Food Delivery: new ratings hierarchy for a new year

As we enter 2025, we are looking for self-help levers capable of further boosting food delivery platforms' growth/FCF profiles while putting consolidation options aside. After a very efficient year in 2024 for our ratings hierarchy, we are now adjusting it by double-upgrading Just Eat Takeaway to B

Morning Notes : FAGR BB, SEQUA BB, SHUR BB, TKWY NA

: FAGR BB, SEQUA BB, SHUR BB, TKWY NA

Credit Morning 12/17/2024

Eutelsat / SES: signature of the IRIS2 contract with the European Commission|Worldline: ANZ reportedly considers acquiring back its payment unit (Capital Brief)|BFCM announces its intention to call its 3 legacy Perp CMS|

Morning Crédit 17/12/2024

Eutelsat / SES : signature du contrat IRIS2 avec la Commission Européenne|Worldline : ANZ envisagerait de racheter son unité de paiements (Capital Brief)|BFCM annonce les remboursements aux prochaines dates de call de ses 3 legacy Perp CMS|

On the shelves now: Consumer Weekly #52

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. For the last Consumer Weekly of 2024, we look at the normal inertia effect between improving US

JUST EAT TAKEWAY.COM : M&A improving the profile. Time to fight back!

We believe selling Grubhub was the right thing to do. Moreover we believe the company should sell Menulog and SkipTheDishes soon as well, which will further improve the profile of the company. The remainder of the business will be a European powerhouse that is equipped to both fight the remaining competition in Europe and reward shareholders with aggressive SBBs.

ODDO BHF Small & MIDCAP MORNING NEWS – 12/09/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 09/12/2024

Delivery Hero: understanding the cash implications behind the Spanish ...

With Delivery Hero about to lose in the lower courts in Spain, it has decided to shift its rider model to an employment model in the country. This should cut FY EBITDA by EUR100m causing a 9% css cut with gradual payments to be made to cope with contingencies (EUR200m/year over three years in our v

On the shelves now: Consumer Weekly #50

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 Deloitte and NRF's predictions for the 2024 holiday shopping season, expec

Delivery Hero: Talabat IPO spicing up investment case

The Talabat sub-IPO brings EUR1.9bn, de-levers the balance sheet to below 2x net debt/EBITDA and has already fuelled a 65% share price recovery. But a closer look at the SOTP shows that other businesses beyond Talabat are valued at just 6x EV/EBITDA (i.e.like a food retailer) and 9x for Korea (slig

Morning Notes : CMBT BB, HAL NA, SEQUA BB, SHUR BB, TKWY NA

: CMBT BB, HAL NA, SEQUA BB, SHUR BB, TKWY NA

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

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

ODDO BHF Small & MIDCAP MORNING NEWS - 11/13/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 13/11/2024

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Credit Morning 11/13/2024

La Française des Jeux enters the bond marketNexans: Unveiling its 2025-28 objectives.>...

Morning Crédit 13/11/2024

La Française des Jeux fait son entrée sur le marché obligataireNexans dévoile ses objectifs 2025-28.>...

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% ...

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...