European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Prosus' €4.1bn all-cash offer for Just Eat Takeaway.com represents a 63% premium to the pre-announcement share price and an EV/NTM EBITDA multiple of 9.3x, above the sector median of 7.2x.</li>
<li>The deal strengthens Prosus' global food delivery footprint, complementing its stakes in iFood, Delivery Hero, and Meituan, with potential synergies in AI-driven logistics, customer acquisition, and operational efficiency.</li>
<li>Regulatory approval remains a key hurdle, especially in markets where Just Eat Takeaway.com and Delivery Hero hold significant shares, potentially impacting the likelihood and timeline of deal completion.</li>
</ul>


Prosus' €4.1bn all-cash offer for Just Eat Takeaway.com represents a 63% premium to the pre-announcement share price and an EV/NTM EBITDA multiple of 9.3x, above the sector median of 7.2x.
The deal strengthens Prosus' global food delivery footprint, complementing its stakes in iFood, Delivery Hero, and Meituan, with potential synergies in AI-driven logistics, customer acquisition, and operational efficiency.
Regulatory approval remains a key hurdle, especially in markets where Just Eat Takeaway.com and Delivery Hero hold significant shares, potentially impacting the likelihood and timeline of deal completion.


Prosus/Just Eat Takeaway: A Strategic Takeover in the Food Delivery Sector

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

Just Eat Takeaway.com NV / Equity Bottom-Up

<ul><li>TKWY is a market leader in food delivery in Germany and the Netherlands, as well as other major markets.</li><li>Despite a 90% decline in stock value since before covid, TKWY has an EV of 2.7B EUR.</li><li>M&amp;A multiples in the industry typically range above 0.5x GTV, suggesting potential undervaluation of TKWY's assets and market position.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

TKWY is a market leader in food delivery in Germany and the Netherlands, as well as other major markets.Despite a 90% decline in stock value since before covid, TKWY has an EV of 2.7B EUR.M&amp;A multiples in the industry typically range above 0.5x GTV, suggesting potential undervaluation of TKWY's assets and market position.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Just Eat Takeaway.Com N.V. (JTKWY) - Thursday, Jul 25, 2024

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Amazon announced a partnership with TKWY’s Grubhub where Amazon Prime members will get one year free of Grubhub+ membership.</li>
<li>Amazon has the option to take a 2% stake in Grubhub which could grow to 15% depending on performance conditions.</li>
<li>Deal is a direct shot at DoorDash's Dashpass subscription program, which is 30% of DASH's customers and accounts for ~50%? of GOV... expect a price cut to stave off churn.</li>
</ul>


Amazon announced a partnership with TKWY’s Grubhub where Amazon Prime members will get one year free of Grubhub+ membership.
Amazon has the option to take a 2% stake in Grubhub which could grow to 15% depending on performance conditions.
Deal is a direct shot at DoorDash's Dashpass subscription program, which is 30% of DASH's customers and accounts for ~50%? of GOV... expect a price cut to stave off churn.


Amazon’s Grubhub Deal Worse for DoorDash than Uber

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a>, a hyperlocal commerce platform, aims to raise up to US$1.35 billion through an IPO at a price range of Rs371-390.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/swiggy-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:163915" rel="noopener">Swiggy IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/swiggy-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:164347" rel="noopener">Swiggy IPO: The Bear Case</a>. 
</li>
<li>Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.</li>
</ul>



Swiggy (1255298D IN), a hyperlocal commerce platform, aims to raise up to US$1.35 billion through an IPO at a price range of Rs371-390.
We previously discussed the IPO in Swiggy IPO: The Bull Case and Swiggy IPO: The Bear Case. 

Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.


<ul>
<li>Just Eat Takeaway's Grubhub $7.3B acquisition has been a fiasco, an activist is demanding its sale.</li>
<li>A rumored $1B price tag has attracted private equity investors Apollo and General Atlantic, but management yesterday said it preferred a strategic investment.</li>
<li>We think Uber should make a bid - the deal logic from 2 years ago still holds and Doordash's market share gains should blunt anti trust concerns.</li>
</ul>


Just Eat Takeaway's Grubhub $7.3B acquisition has been a fiasco, an activist is demanding its sale.
A rumored $1B price tag has attracted private equity investors Apollo and General Atlantic, but management yesterday said it preferred a strategic investment.
We think Uber should make a bid - the deal logic from 2 years ago still holds and Doordash's market share gains should blunt anti trust concerns.


Is Grubhub’s Uncertain Future Opportunity for Uber?

United Kingdom

Just Eat Takeaway.com N.V. is an online food ordering company. The Company offers mobile application for ordering and delivering of food and beverages. Just Eat Takeaway.com serves customers worldwide.

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Just Eat Takeaway.com NV (TKWY NA)

Prosus/Just Eat Takeaway: A Strategic Takeover in the Food Delivery Sector

Prosus offers €4.1bn for Just Eat Takeaway.com, boosting global food delivery presence with potential synergies but facing regulatory hurdles.

Jesus Rodriguez Aguilar

Just Eat Takeaway.Com N.V. (JTKWY) - Thursday, Jul 25, 2024

TKWY is a market leader in food delivery in Germany and the Netherlands, as well as other major markets. Despite a 90% decline in stock value since...

Value Investors Club

Amazon’s Grubhub Deal Worse for DoorDash than Uber

Amazon's deal with TKWY's Grubhub is great for Prime members... and not great for DoorDash investors, whose fledgling Dashpass subscription has...

Aaron Gabin

Swiggy IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.

Arun George

Is Grubhub’s Uncertain Future Opportunity for Uber?

We think TKWY's fumbling of the Grubhub acquisition is an opportunity for Uber to revisit a strategically sound combination proposed in 2020...for...

Aaron Gabin

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52-week Range

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Prosus/Just Eat Takeaway: A Strategic Takeover in the Food Delivery Sector

​Prosus offers €4.1bn for Just Eat Takeaway.com, boosting global food delivery presence with potential synergies but facing regulatory hurdles.

Jesus Rodriguez Aguilar

Just Eat Takeaway.Com N.V. (JTKWY) - Thursday, Jul 25, 2024

TKWY is a market leader in food delivery in Germany and the Netherlands, as well as other major markets. Despite a 90% decline in stock value since...

Value Investors Club

Amazon’s Grubhub Deal Worse for DoorDash than Uber

Amazon's deal with TKWY's Grubhub is great for Prime members... and not great for DoorDash investors, whose fledgling Dashpass subscription has...

Aaron Gabin

Swiggy IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.

Arun George

Is Grubhub’s Uncertain Future Opportunity for Uber?

We think TKWY's fumbling of the Grubhub acquisition is an opportunity for Uber to revisit a strategically sound combination proposed in 2020...for...

Aaron Gabin

Prosus offers €4.1bn for Just Eat Takeaway.com, boosting global food delivery presence with potential synergies but facing regulatory hurdles.