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    DHER   DE000A2E4K43

DELIVERY HERO SE

(DHER)
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Rocket Internet to delist to enable long-term investing

09/01/2020 | 03:49am EDT
The logo of of Rocket Internet, a German venture capital group is pictured in illustration photo in Sarajevo

German tech investment company Rocket Internet said on Tuesday it plans to delist its shares as it has sufficient access to capital outside the stock exchange and can better pursue a long-term approach to investing.

Investors have long suggested that Rocket Internet, with a market capitalisation of 2.6 billion euros ($3.12 billion), would be better off going private again since it successfully listed all the major firms it helped found, including Delivery Hero, HelloFresh and Home24.

"The significance of capital markets as a financing source has diminished. A delisting will permit Rocket Internet to pursue a long-term approach in its strategic decisions," the company said in a statement.

Listed on the Frankfurt stock exchange in 2014, Rocket's shares have mostly traded well below their issue price of 42.50 euros and below the combined value of the cash on its balance sheet and its own valuation of its remaining investments.

In its latest financial results, published in May, Rocket Internet said it had 1.9 billion euros of net cash as of April 30 and valued its investments in more than 200 private companies at 1 billion euros as of March 31.

Rocket Internet said it would offer 18.57 euros for its shares in the delisting. The stock closed on Monday at 18.95 euros and was up 1.5% on Tuesday morning.

Oliver Samwer, the company's founder and chief executive whose investments in tech companies have made him one of Germany's richest men, will hang on to his 4.53% stake in the company, as would his Global Founders fund which holds 45%.

Rocket said it would buy back 8.84% of the share capital for 18.57 euros per share up to Sept. 15 and would seek authorisation to buy back up to another 10% at an extraordinary shareholders' meeting called for Sept. 24 to decide on the offer. The rest of the shares are held by public and institutional investors.

(Reporting by Emma Thomasson; Editing by Riham Alkousaa and Susan Fenton)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DELIVERY HERO SE -0.96% 107.95 Delayed Quote.-15.00%
HELLOFRESH SE 0.00% 82.34 Delayed Quote.30.28%
HOME24 SE -2.28% 15.44 Delayed Quote.-31.07%
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Financials
Sales 2021 5 878 M 6 971 M 6 971 M
Net income 2021 -1 141 M -1 353 M -1 353 M
Net Debt 2021 394 M 467 M 467 M
P/E ratio 2021 -23,2x
Yield 2021 -
Capitalization 26 873 M 31 859 M 31 869 M
EV / Sales 2021 4,64x
EV / Sales 2022 3,50x
Nbr of Employees 35 528
Free-Float 70,6%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 21
Average target price 153,42 €
Last Close Price 107,95 €
Spread / Highest target 71,4%
Spread / Average Target 42,1%
Spread / Lowest Target 1,90%
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Managers and Directors
NameTitle
L. Niklas Östberg Chief Executive Officer
Emmanuel Thomassin Chief Financial Officer
Martin Karl Enderle Chairman-Supervisory Board
Christian Graf von Hardenberg Chief Technology Officer
Pieter-Jan Vandepitte COO & Member-Management Board
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