Steef89 schreef op 3 april 2023 17:14:
Morningstar heeft een nieuwe kwartaal outlook gepost. Wederom een stuk over Just Eat Takeaway.
Food delivery stocks are long duration assets, meaning that a combination of increasing
interest rates, the anticipation of a tighter capital markets environment, and elevated
inflationary pressures, have all weighed on stock performance lately. Despite an
expected top line growth slowdown as order growth decreases in the medium term, we
remain constructive, but investors need to be selective. Strong balance sheets, a clear
path to profitability, and resilient market positions are factors investors should prioritize.
We see valuations as largely undemanding postcorrection, with Just Eat Takeaway our top pick in the segment.
Just East Takeaway is the best positioned food delivery player. According to our estimates, in Germany alone, where the
company is a dominant player (despite recent new entrants such as Uber Eats and Wolt), it is worth more than the current
market cap, meaning investors get the rest of the business for free. The recent divestment of its iFood stake has removed
refinancing concerns in the midterm while the Amazon/Grubhub partnership provides scope for profitable growth in the U.S.
and a potential Amazon minority stake in future. Fresh 2023 guidance for adjusted EBITDA of EUR 225 million reflects
the group's robust and profitable marketplace business, but the absence of top line growth guidance creates uncertainty. The
market appears scepticalabout the sector's long term growth potential, but Just Eat Takeaway's strong balance sheet and
resilient marketplace business places the company in a strong position over the long term. From a valuation perspective, Just
Eat Takeaway offers a rare investment opportunity in the food delivery segment.