Report
Clement Genelot

Delivery Hero: understanding the cash implications behind the Spanish model reshuffle

With Delivery Hero about to lose in the lower courts in Spain, it has decided to shift its rider model to an employment model in the country. This should cut FY EBITDA by EUR100m causing a 9% css cut with gradual payments to be made to cope with contingencies (EUR200m/year over three years in our v
Underlying
Provider
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.

Analysts
Clement Genelot

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