External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

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><p><em>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.</em></p>

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

<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?

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> will hold an EGM on 23 May to vote to delist the ADS from the NYSE. The shares will not be listed on another exchange before delisting. </li>
<li>Due to the regulatory restrictions, DiDi is losing market share and pricing power to competitors in China. The 4Q21 results were poor. </li>
<li>Directors and key pre-IPO investors together account for 48.2% of outstanding shares, suggesting that the ordinary resolution will pass. </li>
</ul>



DiDi Global (DIDI US) will hold an EGM on 23 May to vote to delist the ADS from the NYSE. The shares will not be listed on another exchange before delisting. 
Due to the regulatory restrictions, DiDi is losing market share and pricing power to competitors in China. The 4Q21 results were poor. 
Directors and key pre-IPO investors together account for 48.2% of outstanding shares, suggesting that the ordinary resolution will pass. 


Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (1379371D IJ)</a> is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding ends on 21 March.</li>
<li>In <a href="https://www.smartkarma.com/insights/goto-gojek-tokopedia-ipo-initiation-island-shopping" target="_blank" data-smartkarma-citation="insights:67047" rel="noopener">GoTo Gojek Tokopedia IPO Initiation: Island Shopping</a>, we noted that the fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. </li>
<li>Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. </li>
</ul>



GoTo (1379371D IJ) is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding ends on 21 March.
In GoTo Gojek Tokopedia IPO Initiation: Island Shopping, we noted that the fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. 
Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. 


GoTo Gojek Tokopedia IPO: Valuation Insights

Netherlands

Just Eat Takeaway.com N.V. is a Dutch multinational online food ordering and delivery company that operates as a global marketplace. It connects consumers with restaurant, grocery, and retail partners through its platforms, offering a wide variety of food choices and convenience products. The company is headquartered in Amsterdam, Netherlands, and was founded in 2000.

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Just Eat Takeaway (TKWY NA)

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 (VIC)

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

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

DiDi to Vote on US Delisting on 23 May

DiDi will hold an EGM on 23 May to vote to delist the ADS. Directors and key pre-IPO investors together account for 48.2% of outstanding shares,...

Arun George

GoTo Gojek Tokopedia IPO: Valuation Insights

Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. Books will close on 21 March....

Arun George

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