Delivery Hero: still delivering despite competition-driven reinvestments
In Q1, Delivery Hero demonstrated its ability to outperform peers and generate an appealing growth/profitability/FCF profile, which should continue to fuel the ongoing rerating (i.e. 0.9x EV/Sales 2025e vs. 0.7-0.8x as of Feb.) even though Meituan's in-road into Saudi Arabia has to be closely monit
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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