA Margin from Restaurants, Lounges & Hotel %                     7.29 7.44 7.70 6.37 5.92   ...
EBIT Margin from Airline Catering %                     5.10 6.77 7.61 5.07 8.27   ...
EBIT Margin from International Event Catering %                     8.79 8.92 13.4 9.24 8.52   ...
EBIT Margin from Restaurants, Lounges & Hotel %                     3.97 4.68 5.10 6.03 3.38   ...

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Mar 2014
Statistical Dossier
Mar 2014
Company Report

DO & CO AG is an Austria-based catering company, headquartered in Vienna. The Company is active in many catering segment, such as airline catering, train catering and international events catering. It is also involved in providing services through its restaurants, bars, lounges, and hotels. In the Airline catering business, the Company providesservices to more than 60 airline companies, such as Austrian Airlines, Turkish Airlines, or Air France, for example. Its International Event Catering division covers sporting events worldwide, including tennis and golf tournaments, skiing events and Formula One Grand Prix races. DO & CO operates a number of subsidiaries located in Austria, Germany, the United Kingdom, the United States, Poland, Malta and United Arab Emirates, among others.

Finance

DO & CO has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 100% a year during that time to total of in 2015, or of sales. That’s compared to 10.5% average margin seen in last five years.

The company netted in 2015 implying ROE of and ROCE of . Again, the average figures were 13.3% and 13.7%, respectively when looking at the previous 5 years.

DO & CO’s net debt amounted to at the end of 2015, or of equity. When compared to EBITDA, net debt was x, up when compared to average of -0.218x seen in the last 5 years.

Valuation

DO & CO stock traded at per share at the end of 2015 resulting in a market capitalization of . Over the previous five years, stock price fell by 0% or -100% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of x and price to earnings (PE) of x as of 2015.

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