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    TKWY   NL0012015705

JUST EAT TAKEAWAY.COM N.V.

(TKWY)
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Just Eat Takeaway com N : .com shareholder Cat Rock urges sale of GrubHub

10/25/2021 | 05:34am EST

AMSTERDAM, Oct 25 (Reuters) - Investor Cat Rock, one of the largest shareholders of online food ordering company Just Eat Takeaway.com, on Monday urged the company's management to consider the sale of its U.S. arm GrubHub.

Cat Rock, which holds a 6.5% stake in Takeaway, said selling or spinning off the unit would improve the valuation of Takeaway, which has lagged peers over the past year.

Amsterdam-based Takeaway, Europe's largest meals ordering company, only completed its $7.3 billion acquisition of GrubHub in June. Cat Rock did not call for the sale of GrubHub's significant Canadian and Australian operations.

"A deeply depressed stock price poses a real risk to [Takeaway's] business, limiting its financial and strategic flexibility, inviting competitors to invest in its markets, and leaving the company vulnerable to takeover bids well below its long-term intrinsic value," Cat Rock founder Alex Captain said in an open letter addressing company management.

Takeaway said in response that it had only acquired GrubHub four months ago. "While Grubhub has some specific challenges today it is a large and growing business with good underlying profitability," the company said.

At an Oct. 21 meeting with investors Takeaway CEO Jitse Groen outlined his strategy for defending market share in the U.S. by investing where the company is already strong, particularly in New York City where it is the biggest player.

Cat Rock's Captain, a long-time shareholder, argued that Grubhub's origins as a meal ordering platform left it at an logistical disadvantage to delivery-based competitors such as DoorDash and Uber. However Grubhub would be highly valuable to Amazon, Walmart or Instacart he said, and urged action by the end of this year.

Takeaway founder Groen, who is the company's second-largest shareholder with a 7.3% stake, told investors last week that he believed there would "over time inevitably be consolidation" in the U.S. delivery market and Grubhub would participate.

In a note analysts at Credit Suisse agreed with Cat Rock that a sale "could add value" but a sale by year end would be a difficult timeline to meet.

(Reporting by Toby Sterling; Editing by Kirsten Donovan)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 0.55% 2792.75 Delayed Quote.-16.24%
JUST EAT TAKEAWAY.COM N.V. -1.70% 41.545 Real-time Quote.-12.79%
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Analyst Recommendations on JUST EAT TAKEAWAY.COM N.V.
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Financials
Sales 2021 4 937 M 5 507 M 5 507 M
Net income 2021 -761 M -849 M -849 M
Net Debt 2021 544 M 606 M 606 M
P/E ratio 2021 -10,2x
Yield 2021 -
Capitalization 8 987 M 10 023 M 10 025 M
EV / Sales 2021 1,93x
EV / Sales 2022 1,52x
Nbr of Employees 10 585
Free-Float 91,4%
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Technical analysis trends JUST EAT TAKEAWAY.COM N.V.
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 16
Last Close Price 42,27 €
Average target price 91,25 €
Spread / Average Target 116%
EPS Revisions
Managers and Directors
Jitse Groen Chief Executive Officer
Brent Wissink Chief Financial Officer & Director
Adrianus NŘhn Chairman-Supervisory Board
J÷rg Gerbig Chief Operating Officer
Corinne DaniŔle Goddijn-Vigreux Vice Chairman-Supervisory Board
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