KBC Securities - Just Eat Takeaway.com N.V. (TKWY) Just Eat Takeaway 1Q24 Conference call feedback

Report

KBC Securities

Michiel Declercq

Just Eat Takeaway 1Q24 Conference call feedback

1Q24 GTV decreased by 2% at constant fx to € 6547m (kbcse: € 6519m, css: € 6559m), but was up 3% at constant fx when excluding for N-A, or in line with the +2% to +6% FY24 guidance. Although order volumes of 214.2m came in slightly below expectations (kbcse: 215.1m, css: 216.7m), this was offset by a strong ATV growth 4.5% to € 30.6 per order (kbcse: € 30.3, css: € 30.2m), especially in N-E, the UK & IRE. We are pleased that performance in JET's core geographies continued to improve in 1Q24, even reporting order volume growth again in the UK. We reiterate our Buy and € 18.0 TP.

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.

See profile

NL0012015705 Euronext Amsterdam Netherlands

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

See profile

Analysts

Michiel Declercq

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).

17h / 38m 17h / 38m 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

Morning Notes : ARCAD NA, DIE BB, FUR NA, TESB BB, TINC BB, UCB BB

: ARCAD NA, DIE BB, FUR NA, TESB BB, TINC BB, UCB BB

10h / 38m 10h / 38m 1 EN

Sharad Kumar S.P

Sharad Kumar S.P

Whitestone Group FY23: NAV rises 10.3% thanks to asset quality & Multifin deal

During FY23, Whitestone Group saw its NAV increase by 10.3% from €13.0ps to €14.3ps (€52.1m) – the increase in NAV was mainly driven by upward revisions of the value of portfolio companies and due to the €17.8 Mutifin SA deal which enabled Whitestone to bring onboard an experienced partner and to gain ownership interests in Energy Solutions Group, Clay Capital fund (€1.3m), Sibelco (€3.2m) and Abbove (€1.0m). The aim of the partnership is to strengthen certain existing holdings and make new investments in SMEs that meet investment criteria with a slight bias toward energy transition and specif...

10h / 53m 10h / 53m 1 EN

Thomas Vranken

Thomas Vranken

UCB Model update: UCB's five growth drivers into the next decade

UCB is entering a next stage of growth as it turns the page on the loss of exclusivity of several of its mature assets. The new chapter will focus strongly on five growth drivers: Bimzelx, Rystiggo, Zilbrysq, Fintepla and Evenity. Jointly, these assets could deliver significant topline growth and margin improvements in the coming years. We have conducted an extensive update of our model to incorporate these new dynamics. Our DCF-based valuation points to a fair value of € 143 per share (previously € 110), while we maintain our Accumulate rating.

11h / 11m 11h / 11m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN