Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Capital Markets

Uber Technologies  / Equity Capital Markets

<p>In publishing this piece we hope to achieve <strong>four broad objectives</strong>:</p>
<ol>
<li>To define and estimate the size and potential medium-term growth of the on-demand food delivery (FD) sector in the US.</li>
<li>To identify and describe the main players in the US on-demand FD sector and to understand each player’s business model (and the financial results each model generates).</li>
<li>To point out some of the challenges facing incumbents and new market entrants like Uber Eats.</li>
<li>Finally, to show interested readers how Uber Eats fits into parent Uber Technologies, and how it may contribute to the parent company's valuation.</li>
</ol>
<p>This is the second note in a series about the expected 2019 IPO of global ride-hailing giant <a href="https://www.smartkarma.com/entities/430" target="_blank" data-smartkarma-citation="entities:430:1">Uber Technologies (0084207D US)</a>. If you have not done so already, please check out <a href="https://www.smartkarma.com/profiles/803" target="_blank" data-smartkarma-citation="accounts:803">Valerie Law, CFA</a>'s overview, <a href="https://www.smartkarma.com/insights/uber-ipo-preview-its-sprawling-empire-and-battle-lines-part-1" target="_blank" data-smartkarma-citation="insights:25201">Uber IPO Preview: Its Sprawling Empire and Battle Lines (Part 1)</a>. </p>

In publishing this piece we hope to achieve four broad objectives:

To define and estimate the size and potential medium-term growth of the on-demand food delivery (FD) sector in the US.
To identify and describe the main players in the US on-demand FD sector and to understand each player’s business model (and the financial results each model generates).
To point out some of the challenges facing incumbents and new market entrants like Uber Eats.
Finally, to show interested readers how Uber Eats fits into parent Uber Technologies, and how it may contribute to the parent company's valuation.

This is the second note in a series about the expected 2019 IPO of global ride-hailing giant Uber Technologies (0084207D US). If you have not done so already, please check out Valerie Law, CFA's overview, Uber IPO Preview: Its Sprawling Empire and Battle Lines (Part 1). 

Uber IPO Preview: Fast-Growing Uber Eats Has Become a Material Part of Uber (Part 2)

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<h2>Headlines</h2><ul>
<li>100% home delivery/takeaway grows by 5% in current value terms to reach KRW2.6 trillion while outlet numbers increase by 5% to reach 17,992 and transactions increase by 3% in 2016</li>
<li>The popularity of mobile ordering/delivery services make 100% home delivery/takeaway show a significant performance in 2016</li>
<li>Chained other 100% home delivery/takeaway shows the highest current value growth in 2016 with 8%</li>
<li>Domino’s Pizza from DPK International leads 100% home delivery/takeaway with a 12% value…</li>
</ul>

Headlines
100% home delivery/takeaway grows by 5% in current value terms to reach KRW2.6 trillion while outlet numbers increase by 5% to reach 17,992 and transactions increase by 3% in 2016
The popularity of mobile ordering/delivery services make 100% home delivery/takeaway show a significant performance in 2016
Chained other 100% home delivery/takeaway shows the highest current value growth in 2016 with 8%
Domino’s Pizza from DPK International leads 100% home delivery/takeaway with a 12% value…


Sector Capsule: 100% Home Delivery/Takeaway in South Korea

United States

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

Hyatt Hotels Corp. is a global hospitality company. The Company manages, franchises, owns, and develops branded hotels, resorts and residential and vacation ownership properties around the world.

Norwegian Cruise Line Holdings Ltd. operates a fleet of passenger cruise ships. The Company offers an array of cruise itineraries as well as theme cruises, while markets its services through various distribution channels including retail and travel agents, consumer direct, international sales, as well as incentive sales. Norwegian Cruise extends its services worldwide.

Wingstop Inc. owns and operates restaurants. The Company specializes in cooked-to-order, hand-sauced, and tossed chicken wings. Wingstop serves customers worldwide.

Planet Fitness, Inc. owns and operates a chain of fitness clubs. The Company offers offers personal fitness training programs for its members. Planet Fitness serves customers in the United States.

Scientific Games Corporation provides services, systems, and products to both the pari-mutuel gaming and instant ticket lottery industries.  The Company operates an instant ticket and online lottery products, systems, and services business.  Scientific also operates wagering and communications, venue management, and telecommunications products businesses.

Churchill Downs Incorporated is a horse racing company whose flagship operation, Churchill Downs, is the home of the Kentucky Derby.  The Company has additional racing and simulcast-wagering operations in Kentucky, Indiana, and Florida, as well as interests in various racing services companies.

Caesars Entertainment, Inc. owns and operates as a chain of resorts. The Company offers casino, poker, roulette, and other gaming facilities, as well as provides food and beverages services. Caesars Entertainment serves customers in the United States.

Vail Resorts, Inc. operates resorts in Colorado.  The Company's resorts include Vail Mountain, a ski mountain complex, and Beaver Creek Resort, a family oriented mountain resort.  Vail Resorts also operates Breckenridge Mountain, a destination resort with apres-ski activities, and Keystone Resort, a year-round family vacation destination.

Aramark provides food and facilities management services. The Company offers uniform, refreshments, work apparel, and cleanroom services to healthcare institutions, universities, school districts, stadiums, and businesses. Aramark serves clients worldwide.

Sands China Ltd. develops, owns, and operates integrated resorts, retail malls, and casinos. The Company also manages convention and exhibition halls in Macau.

Genting Singapore Limited, through its subsidiaries, develops resort properties as well as operates casinos. The Company has casinos and integrated resorts in different parts of the world, including Australia, the Americas, Malaysia, the Philippines and the United Kingdom.

Galaxy Entertainment Group Limited, through its subsidiary, operates casino, hotel and other entertainment facilities in Macau. The company also manufactures sells and distributes construction materials.

Indian Hotels Company Limited operates The Taj Group of hotels.  The Company owns or maintains long term leases/licenses for hotels in India, in addition to International hotels.  The Group's hotels are divided into three groups: Luxury, Business, and, Leisure.

China Tourism Group Duty Free Corporation Limited engages in sales of duty free goods and tax goods. The Company sells tobacco, wine and spirits, perfume, cosmetics, fashion and accessories, watches, jewelry, food, luggage products,and other products. China Tourism Group Duty Free also engages in investment and development of tourism destination commercial complexes.

China Tourism Group Duty Free Corp Ltd (601888 CH)

Huazhu Group Limited operates a hotel operator and franchisor. The Company provides hotel leasing, directly hotel operation, and co-development services. Huazhu Group mainly conducts businesses in China.

Accor SA operates hotel chains and offers human resources, marketing, and expense management services.  The Company operates hotels ranging from budget to upscale worldwide.

Sodexo SA designs, manages and delivers comprehensive on-site service solutions for its clients.  The Company offers food, construction management, reception, technical maintenance and housekeeping services; maintains scanners and laboratory equipment; and operates river and harbor cruises and correctional facilities.  Sodexo also designs employee benefit and incentive programs.

InterContinental Hotels Group PLC owns and operates a portfolio of hotel businesses. The Company manages hotel loyalty and priority club rewards programs. InterContinental Hotels Group serves customers worldwide.

Whitbread PLC is a hotel and restaurant group. The Company operates businesses in budget hotels, restaurants and coffee shops.

Domino's Pizza, Inc. operates a network of Company-owned and franchise Domino's Pizza stores, located throughout the United States and in other countries.  The Company also operates regional dough manufacturing and distribution centers in the contiguous United States and outside the United States.

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Domino's Pizza (DPZ US)

Uber IPO Preview: Fast-Growing Uber Eats Has Become a Material Part of Uber (Part 2)

In publishing this piece we hope to achieve four broad objectives: To define and estimate the size and potential medium-term growth of the...

Daniel Hellberg

Sector Capsule: 100% Home Delivery/Takeaway in South Korea

Headlines 100% home delivery/takeaway grows by 5% in current value terms to reach KRW2.6 trillion while outlet numbers increase by 5% to reach...

Euromonitor International Ltd.

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