Delivery Hero SE

DHER: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Delivery Hero: Strong Revenue Momentum Ignites Confidence

Verushka Shetty

Feb 13, 2025

We maintain our EUR 34 per share fair value estimate for narrow-moat Delivery Hero after the firm reported fourth-quarter results slightly ahead of our above-consensus expectations. We are impressed with the firm’s continued growth as it benefits from the secular trend of digitization of food delivery orders. Management issued fiscal 2025 guidance that signals continued momentum and improving profitability. Following the announcement, shares jumped 8%, and we view the current stock as undervalued.

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Delivery Hero SE

Delivery Hero: Strong Revenue Momentum Ignites Confidence

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