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☆ Delivery Hero vs. Just Eat? One has 60% upside in a 'winner-takes-all' market, says Stifel
▼ + stars: | 2024-10-15 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Berlin-based Delivery Hero and Dutch multinational Just Eat Takeaway are two companies at the center of the ruthless online food delivery sector. Over the past decade, Delivery Hero has accumulated net losses of 9.6 billion euros ($10.47 billion) , while Just Eat Takeaway has racked up 7.1 billion euros in losses. Delivery Hero wins? The investment bank is particularly bullish on Delivery Hero, initiating coverage with a "Buy" rating and a price target of 60 euros, implying a potential upside of 60%. Meanwhile, Just Eat Takeaway (TKWY) has a "Hold" rating from Stifel, with a 17% upside potential on the current share price.

Persons: Stifel, Benjamin Kohnke, Uber, Stifel's Kohnke, Kohnke, — CNBC's Michael Bloom Organizations: Investment, Dubai Financial, Deutsche Bank, RBC Locations: Berlin, U.S, Europe, Dubai, Northern Europe

☆ Jefferies says shares of this lesser known global delivery firm are set to soar over 125%
▼ + stars: | 2024-07-08 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Shares of Dutch food delivery marketplace Just Eat Takeaway.com could more than double over the next 12 months, according to Jefferies analysts. Jefferies remains bullish on Just Eat, even as the company's U.S. business Grubhub has faced the pressures of government price controls imposed on restaurants since the Covid-19 pandemic. Just Eat expects a $100 million EBITDA impact from the amending of the fee caps, the Jefferies note reported. Shares of the delivery firm have also moved away from their high during the Covid pandemic, and are now down 18.1% year-to-date and 22.5% in the last 12 months. It also trades as an American Depository Receipt in the U.S. — CNBC's Michael Bloom contributed to this report.

Persons: Jefferies, Grubhub, Giles Throne, Throne, — CNBC's Michael Bloom Organizations: Jefferies, U.S ., TKWY, Euronext Amsterdam, London Stock Exchange, American Locations: U.S, New York, New York City

☆ HelloFresh becomes buyout amuse-bouche
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

Vegetable and chillies are seen at the vegetable market in Jakarta, Indonesia, June 2, 2017. REUTERS/Beawiharta Acquire Licensing RightsLONDON, Nov 16 (Reuters Breakingviews) - HelloFresh (HFGG.DE) could be a guinea pig for food delivery buyouts. That’s mainly because one of its meal-prep sites faced water supply problems, and a slowdown in new customers in the United States. Assume a buyout group were to pay a 30% premium to the company’s market value, implying an enterprise value of 3.6 billion euros. For a buyout group, that’s food for thought.

Persons: Dominik Richter, Karen Kwok, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, X, Alstom, Thomson Locations: Jakarta, Indonesia, United States, China

REUTERS/Angus Mordant/File Photo Acquire Licensing RightsNEW YORK, Sept 19 (Reuters) - A federal judge on Tuesday said DoorDash (DASH.N), Grubhub (TKWY.AS) and Uber Eats (UBER.N) can sue New York City over a law capping how much they can charge restaurants for delivering meals. "Good news from New York City," CEO of Grubhub's parent company Just Eat Takeaway, Jitse Groen, wrote on X, formerly known as Twitter. Woods said the plaintiffs adequately alleged that the law unconstitutionally interfered with their ability to collect higher commissions under their contracts with restaurants. The plaintiffs have said commission caps would necessitate higher delivery fees, resulting in higher prices for consumers and less revenue for restaurants. The case is DoorDash Inc et al v City of New York, U.S. District Court, District of New York, No 21-07564.

Persons: Angus Mordant, DoorDash, Gregory Woods, Nicholas Paolucci, Grubhub, Jitse Groen, Woods, Jonathan Stempel, Diana Mandiá, Mark Potter, Timothy Gardner Organizations: REUTERS, New, Constitution, New York, City Council, Council, Twitter, Thomson Locations: Manhattan , New York, U.S, New York City, Manhattan, New York, Amsterdam, San Francisco, City of New York, Gdansk

☆ Morning Bid: Fed vigil sees oil recoil and UK surprise
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +4 min

Canada's consumer prices raced ahead at an unexpectedly brisk clip last month, but outlier Britain got a positive surprise as inflation there fell back in August. Starts swooned last month, but building permits - which many see as a better gauge of future activity - beat forecasts and pushed higher. Although Asia bourses were in the red earlier, European stocks pushed higher and Wall St futures were positive ahead of the open too. Relief in the oil market pulled two-year Treasury yields back about 5 basis points from two-month highs at 5.12%. Key developments that should provide more direction to U.S. markets later on Wednesday:* U.S. Federal Reserve policy decision, new economic projections and press conference.

Persons: Mike Dolan, Asia bourses, Mills, Toby Chopra Organizations: Federal Reserve, People's Bank of China, Bank of England, Fed, Friday's Bank of Japan, Arm Holdings, U.S, New, . Federal, Bank of Canada, FedEx, United Nations General Assembly, Reuters Graphics Reuters, Reuters, Reuters Graphics Housing, Thomson Locations: U.S, Asia, Europe, New York City, New York

☆ Deliveroo lacks tasty recipe for takeover call
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 14 (Reuters Breakingviews) - Deliveroo’s (ROO.L) valuation makes it a plausible takeover target, but Chief Executive Will Shu has a weak hand in negotiating any deal. Activist investor Sachem Head Capital Management has built a stake in the London-listed food delivery company, Bloomberg reported late on Wednesday. Share prices of Deliveroo rose nearly 5% on Thursday morning. That’s below the 1.5 times average of rivals Delivery Hero (DHER.DE), Just Eat Takeaway.com (TKWY.AS), HelloFresh (HFGG.DE) and DoorDash (DASH.N). Lastly, Delivery Hero and Amazon’s 5% and 12.5% stakes could complicate any deal.

Persons: Will Shu, LSEG, Uber, Karen Kwok, BoE, Neil Unmack, Streisand Neto Organizations: Reuters, Head Capital Management, Bloomberg, X, Treasury, Thomson Locations: London

☆ Turkish food delivery startup Getir to leave Spain, union says
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

MADRID, June 30 (Reuters) - Turkish delivery startup Getir will cease its business in Spain and lay off its entire workforce there of 1,560 after failing to raise enough capital in a recent funding round, Spain's biggest trade union CCOO said on Friday. "We condemn the disastrous business management of Getir, which has not known how to grow or have a market strategy in Spain," the union said in a statement. Spain's food delivery market is dominated by Delivery Hero (DHER.DE)-owned Glovo, the Netherlands' Just Eat Takeaway (TKWY.AS) and Uber Eats (UBER.N), all three of which gained market share after Britain's Deliveroo (ROO.L) exited the country in late 2021. Getir Spain did not immediately reply to a request for comment. However, in an April deal, Getir reportedly only raised about $500 million, cutting its valuation almost in half to $6.5 billion.

Persons: CCOO, Britain's Deliveroo, Getir, Le Monde, Flink, David Latona, Sudip Kar, Gupta, Louise Heavens Organizations: Getir, Financial Times, Thomson Locations: MADRID, Spain, Netherlands, Getir Spain, France, Getir France, Istanbul, Getir, Paris

☆ These two globally competitive food delivery stocks will soar 120%, RBC says
▼ + stars: | 2023-06-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Shares of two online food delivery companies are expected to soar by 120% over the next 12 months, according to RBC Capital. The investment bank said that Delivery Hero and Just Eat Takeaway.com are making significant strides in the industry, despite facing a few challenges. DHER-DE 5Y line The RBC analysts compared the delivery services of major food delivery players in Delivery Hero's and Just Eat Takeaway.com's primary markets, including countries like the U.K., Germany, Spain, the United States, and South Korea. Despite these extra costs, the service remains attractive in the Middle East and North Africa, where Delivery Hero holds a leading position. RBC also believes that Delivery Hero and Just Eat Takeaway.com can further bolster profitability by improving gross margins.

Persons: Wassachon Udomsilpa, Richard Chamberlain Organizations: RBC Capital, RBC Locations: Berlin, Amsterdam, Germany, Spain, United States, South Korea, U.S, East, North Africa, Turkey

☆ Uber to cease food delivery in Italy, exit Israel
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, June 15 (Reuters) - Uber (UBER.N) said on Thursday it will shut its food delivery business in Italy and exit Israel, where it has not built sufficient market share. CEO Dara Khosrowshahi has said Uber will invest only in markets where it can be the largest or second largest player. Uber trails Just Eat (TKWY.AS) and Glovo (DHER.DE) in Italian food delivery, and Gett Taxi and Yango (YNDX.O) in the Israeli taxi and private hire market. The company, which relies on self-employed contractors for its delivery service, said around 50 Uber employees and thousands of non-employee couriers and restaurants would be affected in Italy. Uber says it is seeing strong adoption by taxi drivers in Europe, who use the Uber app to supplement their curb-side ride hailing business.

Persons: Dara Khosrowshahi, Uber, Toby Sterling, Jan Harvey Organizations: Thomson Locations: AMSTERDAM, Italy, Israel, Europe, Britain, France, Spain, Germany

☆ Uber rival Bolt seeks to turn profitable next year, IPO in 2025
▼ + stars: | 2023-05-08 | by ( Supantha Mukherjee | ) www.reuters.com time to read: +3 min

STOCKHOLM, May 8 (Reuters) - Estonian ride-hailing and food delivery startup Bolt expects to turn profitable in the next 12 months and be ready for an initial public offering in 2025, its Chief Executive Officer Markus Villig said in an interview. The company, a rival of Uber (UBER.N), was valued at over $8 billion when it raised 628 million euros from investors in January last year. "We expect to be the first European mobility platform that will be fully profitable over the next 12 months," said Villig, who doesn't have a driving license. Bolt, run by 29-year-old Villig, does not plan to raise external capital through another funding round but will get ready for an IPO instead. It also expects its grocery business to break even or turn profitable in two or three years.

Europe's biggest meal delivery company expects adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 275 million euros ($301.6 million) in 2023. It had in January forecast adjusted EBITDA of 225 million euros. Furthermore, the company said it expected its gross transaction value (GTV) growth to be in a range of -4% to +2% year-on-year in 2023. Just Eat Takeaway also said it launched a share buyback programme of up to 150 million euros to be completed by the end of the year, citing an improvement of future earnings per share and covering the company's obligations. Since its IPO in 2016, Just Eat Takeaway's share price lost close to 30% of its original value.

☆ Just Eat’s employment U-turn won’t travel
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 22 (Reuters Breakingviews) - Just Eat Takeaway (TKWY.AS) Chief Executive Jitse Groen is speaking out of both sides of his mouth. That marks a U-turn from Groen’s 2021 claim that the gig worker model “led to precarious working conditions”. Just Eat Takeaway will employ food-delivery drivers in the UK as independent contractors or through third party agencies. Sacrificing workers’ rights amid a cost-of-living crisis also doesn’t make Groen look good. But with the European Union passing the legislation to improve workers’ rights, Just Eat Takeaway seems to be exploiting a Brexit loophole.

Diners said this forced them to pay artificially high prices for meals they ordered elsewhere. In response, the companies said that by accepting the terms of use for their platforms, diners agreed to arbitrate their claims individually and not pursue a class action in court. The diners' claims "are based solely on purchases made directly from restaurants or from non-defendant meal-delivery platforms," Kaplan wrote. Grubhub, Uber Eats, Postmates and their respective lawyers did not immediately respond to requests for comment. Grubhub is owned by Netherlands-based Just Eat Takeaway.com (TKWY.AS), while Uber Eats and Postmates are owned by Uber Technologies Inc (UBER.N).

☆ HelloFresh shares drop as profit outlook disappoints
▼ + stars: | 2023-03-07 | by ( Linda Pasquini | ) www.reuters.com time to read: +3 min

Germany's HelloFresh sees adjusted core profit (AEBITDA) of between 460 million and 540 million euros ($492 million and $577 million) in 2023, compared with analysts' estimate of 547 million euros. He said HelloFresh was not planning any lay-offs at the moment, and refrained from giving an update on the mid-term outlook. HelloFresh expects its revenue to grow 2% to 10% on a constant-currency basis this year, compared with growth of 18% in 2022. The company also forecast "relatively muted" order growth for 2023. HelloFresh reported annual AEBITDA of 477.4 million euros, above the 464.5 million euros expected by analysts.

☆ Just Eat Takeaway swings to small 2022 core profit, sees better 2023
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, March 1 (Reuters) - Just Eat Takeaway.com (TKWY.AS), Europe's largest meals delivery company, swung to a small 2022 core profit on Wednesday and said it was targeting 225 million euros of core profit this year. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2022 stood at 19 million euros ($20.13 million), compared with a loss of 350 million euros in 2021. Jefferies said in a note that Wednesday's report showed most of the company's EBITDA, 313 million euros worth, came from Northern Europe. Revenue was 5.56 billion euros, up from 4.50 billion euros a year earlier, and net loss was 5.67 billion euros, up from a loss of 1.04 billion euros. The company ended the year with just over 2 billion euros in cash.

☆ Analysis: Europe Inc earnings season a test for market optimism
▼ + stars: | 2023-01-23 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

In a sign analysts were unprepared for such optimism, Citi's economic surprise indicator for the euro zone (.CESIEUR) jumped last week to its highest since July 2021. "Companies are telling us that it's going to be harder to pass on rising costs to customers in 2023 as economic growth slows," said Nigel Bolton, co-chief investment officer of BlackRock Fundamental Equities. Fourth-quarter earnings for STOXX 600 companies are forecast to have grown by 10.7% year-on-year, the slowest in two years, according to Refinitiv I/B/E/S data. Earnings are seen bouncing back to growth of 11.4% in the final quarter of the year. Analysts downgrade earnings forecastsReporting by Joice Alves Editing by Josephine Mason and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Deliveroo achieves breakeven in second half
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 19 (Reuters) - British meal delivery company Deliveroo (ROO.L) said it achieved breakeven in adjusted earnings in the second half, boosting its margin for the year to a better-than-expected -1%, and it expected continued improvement in 2023. Founder and chief executive Will Shu said Deliveroo had delivered "significant improvements in profitability whilst also still delivering growth in a difficult macroeconomic environment". The loss-making company, which pulled out of Australia and the Netherlands in 2022, had previously expected its earnings margin for the year to be between -1.2% and -1.5%. The company, which competes with Just Eat Takeaway (TKWY.AS) and Uber Eats, will report its 2022 results on March 16. ($1 = 0.8110 pounds)Reporting by Paul Sandle; Editing by Kate Holton and Sarah YoungOur Standards: The Thomson Reuters Trust Principles.

The pan-European STOXX 600 (.STOXX) was up 0.1% by 0910 GMT, extending gains for a sixth straight day on boost from rate-sensitive technology stocks (.SX8P) and industrials (.SXNP). Richemont (CFR.S) rose 2% on reporting higher quarterly sales as tourists returned to Europe and Japan. Still, the luxury group missed market estimates after sales in China plunged by almost a quarter. "For luxury, China is quite important with more hopes of rebounding activity in the first half of this year," said Emmanuel Cau, head of European equity strategy at Barclays Investment Bank. Reporting by Bansari Mayur Kamdar and Ankika Biswas in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Just Eat delivers right takeaway orders, finally
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 18 (Reuters Breakingviews) - Food delivery boss Jitse Groen has started the new year with a glimpse of hope. Pleasing investors after a round of missteps, the Dutch company also forecast a higher-than-expected EBITDA of 225 million euros this year. The 5.6 billion euro ($6 billion) group’s results point to a brighter future than what Just Eat experienced in 2022. Less than a year after acquiring U.S. rival Grubhub, Groen made a U-turn by putting it up for sale and writing down the value of the division by 3 billion euros. All this happened while investors started to lose faith in the high-growth low-profit food delivery sector: Just Eat Takeaway lost 60% of its market value last year.

Elon Musk’s will-they-or-won’t-they Twitter debacle kept readers on tenterhooks via Refinitiv’s platforms and our two websites, Breakingviews.com and Reuters.com. Another piece posing the hard-hitting question, “What is Morgan Stanley (MS.N) smoking in Twitter LBO?”, garnered plenty of clicks on Breakingviews.com and via Refinitiv. Almost a third of the best-read lists tackled the outbreak of war in Europe, and its terrible ramifications. Views on the rouble and the prospect of the country’s economic collapse demanded attention. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Investor Cat Rock reduces stake in Just Eat Takeaway - SEC filing
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, Dec 16 (Reuters) - U.S. investor Cat Rock, previously the second-largest shareholder in meal delivery firm Just Eat Takeaway.com (TKWY.AS), has sold part of its stake, according to an SEC filing. The filing on Dec. 15 showed the stake standing at 4.93% with 10.65 million shares as of Dec. 12. Refinitiv data showed the investor had previously held around 14.79 million shares, or 6.85%. The largest shareholders in Just Eat are now founder Jitse Groen with 7.1%, Baupost Group with 6.5%, Caledonia Investments with 6.15%, and UBS Asset Management with 5.85%. Reporting by Toby Sterling Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: European food delivery shapes up with Getir's Gorillas buy
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +6 min

QUICK COMMERCEThe Gorillas acquisition makes Getir Europe's largest quick commerce company. LESS CAPITAL, FEWER COUPONSMore than a dozen smaller European quick commerce companies failed or were acquired since mid-2021. While profits may still be distant for the privately-held quick commerce companies, Europe's listed meal delivery companies have all set formal targets for earnings before interest, taxes, depreciation and amortisation (EBITDA). Shares in the European delivery companies are down around 60% from a year ago, but have traded sideways since June. So to "all the naysayers saying 'quick commerce is over - No.

☆ Meals company Takeaway, grocery delivery firm Getir in European partnership
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, Nov 17 (Reuters) - Meals delivery company Just Eat Takeaway (TKWY.AS) on Thursday announced a European partnership with online grocer Getir. Under the partnership, Takeaway said, Getir's groceries will be listed on Takeaway's platform and can be ordered via its smartphone app but will be delivered by Getir couriers. Amsterdam-based Takeaway is Europe's largest meals ordering and delivery company, while Istanbul-based Getir is the largest of several privately-held online grocery companies that deliver a small selection of common supermarket items within an hour. The partnership will be launched in Germany next week, the companies said, and expanded to Britain, Spain, Italy and France this year. Reporting by Toby Sterling Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Deliveroo warns on sales growth as consumers tighten belts
▼ + stars: | 2022-10-21 | by ( Sarah Young | ) www.reuters.com time to read: +2 min

SummarySummary Companies Sees sales growth at 4-8%, from previous range of 4-12%Upgrades adjusted earnings margin forecastShares rise 4%LONDON, Oct 21 (Reuters) - British food delivery company Deliveroo (ROO.L) warned sales growth would be at the lower end of its previous guidance, as households cut back on take-aways due to rising prices. Despite the worsening outlook, Deliveroo, which competes with Just Eat Takeaway (TKWY.AS) and Uber Eats (UBER.N), also slightly upgraded its adjusted earnings (EBITDA) margin guidance on Friday, helped by lower marketing spend. The group is aiming for adjusted earnings (EBITDA) breakeven in late 2023 to early 2024 and said that it was confident it could adapt to the worsening economic outlook where consumers are grappling with higher food and energy bills. In its biggest UK and Ireland market, Deliveroo posted GTV growth of 11%, boosted by the addition of McDonalds to its offering, while its performance in its international markets in Europe, the Middle East and Asia Pacific dragged. Deliveroo announced on Wednesday it would pull out of the Netherlands on Nov. 30 after it failed to gain sufficient local market share.

☆ European shares reverse gains as investors focus on inflation
▼ + stars: | 2022-10-19 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

SummarySummary Companies STOXX 600 reverses early gainsUK inflation hits 10.1% in SeptemberASML posts upbeat earningsOct 19 (Reuters) - European shares reversed early gains on Wednesday, as investors fretted about runaway inflation and aggressive monetary policy tightening, even as upbeat corporate earnings soothed some fears about a recession. The region-wide STOXX 600 index (.STOXX) was down 0.5%, snapping a rally this week that was mainly driven by hopes of a better-than-expected earnings season and the UK's fiscal policy reversal. read more"Earnings numbers (are) all good but global inflation, macro events are going to take precedent," said Michael Baker, head of online services at Oval Money. read moreNestle (NESN.S) raised its full-year sales outlook, but the company's CEO raised concerns about the "challenging economic environment" affecting consumers' purchasing power. read moreSartorius (SATG.DE) dropped 13.9% after the German lab equipment maker said it expected 2022 revenue to reach the lower half of its outlook.

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