Just Eat Takeaway Ready to spice things up, by adding FCF to the menu
Today, we initiate coverage on Just Eat Takeaway (JET), a global online food delivery platform with proven industry-leading margins in Northern Europe. In this note, we take a closer look at the underlying market trends, the competitive landscape and the potential impact of the sale of JET's US business, Grubhub. Following the post-pandemic normalisation, we have seen a rapid recovery in margins, driven by efficiency gains and cost savings. We expect this trend to continue into 2024, with JET also expected to become FCF positive. Together with the strong balance sheet, we see room for additional shareholder returns. We initiate with a Buy rating and € 18.0 TP and see further upside in the event of a successful Grubhub sale, as we expect this could lead to a re-rating of the stock.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.
Koninklijke Ahold Delhaize is an international group of supermarket and foodservice operators based in Europe and the U.S. Co. operates supermarkets and convenience stores. In addition, Co. provides online food retailing services. Co. also finances, develops and manages store sites and shopping centers. Ahold Europe comprises Albert Heijn in the Netherlands and Belgium; Etos, Gall & Gall, and albert.nl in the Netherlands; and Albert / Hypernova in the Czech Republic and Slovakia. Ahold USA is organized into four retail divisions: Giant Carlisle, Giant Landover, Stop & Shop New England, and Stop & Shop New York Metro. The Peapod online business is also part of Ahold USA.
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