DELIVERY HERO: Time to take a break until late 2022 | NEUTRAL vs. BUY | EUR100 VS. EUR160 (+115%)
DELIVERY HERO - NEUTRAL vs. BUY | EUR100 VS. EUR160 (+115%)Time to take a break until late 2022
Following the very disappointing 2022 EBITDA guidance, we have cut our EBITDA and increased our cash-burn, leading to a new TP of EUR100 vs. EUR160 and real concerns about the lack of visibility / momentum on the profitability path until at least late 2022. We have downgraded our recommendation from Buy to Neutral.
The refocus on profitability is not yet materializing
2022 will finally be another year of EBITDA investments…
Where will these EBITDA investments be allocated?
Refinancing issues on 2024 deadline will remain a concern
Downgraded to Neutral from Buy without catalyst before late 2022
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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