Grubhub Reported Another Strong Quarter; Increasing FVE to $41; Shares Remain Overvalued
Grubhub’s third-quarter 2017 results came in slightly ahead of our projections and comfortably beat consensus as organic growth in the number of diners remained strong. Grubhub also provided fourth-quarter revenue and adjusted EBITDA guidance above our internal estimates and the Street’s projections. While the firm’s continuing diner and revenue growth may point to a first-mover network effect moat source, such a moat may be at risk in the long run as we remain doubtful that the firm can differe...
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