reports
- 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
Just Eat Takeaway: profile still too weak to justifiy a rerating
Post-Q3 marked by another disappointing GTV development and no FY EBITDA guidance upgrade, we have cut our FY 2024-26e estimates by c.1% and our PT to EUR12. Sell reiterated despite the absence of any downside as we clearly steer clear of JET vs. Delivery Hero and Deliveroo. In our view, JET is che
- Emmanuel Matot
- Marc Lavaud
- Emmanuel Matot
- Marc Lavaud
- Andreas Riemann
- Wim Gille
JUST EAT TAKEWAY.COM : Another boring quarter
>Boring 3Q24 set of results. - TKWY results were a marginal miss vs company compiled consensus. Group orders (both in and excluding North America) are down 3% year-on-year, missing consensus by 1%. Group GTV is down 2% year-on-year missing consensus by 2%. Excluding North America Group GTV is up 3% year-on-year. Deviations are same same across the regions. Outlook reiterated - Company cites an improved exit rate following a slower July. In addition th...
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: NLFI selling down to 30% stake, outlook for below 15%. ASML: 3Q24 results – ouch, that hurts. Gimv: Linking Belgian brewery craftmanship with Dutch commercial spirit. Just Eat Takeaway.com: No order growth yet. PostNL: New CLAs for PostNL employees and for Saturday deliverers
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- ING Helpdesk
Benelux Morning Notes
Just Eat Takeaway.com: Preview of 3Q24. Kinepolis: Peer Cineplex September box office revenue at 79% of 2019 level, up 3% YoY. Randstad: Preview of 3Q24F results due 22 October, consensus released. Staffing: Hays' 1Q24/25 trading update; 1Q24/25 growth slightly better on easier comps. TomTom: 3Q24 results - Enterprise partly saves the day. Coverage change
- Roy Külter
- Steven Boumans
- Andreas Riemann
- Wim Gille
JUST EAT TAKEWAY.COM : Restructuring in Canada generating high teens c...
>Restructuring in Canada - Paul Burns, CEO of SkipTheDishes, yesterday shared news on LinkedIn of a restructuring and workforce reduction in Canada. Below is a summary with some more colour relevant to the investor community.Following a comprehensive business review, the company has made the difficult decision to reduce the size of its workforce in Canada to streamline operations and rightsize the business.Altogether, this will impact approximately 800 emplo...
- Clement Genelot
Just Eat Takeaway: Improving, but still insufficient growth/profitabil...
Post-Q2 publication marked by persistently weak order trend and outperforming EBITDA, we have slightly lifted our EBITDA estimates and continue to expect slightly better growth and margin trends for H2. However, it will not be enough to engage a real rerating beyond last week's positive share price
- Marc Hesselink
- CFA
- Thymen Rundberg
Just Eat Takeaway.com/Stay the course/BUY
JET reported a good 1H24 trading update. We have minor revisions to our estimates while we remain positive on the case as in our view the business is at the inflection point to both grow and improve profitability. We reiterate our BUY rating but slightly lower our target price to €21per share (from €22.5).
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