Degroof Petercam - Just Eat Takeaway.com N.V. (TKWY) Just Eat Takeaway - Q1 update broadly in line, guidance repeated

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Degroof Petercam

Michael Roeg

Just Eat Takeaway - Q1 update broadly in line, guidance repeated

Q1-24 orders/GTV broadly in line, core ops +4% GTV growth (+3% CC)Guidance FY24 repeated: adj. EBITDA circa EUR 450m, FCF positiveWe will fine-tune our estimates, TP of EUR 30 and Buy rating reiterated

17/04/2024 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

Other Reports on these Companies

Degroof Petercam

Just Eat Takeaway - Rectification: reaffirm coverage

This morning we accidentally sent out a one-pager in which it was incorrectly stated that we dropped coverage on Just Eat Takeaway.com.We reaffirm our coverage on Just Eat Takeaway.com, with a target price of EUR 30 and a Buy rating (Preference List).

April 30, 2024 April 30, 2024 1 EN

ING Financial Markets

Just Eat Takeaway.com/Building trust/BUY

JET reported a mixed 1Q24 trading update. There was, again, good performance in its core European stronghold, Northern Europe & UK. There was continued weak performance in North America and Southern Europe & Australia. We have small upward revisions to our estimates. We remain positive on the overall investment case as we believe the business is at the inflection point to both grow and improve profitability. In our view, the positives strongly outweigh the negatives, and we reiterate our BUY rating and slightly raise our target price to €22.50 per share (from €21.00).

April 22, 2024 April 22, 2024 1 EN

Bryan Garnier

Food Delivery: diverging growth/FCF profiles

Post TKWY and ROO's Q1 figures and ahead of DHER's publication, we note an improving growth trend in Q1. This growth will nevertheless have to rebalance towards orders as out-of-home food is also set to face disinflation this year. The ability to recreate HSD% growth will be the name of the 2024-25

April 19, 2024 April 19, 2024 1 EN

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9h / 53m 9h / 53m 1 EN

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Frank Claassen

PostNL - An unconvincing start

• The Q1-24 missed on EBIT due to a steeper decline at Mail and unfavorable mix at Parcels.• Nevertheless, PostNL sticks to its FY24 guidance range, which has now become even more dependent on Q4. We will lower our estimates towards the lower-end of this guidance range.• We stick to Hold and lower our TP to EUR 1.25 (was EUR 1.35 p/s), based on our 2025E SOTP.

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Vincent Koppmair

Vincent Koppmair

NSI - Big changes in shareholder structure

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Just Eat Takeaway - Q1 update broadly in line, guidance repeated

Just Eat Takeaway - Rectification: reaffirm coverage

Just Eat Takeaway.com/Building trust/BUY

Food Delivery: diverging growth/FCF profiles

Agfa-Gevaert - 2024 also to be H2-weighted - Q1 preview

PostNL - An unconvincing start

NSI - Big changes in shareholder structure

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