Delivery Hero: Talabat IPO spicing up investment case
The Talabat sub-IPO brings EUR1.9bn, de-levers the balance sheet to below 2x net debt/EBITDA and has already fuelled a 65% share price recovery. But a closer look at the SOTP shows that other businesses beyond Talabat are valued at just 6x EV/EBITDA (i.e.like a food retailer) and 9x for Korea (slig
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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