reports
- Clement Genelot
Delivery Hero: model update
Post-Q3 trading update, we have again updated our model with an unchanged PT at EUR46 (based on a mix of DCF and SOTP) and a Buy rating.FY 2025 estimates adjustment: We have left our FY 2024 estimates unchanged but cut our FY 2025 EBITDA by c.EUR60m or c.5% to reflect more investments in Korea (rev
- Clement Genelot
Just Eat Takeaway: the end of an American adventure to forget, further...
We welcome the long-awaited disposal of Grubhub, even at price close to zero, as it improves the group's growth profile. However, this profile remains a couple of points lower than European peers and explains why JET continues to trade at such a discount vs. DHER and ROO despite showcasing broadly
- Maissa Keskes
- Stephane Houri
TEMN TEMENOS AG
LEI LEIFHEIT AG
ITP INTERPARFUMS
IPH INNATE PHARMA SA CLASS A
VOE VOESTALPINE AG
TPE PVA TEPLA AG
SIX2 SIXT SE
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
DLG DE'LONGHI S.P.A.
JUN3 JUNGHEINRICH AG PREF
TKWY JUST EAT TAKEAWAY.COM N.V.
BSGR B&S GROUP S.A.
AG1 AUTO1 GROUP
SPAC 468 SPAC I SE
IOS IONOS GROUP SE
R3NK RENK GROUP AG
- Maissa Keskes
- Stephane Houri
TEMN TEMENOS AG
LEI LEIFHEIT AG
ITP INTERPARFUMS
IPH INNATE PHARMA SA CLASS A
VOE VOESTALPINE AG
TPE PVA TEPLA AG
SIX2 SIXT SE
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
DLG DE'LONGHI S.P.A.
JUN3 JUNGHEINRICH AG PREF
TKWY JUST EAT TAKEAWAY.COM N.V.
BSGR B&S GROUP S.A.
AG1 AUTO1 GROUP
SPAC 468 SPAC I SE
IOS IONOS GROUP SE
R3NK RENK GROUP AG
- Carole Braudeau
- Carole Braudeau
- Andreas Riemann
- Wim Gille
JUST EAT TAKEWAY.COM : Sale of Grubhub – improving the profile
>Selling Grubhub for a low price - TKWY announced the sale of Grubhub for an Enterprise Value of $650mln. Grubhub will be transferred with its $500 million of senior notes and, after customary adjustments, net proceeds to the Company are expected to be up to $50 million. The price will not be impacted by any potential adjustments to the New York Fee caps. In FY23 Grubhub generated 237mln orders (27% of group), $8.0bn in GTV (28% of group) and Adj EBITDA of 94mln (27% ...
- Michiel Declercq
Just Eat Takeaway Sells Grubhub for an EV of $650m
This morning, JET announced that it has entered into a definitive agreement to sell Grubhub to Wonder group. The transaction values Grubhub at an EV of $650m. After adjusting for $500m in Grubhub senior notes and customary adjustments, net proceeds for JET are expected to be up to $50m. The completion of the deal is expected during 1Q25. The group further mentioned that the Enterprise value reflects the Company's expectations that NY fee caps will be amended in the near term. We reiterate our Bu...
- ING Helpdesk
- Jacob Mekhael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Clement Genelot
Delivery Hero: all eyes on asset value maximisation ahead of Korea rel...
Post-Q3, we understand that the EBITDA warning was driven by a delayed and more harmful reshuffling of the commercial offer and subscription programme in Korea, a more temporary than structural element with 2025 set to return to growth and market share gains in the region. We maintain our PT at EUR
- Clement Genelot
Cheffelo: better profile but uncertain HelloFresh playbook in the Nord...
Post-Q3, we have left our FY 2024-26 estimates unchanged and stick to our SEK30 PT. Cheffelo proved its ability to quickly return to "profitable growth" mode in 2024 and the growth/profitability profile we foresee is interesting. But uncertainty over competitive dynamics in the Nordics prevents us
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #46
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week we look at the growing valuation gap between European and US retailers. Happy reading!
- Clement Genelot
HelloFresh: welcome pragmatism, but unknown downside on meal-kit custo...
HelloFresh further detailed its new commercial approach for meal-kit in its Q3 conference call. While this welcome shift was perceived as strong proof of pragmatism in a still declining meal-kit environment, it remains to be seen where the new customer base floor stands and for how long the meal-ki
- Clement Genelot
UK Retail: relief on relatively unharmful 2025 budget
The tax increases outlined in the UK's 2025 budget have proved to be skewed towards corporates and wealthy households with the prospect of manageable extra-staff costs for Tesco (Buy) and Deliveroo (Neutral) and better purchasing power prospects, fuelling a continued recovery in grocery volume &
- Carole Braudeau
- Carole Braudeau
EQS-News: Q3 2024: HelloFresh Gruppe erzielt währungsbereinigtes Umsat...
EQS-News: HelloFresh SE / Schlagwort(e): Quartalsergebnis Q3 2024: HelloFresh Gruppe erzielt währungsbereinigtes Umsatzwachstum von 1,9 % gegenüber dem Vorjahr und bereinigtes EBITDA („AEBITDA“) von €72 Millionen 29.10.2024 / 06:58 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Q3 2024: HelloFresh Gruppe erzielt währungsbereinigtes Umsatzwachstum von 1,9 % gegenüber dem Vorjahr und bereinigtes EBITDA („AEBITDA“) von €72 Millionen Gruppenumsatz in der Berichtswährung Euro von rund €1,83 Milliarden in Q3 2024 (Q3 2023: €1,80 Mil...
EQS-News: Q3 2024: HelloFresh Group achieved a year-on-year constant c...
EQS-News: HelloFresh SE / Key word(s): Quarter Results Q3 2024: HelloFresh Group achieved a year-on-year constant currency revenue growth of 1.9% and an adjusted EBITDA (“AEBITDA”) of €72 million 29.10.2024 / 06:58 CET/CEST The issuer is solely responsible for the content of this announcement. Q3 2024: HelloFresh Group achieved a year-on-year constant currency revenue growth of 1.9% and an adjusted EBITDA (“AEBITDA”) of €72 million Group euro-reported revenue reached approximately €1.83 billion in Q3 2024 (Q3 2023: €1.80 billion) Group AEBITDA reached €72 million...
- Clement Genelot
HelloFresh: Ongoing weakness in meal-kits, but encouraging signs of pr...
With HelloFresh beating Q3 EBITDA expectations, cutting its FY sales guidance and upgrading its FY EBITDA guidance on "marketing efficiencies", we understand that the meal-kits customer base is still far from stabilising. But HelloFresh is sending another welcome signal of pragmatism by downsizing
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