Delivery Hero SE

DHER: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Delivery Hero: Encouraging Growth Momentum Across Segments

Verushka Shetty

Nov 7, 2024

We maintain our EUR 34 per share fair value estimate for narrow-moat Delivery Hero after the firm reported its third-quarter trading update largely in line with consensus and our expectations. We remain impressed with the firm's continued growth as it benefits from the secular trend of digitization of food delivery orders. With increased confidence, management narrowed in on its free cash flow target, expecting between EUR 50 million and EUR 100 million, compared with the previous guidance of free cash flow being positive. We view this target, as well as the others, as attainable. Shares were slightly up following the release, placing the stock in 3-star territory.

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Delivery Hero SE

Delivery Hero: Encouraging Growth Momentum Across Segments

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