Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>Improved transparency from management is an important positive. Additional disclosures were included on entity IRR in the results presentation (attached, not previously disclosed). </li>
<li>Profitability target for the consolidated ecommerce businesses moved forward to H2 FY24 from H1 FY25. Significant narrowing of trading losses in H1 FY24 to $36m from $256m in H1 FY23.</li>
<li>As management 'commit to highlight value where and when possible', we think an IPO could very well be on the horizon.</li>
</ul>


Improved transparency from management is an important positive. Additional disclosures were included on entity IRR in the results presentation (attached, not previously disclosed). 
Profitability target for the consolidated ecommerce businesses moved forward to H2 FY24 from H1 FY25. Significant narrowing of trading losses in H1 FY24 to $36m from $256m in H1 FY23.
As management 'commit to highlight value where and when possible', we think an IPO could very well be on the horizon.


Naspers (NPN SJ), Prosus (PRX NA) H1 FY24 Results, Key Takeaways

<ul>
<li>In yesterday’s trading session, Naspers and Prosus followed the market lower leading up to and after the US CPI print (headline worse than expected, core inline). </li>
<li>Naspers and Prosus closed 1.4% and 1.9% lower, reducing Naspers’ discount to Prosus’ market value to its narrowest level since Prosus listed. The discount closed at 10.4% (currently 10.9%).</li>
<li>Naspers has outperformed Prosus by 2.2% during the last 3 trading days. </li>
</ul>


In yesterday’s trading session, Naspers and Prosus followed the market lower leading up to and after the US CPI print (headline worse than expected, core inline). 
Naspers and Prosus closed 1.4% and 1.9% lower, reducing Naspers’ discount to Prosus’ market value to its narrowest level since Prosus listed. The discount closed at 10.4% (currently 10.9%).
Naspers has outperformed Prosus by 2.2% during the last 3 trading days. 


Naspers: Discount to Prosus Market Value Reaches Narrowest Level Since Prosus Listing

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Uber increased economic exposure to Delivery Hero to nearly 37% while keeping voting rights below Germany’s mandatory bid threshold, effectively anchoring valuation expectations around €40/share.</li>
<li>A potential €41/share offer would value Delivery Hero at ~14.5x NTM EBITDA standalone, though estimated €350–500m synergies reduce Uber’s effective acquisition multiple closer to 10–11x EBITDA.</li>
<li>A simplified SOTP supports downside around €30.5/share, led by Talabat and Woowa, materially improving risk/reward versus the €19.99 unaffected share price seen on 8 May.</li>
</ul>


Uber increased economic exposure to Delivery Hero to nearly 37% while keeping voting rights below Germany’s mandatory bid threshold, effectively anchoring valuation expectations around €40/share.
A potential €41/share offer would value Delivery Hero at ~14.5x NTM EBITDA standalone, though estimated €350–500m synergies reduce Uber’s effective acquisition multiple closer to 10–11x EBITDA.
A simplified SOTP supports downside around €30.5/share, led by Talabat and Woowa, materially improving risk/reward versus the €19.99 unaffected share price seen on 8 May.


<ul>
<li>Uber Technologies has approached Delivery Hero with an initial €33/share proposal, later reportedly discussed around €38/share. At €37.6/share, the market is already pricing a higher bid, not a completed transaction.</li>
<li>A €41/share offer would value Delivery Hero at ~15.1bn EV, but estimated €350–500m EBITDA synergies reduce Uber’s effective acquisition multiple closer to 10–11x EBITDA.</li>
<li>Uber’s 19.5% stake, activist pressure from Aspex and accelerating sector consolidation support strategic optionality, though antitrust risk across overlapping European markets remains substantial.</li>
</ul>


Uber Technologies has approached Delivery Hero with an initial €33/share proposal, later reportedly discussed around €38/share. At €37.6/share, the market is already pricing a higher bid, not a completed transaction.
A €41/share offer would value Delivery Hero at ~15.1bn EV, but estimated €350–500m EBITDA synergies reduce Uber’s effective acquisition multiple closer to 10–11x EBITDA.
Uber’s 19.5% stake, activist pressure from Aspex and accelerating sector consolidation support strategic optionality, though antitrust risk across overlapping European markets remains substantial.


Delivery Hero: Uber’s Appetite for Scale

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Competitors tried to leverage LLM to capture Baidu's search market share;</li>
<li>JD.com is actively seeking new, post-subsidy growth drivers, the latest being Europe while Red Notes launched US expansion. Deliveroo ceded HK market to Meituan;</li>
<li>NetEase competitor announced major layoffs. Weibo disappointed in its C4Q24 earnings. Kingsoft has a winner game in pocket.</li>
</ul>


Competitors tried to leverage LLM to capture Baidu's search market share;
JD.com is actively seeking new, post-subsidy growth drivers, the latest being Europe while Red Notes launched US expansion. Deliveroo ceded HK market to Meituan;
NetEase competitor announced major layoffs. Weibo disappointed in its C4Q24 earnings. Kingsoft has a winner game in pocket.


[Blue Lotus Non-US Internet Weekly, 11/52]: Chinese Internet Making Inroads Overseas

Germany

Delivery Hero SE offers e-commerce services. The Company provides online food ordering services. Delivery Hero serves customers Germany.

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Delivery Hero SE (DHER GR)

Naspers (NPN SJ), Prosus (PRX NA) H1 FY24 Results, Key Takeaways

Management intend to make PayU India a listable business by the second half of next year. Insight includes important takeaways from the results...

DMA

Naspers: Discount to Prosus Market Value Reaches Narrowest Level Since Prosus Listing

Recap on how the Naspers and Prosus discounts traded last week. Naspers’ discount to Prosus’ market value reached an all time low. Could see...

DMA

Delivery Hero: Uber Tightens Its Grip

Uber’s accumulation near €40/share has materially changed Delivery Hero’s risk/reward. The market now prices a raised bid, while Talabat and Woowa...

Jesus Rodriguez Aguilar

Delivery Hero: Uber’s Appetite for Scale

Uber’s approach to Delivery Hero has turned a depressed delivery platform into a strategic asset. The market now prices a higher bid, but antitrust...

Jesus Rodriguez Aguilar

[Blue Lotus Non-US Internet Weekly, 11/52]: Chinese Internet Making Inroads Overseas

Competitors target Baidu's search market, JD.com seeks new growth in Europe, Weibo disappoints in earnings, Kingsoft has successful game.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Naspers (NPN SJ), Prosus (PRX NA) H1 FY24 Results, Key Takeaways

Management intend to make PayU India a listable business by the second half of next year. Insight includes important takeaways from the results...

DMA

Naspers: Discount to Prosus Market Value Reaches Narrowest Level Since Prosus Listing

Recap on how the Naspers and Prosus discounts traded last week. Naspers’ discount to Prosus’ market value reached an all time low. Could see...

DMA

Delivery Hero: Uber Tightens Its Grip

Uber’s accumulation near €40/share has materially changed Delivery Hero’s risk/reward. The market now prices a raised bid, while Talabat and Woowa...

Jesus Rodriguez Aguilar

Delivery Hero: Uber’s Appetite for Scale

Uber’s approach to Delivery Hero has turned a depressed delivery platform into a strategic asset. The market now prices a higher bid, but antitrust...

Jesus Rodriguez Aguilar

[Blue Lotus Non-US Internet Weekly, 11/52]: Chinese Internet Making Inroads Overseas

​Competitors target Baidu's search market, JD.com seeks new growth in Europe, Weibo disappoints in earnings, Kingsoft has successful game.

Blue Lotus Research Institute

Competitors target Baidu's search market, JD.com seeks new growth in Europe, Weibo disappoints in earnings, Kingsoft has successful game.