Ruval schreef op 26 juni 2024 20:18:
Uit de Financial Times van vandaag een verklaring waarom Deliveroo interessanter zou zijn als overname prooi in UK dan JET
Deliveroo is top of the menu for multiple reasons. It has led the industry strategically with strong positions in high density markets such as London. It was also the first to operate dark kitchens and offer grocery delivery. Moreover, it is expected to finish the year with more than £600mn of cash in the bank, according to Visible Alpha consensus.
Contrast that with JustEatTakeaway, which is cheaper on a 5 times multiple of ebitda but also operationally troubled, with efforts to unload its US business Grubhub hobbled by caps on fees in New York. It has also incurred large writedowns on the Grubhub acquisition that was made at the top of the market in 2021.
DoorDash’s talks with Deliveroo probably fell through over the price. Shares in Deliveroo rose by just a low single-digit percentage on the news, hardly reflective of a typical takeover premium of 30 per cent. However, DoorDash could pay as much as a 20 per cent premium on top of the current share price and the deal should still be free cash flow accretive in 2025, according to Lex calculations. The door for a deal then still remains wide open.