Report
Clement Genelot

JUST EAT TAKEAWA: EBITDA likely to remain negative beyond 2021 | SELL | EUR75 VS. EUR78 (+10%)

JUST EAT TAKEAWA - SELL | EUR75 VS. EUR78 (+10%)
EBITDA likely to remain negative beyond 2021

Profitability at the core of market concerns
H2 2021 EBITDA likely to remain negative
Four reasons why 2022 EBITDA may not breakeven
Sell reiterated with a TP lowered from EUR78 to EUR75

Cheapest than ever but M&A speculation is illusory
Underlying
Just Eat Takeaway.com N.V.

Takeaway.com NV. Takeaway.com NV, formerly Takeaway Com Holding BV, is a company based in the Netherlands that operates an online food delivery marketplace. The Company focuses on connecting consumers and restaurants, and allows users to order food from nearby restaurants and have the food delivered to their homes. The Company transmits the order placed by customers and forwards it to restaurants, which prepare and deliver the meal. It is present in Portugal, France, Switzerland, Austria, Luxembourg, Belgium, the Netherlands, Germany, Poland, Bulgaria, Romania and Vietnam, and operates the Websites Lieferando.de, Lieferservice.at, Lieferservice.ch, Pizza.be, Pizza.fr, Pizza.lu, Pizza.pl, Pyszne.pl, BGmenu.com, Oliviera.ro, Takeaway.com, Thuisbezorgd.nl and Vietnammm.com. The platforms feature various kinds of restaurants.

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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