|Bid||40.97 x 0|
|Ask||40.99 x 0|
|Day's Range||40.80 - 41.26|
|52 Week Range||27.48 - 52.35|
|Beta (3Y Monthly)||0.92|
|PE Ratio (TTM)||N/A|
|Earnings Date||Sep 4, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||42.06|
Chef Youm Jung-phil plans to close his restaurant in Seoul's affluent Gangnam district this month, worn down by the rising cost of labour and rent as well as declines in the number of customers eating in. Instead Youm, who has nearly 20 years of experience in the industry, has opted to sell his avocado burgers and bagels by delivery only, renting a 16.5 square metre kitchen space from Uber co-founder Travis Kalanick's CloudKitchens.
(Bloomberg Opinion) -- Investors in Softbank Group Corp. and Naspers Ltd. should see Rocket Internet SE as a cautionary tale.Chief Executive Officer Oliver Samwer is evaluating a plan to take the Berlin-based startup incubator and venture capital firm private, according to a report in Germany’s Manager Magazin. For Samwer and his brothers, who are the biggest shareholders, the move is a no-brainer. For investors, it’s a missed opportunity.The Samwers own about 43% of Rocket, which had a market capitalization of 3.7 billion euros ($4.2 billion) before the Manager Magazin report. But combining the book value of the 200 or so startups in which it has invested, its three publicly traded investments and its net cash, gives it a valuation closer to 4.7 billion euros. On that basis, it’s trading at a 21% discount.Rocket’s hefty pile of money would make a take private deal pretty straightforward: it was sitting on net cash of 3.1 billion euros in mid-May, according to a company presentation. Raising debt to fund a buyout should be straightforward.The missed opportunity for investors lies in the deployment of that capital, or rather, the failure to do so. Rocket has sold down its stakes in Delivery Hero SE, Jumia Technologies AG and HelloFresh SE in the past year. That generated significant returns, but not much else. Some of those proceeds funded a buyback program, but far more is sitting unused on the balance sheet. Samwer told shareholders earlier this month that Rocket has “more capital than ideas,” and investors are the poorer for it.If he’s right, then a management buyout makes some sense, since it would leave the private firm with a more manageable pile of cash to invest, and ease capital market scrutiny. But investors have every right to feel let down.The question is what offer they should be willing to accept. Were the brothers to pony up 30 euros a share, as Berenberg Bank analyst Sarah Simon proposed last month, that would be pretty much in line with a 4.7 billion-euro book value, and also represent a 21% premium to the average share price of the past 200 days. Yet it would still leave Rocket with net cash of more than 500 million euros to invest in future prospects. Shareholders should be loath to agree to any lower bid.If an offer materializes below that level, they should demand that the supervisory board return cash by other means. Normally they’d be clamoring for a new CEO, but the company’s ownership structure makes that difficult. Rocket’s situation shows how hard it can be to demonstrate the underlying value of loss-making but fast-growing startups to public investors. Naspers and Softbank are both evolving into publicly traded venture capital firms, and all three trade at a discount to the book value of their investments. The model still needs to be proven.To contact the author of this story: Alex Webb at email@example.comTo contact the editor responsible for this story: Jennifer Ryan at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Zomato, one of India’s largest food delivery firms, may have figured out afaster way to crawl through dense populated routes: going air with drones
Amazon has taken a stake in British online food delivery company Deliveroo, leading a $575 million fundraising to pit itself against Uber Eats in the global race to dominate the market for takeaway meals. The news the world's biggest online retailer had bought into one of Europe's fastest growing tech companies sent shockwaves through the sector, hitting shares in European rivals Just Eat, Takeaway.com and Delivery Hero. Deliveroo founder and CEO Will Shu said the fundraising would enable the loss-making group to increase its reach, develop technology and pursue innovations such as expanding its own kitchens that can be rented to restaurants to meet demand.
BERLIN (Reuters) - German food delivery company Delivery Hero on Thursday announced an investment in biodegradable packaging manufacturer Bio-Lutions as governments and companies around the world seek ...
By Muvija M and Shashwat Awasthi (Reuters) - UK blue-chip stocks rose slightly on Friday, recouping the session's losses as mining stocks gave investors something to cheer about at the end of a largely ...
Tech-focused venture capital fund Lakestar as well as funds Idinvest Partners, Korelya Capital and Drake QSR, which owns Papa John's pizza franchises in Spain, invested in Glovo in this fundraising round, the startup said. Glovo, which competes with platforms such as Uber Eats and Deliveroo, has focused on Latin America and Europe.
The City of London, Wall Street and others are all looking for the next big thing, the next Amazon everyone can get behind and pump billions into the momentum trade.
Target Global, the Berlin-headquartered VC that has backed the likes of Auto1,Delivery Hero, Omio (formerly GoEuro) and Wefox, is opening up its first U
German ecommerce investor Rocket Internet will set up more companies in 2019 than last year, it said on Thursday, as investors raise questions about the company's direction now most of its big holdings are listed or on track to go public. "We expect to build more companies than in 2018," Chief Executive Oliver Samwer told journalists, without giving a figure or a comparable number for 2018.
Keatz, one of a growing number of so-called "cloud kitchens" -- delivery-onlyrestaurant brands running on the rails of Deliveroo and UberEats -- has raised€12 million in new funding
Uber Technologies Inc. rival Bolt, formerly known as Taxify, is preparing to expand into the food-delivery market and utilize its existing network of drivers to do so quickly. This provides “a good avenue” for the company to pursue, Bolt Chief Executive Officer Markus Villig said. Estonia, Finland and South Africa have been picked as the first markets where Bolt will roll out the new service in the next few months, the company said Thursday in a statement.
(Reuters) - Zomato Media Pvt Ltd will sell its UAE food delivery business to Germany's Delivery Hero Group for about $172 million, Zomato's second-largest shareholder Info Edge (India) Ltd said on Monday. ...
European shares bounced back on Monday as new-found optimism among investors about the new round of trade talks between Beijing and Washington lifted bourses from one-week lows. Analysts cautioned that sentiment about the trade talks was volatile and that a favourable outcome was by no means a done deal. "As U.S.–Sino trade talks begin in Beijing we are once again seeing the markets adopt an all too familiar optimistic stance", wrote market City Index analyst Fiona Cincotta.
The Greenwich, Connecticut-based investment firm sent an open letter to Just Eat’s board of directors saying it made a mistake in appointing Peter Plumb as CEO in 2017. “You basically have a situation where you can get a world-class CEO and delivery capabilities, while also potentially securing a premium valuation for shareholders,” Alex Captain, founder of Cat Rock, said in a phone interview. Plumb stepped down last month, and Cat Rock said Just Eat has ignored two suggestions of potential replacements who have experience in online food delivery.
Cat Rock Capital, which has stakes in both Just Eat and Dutch-listed Takeaway.com, said Just Eat was likely to attract significant interest from potential partners if it chose to seek a deal as a route to strong management and growth. Cat Rock's statement comes only three weeks after Just Eat CEO Peter Plumb left the company in the wake of criticism from Cat Rock and some other shareholders about his plan to grow earnings. Peter Duffy, who joined Just East as chief customer officer last June, has been appointed as interim CEO but Cat Rock said he too lacked relevant experience in the food delivery industry.
The market for on-demand food delivery has exploded in the last few years, and Delivery Hero - the biggest company in the sector - believes there is 500 billion euros ($569 billion) of untapped potential globally. Now one-and-a-half years later ... I think, we clearly knocked this out of the park on the growth side," Chief Executive Niklas Ostberg said on a conference call with analysts. At 1110 GMT, Delivery Hero shares were up 6.4 percent at 36.76 euros, after touching a three month high of 36.78 euros.