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Just Eat Takeaway.com NV TKWY Stock Quote

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XAMS: TKWY

Morningstar‘s Stock Analysis TKWY

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Just Eat Takeaway FVE Maintained Amid Amendment to New York City Council's Permanent Fee Caps

Ioannis Pontikis Senior Equity Analyst

Analyst Note

| Ioannis Pontikis |

On Nov. 3, the New York City Council introduced a bill that will exempt food delivery companies from the cap on fees it charges to a restaurant if the former offers the restaurant the option to obtain delivery services for a fee consistent with all fee caps, and the option to be listed on the platform for a fee consistent with the caps on delivery and transaction fees. According to an announcement released by the Chamber of Progress, New York's amendment follows on similar changes in San Francisco and Chicago. As a reminder, in July 2022, the San Francisco Board of Directors created an amendment to the original legislation for food delivery companies that offer 15% pricing as an option for restaurants, with additional charges for marketing and other promotional activities. In other words, restaurants that are willing to pay more for additional services such as advertising, search engine optimization, and credit card processing will be allowed to do so, in which case the final take rate for the food delivery platform could be similar to the one they are charging restaurants in states without a permanent fee cap. Although the timing of implementation of this amendment is uncertain, we note that from our food delivery coverage, Just Eat Takeaway, through GrubHub, is affected the most, given its significant exposure and relative size in the area. According to the company, in the first half of 2022, fee cap headwinds in North America amounted to EUR 73 million at the EBITDA level (the majority of which was in New York). Considering that we expect the group's EBITDA to be barely positive in fiscal 2023, the news of the amendment on permanent fee caps in New York is material and positive for shares, which were up about 15% in intraday trading. Given the uncertainty around the timing of implementation and our contrarian expectations that fee caps would likely fall off by 2024 (base case), we don't expect to change our fair value estimate for Just Eat Takeaway.

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Key Statistics TKWY

Company Profile TKWY

Business Description

Just Eat Takeaway operates an online marketplace that connects restaurants with users in Europe and North America. The company operates mainly as an order-only marketplace, although it also offers last-mile delivery services. The company is the result of the merger of Just Eat Plc and Takeaway.com NV in early 2020. The company had close to 99 million active users on its platform generating revenue of more than EUR 5 billion and a gross transaction value of EUR 28 billion in fiscal 2021. Excluding the U.S. after its recent acquisition of Grubhub, the company’s largest geographical presence by revenue is in the U.K., Germany, Canada, and the Netherlands.

Contact
Oosterdoksstraat 80
Amsterdam, 1011 DK, NLD
Industry Internet Retail
Employees 20,235

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FAQs for Just Eat Takeaway.com NV Stock

No. TKWY does not currently have a forward dividend yield.
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TKWY’s market cap is 4.57 Bil.
Market capitalization is calculated by taking a company’s share price and multiplying it by the total number of shares. It’s often used to measure a company’s size. In the Morningstar Style Box, large-cap names account for the largest 70% of U.S. stocks, mid-cap names account for the largest 70–90%, and small-cap names are the remaining 10% of companies.

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TKWY’s stock style is Mid Core.
Style is an investment factor that has a meaningful impact on investment risk and returns. Style is calculated by combining value and growth scores, which are first individually calculated.

High-growth stocks tend to represent the technology, healthcare, and communications sectors. They rarely distribute dividends to shareholders, opting for reinvestment in their businesses. More value-oriented stocks tend to represent financial services, utilities, and energy stocks. These are established companies that reliably pay dividends.

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TKWY’s beta can be found in Trading Information at the top of this page.
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