DELIVEROO: H1 highlights the resilient EBITDA trend despite inflation | NEUTRAL | 130p vs. 140p
DELIVEROO - NEUTRAL | 130p vs. 140pH1 highlights the resilient EBITDA trend despite inflation
Slight reacceleration in GTV growth over H2 as long as trading down is not deteriorating
EBITDA improvement trend remains untouched
EBITDA breakeven still seen in H1 2024 with enough cash to hold on until then
Neutral reiterated with a TP lowered from 140p to 130p
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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