DELIVERY HERO: Full steam ahead on the path to profitability | BUY | EUR70 VS. EUR63
DELIVERY HERO - BUY | EUR70 VS. EUR63 (+65%)Full steam ahead on the path to profitability
Following the guidance upgrade and H1 results, we were impressed by top management’s execution on every front: top line soft-landing, strong profitability optimisation and cash-burn control. We still see upside potential for FY 2023 EBITDA while liquidity is no longer an issue. The path towards a rerating is now taking shape. Buy reiterated with our TP lifted from EUR63 to EUR70 reflecting a c.10% estimates increase, lower CAPEX and lower WCR outflows.
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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