Degroof Petercam - Just Eat Takeaway.com N.V. (TKWY) Just Eat Takeaway - Lifts guidance on EBITDA and FCF

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Degroof Petercam

Michael Roeg

Just Eat Takeaway - Lifts guidance on EBITDA and FCF

Q3-23 orders and GTV were broadly in line with our estimates and CSSGuidance raised on adj. EBITDA to EUR 310m (from EUR 275m) and on FCF to be break-even in H2-23 (from mid-2024)We will lift our estimates and reiterate our Buy rating. We set our TP at 30, which values JET at circa 12.5x mid-term EV/EBITDA

18/10/2023 1 EN

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.

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NL0012015705 Euronext Amsterdam Netherlands

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Degroof Petercam

We are an investment house with Belgian roots founded on more than 150 years of trust.

As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.

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Analysts

Michael Roeg

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