Delivery Hero: more investments and no improvement in FCF conversion on 2025 menu
The Q4 trading update proved to be reassuring for the Middle-East whereas Korea's recovery remains hypothetical. We have notched down our FY 2025 EBITDA again on the back of disappointing FY guidance, marked by additional investments in Korea and a slower development of adtech. We remain on the sid
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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