Delivery Hero accelerates in Frankfurt, driven by Talabat quarter and IPO plans

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(Il Sole 24 Ore Radiocor) – Delivery Hero The company is making rapid progress on the Frankfurt Stock Exchange, thanks to its second quarter accounts and the IPO of its Middle Eastern subsidiary Talabat. The food delivery platform’s share price rose by more than 5 points, while DAX 40 The market particularly welcomed the growth in gross merchandise value (GMV), a key metric for companies in the sector, which rose 7.4% to 11.9 billion euros, above expectations of 11.57 billion euros. GMV increased by 10% in June Annually, also specifies delivery. Revenues increased to $3.1 billion (+19.8%).

Adjusted Ebitda jumped from £9.2m to £240.5m in the half year, with the company highlighting it had achieved free cash flow breakeven. “We have achieved another quarter of strong growth and improved profitability. We have closed the period Even higher tone We expect further growth and significantly improved profitability by the second half of 2024,” CEO and founder Niklas Ostberg said in a report. Achieved our goal of delivering strong results The financial statements are in line with guidance”, stressed Chief Financial Officer Marie Ann Popp. The Group confirms its 2024 targets of 7-9% growth in gross merchandise value and adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $725-775 million.

Delivery also announced plans to list its subsidiary Talabat, which operates in the Middle East and North Africa, on the Dubai Stock Exchange. The IPO is expected to take place in the fourth quarter of this year through a secondary share offering. However, the German company will retain control of Talabat. Analysts at Royal Bank of Canada believe Maintain “Outperform” recommendation The expert wrote that the target price for Delivery Hero is 45 euros, and the food delivery service’s first-half merchandise value and operating profit exceeded expectations. As for the Talabat IPO, that is A fast-growing brandAnalysts estimate the value of assets in the Middle East and North Africa region at 5 billion euros. JPMorgan also confirmed its buy recommendation on Delivery with an unchanged target price of 32 euros, while Bernstein reiterated its “buy” with a reference price of 59 euros.