Grubhub Continues Robust Growth; Increasing FVE to $61; Shares Overvalued
Grubhub’s fourth-quarter results were in line with our projections and exceeded consensus as the number of diners increased sharply due to steady organic growth and the recent acquisition of Yelp’s Eat24. In addition, management provided first-quarter 2018 revenue and adjusted EBITDA guidance slightly above our previous internal forecasts. The firm also announced a $200 million partnership deal with Yum Brands, the parent company of Taco Bell, KFC, and Pizza Hut, providing ordering, point-of-sal...
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