European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

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Event-Driven

<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.


Delivery Hero SE

Delivery Hero: Uber Tightens Its Grip