Delivery Hero: Talabat IPO to crystallise massive value and deleverage balance sheet
The recent CMD for Talabat ahead of the IPO demonstrated its superior profile with a prospective valuation of c.16x EV/EBITDA in our view, potentially raising c.EUR1.7bn for Delivery Hero and further deleveraging its balance sheet to such low levels that liquidity concerns would be permanently remo
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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