DELIVERY HERO - BUY | EUR177(+60%) Good growth momentum with improving contribution margin in Q3
DELIVERY HERO - BUY | EUR177(+60%)Good growth momentum with improving contribution margin in Q3
Q3 growth only slightly decelerating to 65% on GMV and to 89% on sales
No hard-landing in growth anywhere
FY 2021 guidance upgraded in the upper end of the initial range
Buy reiterated, reassuring comments on contribution margin
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.
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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