Clement Genelot

The “Hunger Games” are Finally Easing | DELIVEROO Initiation of coverage

Sector Overview Food Delivery

The “Hunger Games” are Finally Easing

In this report, we analyzed the new paradigm of 2022 marked by tech stocks purge and rising interest rates, thus forcing all loss-making food delivery platforms to refocus on profitability. Acknowledging that it’s a blessing in disguise, we decided to favor the players able to breakeven at the fastest and with fewer competitive constraints as well as the players benefiting from appealing short-term asset monetization options. Delivery Hero and Just Eat Takeaway both upgraded to Buy while Deliveroo is initiated at Neutral.

Delivery Hero SE

Delivery Hero SE is a Germany-based company, which is primarily engaged in the food industry. The Company operates as a provider of online food delivery services from restaurants and cafes. The Company offers pizza, burger, organic food, vegan cuisine, and Asian dishes, among others. Its portfolio of brands comprises Foodpanda, Lieferheld, Foodora, PedidosYa, Clickdelivery, Talabat, Yemeksepeti, Donesi, Pauza, Hungerstation, Hellofood, Otlob and others. The Company operates globally, on the territory of more than 40 countries, comprising Europe, the Middle East, North Africa, Asia, and the Americas. The Company's services are available through Web version and mobile application.

Just Eat N.V. NV. NV, formerly Takeaway Com Holding BV, is a company based in the Netherlands that operates an online food delivery marketplace. The Company focuses on connecting consumers and restaurants, and allows users to order food from nearby restaurants and have the food delivered to their homes. The Company transmits the order placed by customers and forwards it to restaurants, which prepare and deliver the meal. It is present in Portugal, France, Switzerland, Austria, Luxembourg, Belgium, the Netherlands, Germany, Poland, Bulgaria, Romania and Vietnam, and operates the Websites,,,,,,,,,,, and The platforms feature various kinds of restaurants.

Bryan Garnier
Bryan Garnier

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.

Clement Genelot

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