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Just Eat NV JET Stock Quote

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Morningstar‘s Stock Analysis JET

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Just Eat's Profitability On Track in H1 With Plenty of Catalysts Ahead; Shares Cheap

Ioannis Pontikis, CFA Senior Equity Analyst

Analyst Note

| Ioannis Pontikis, CFA |

Just Eat Takeaway reported half-year 2022 results with total orders down 7%, flat gross transaction value, and revenue up 1%. North America was the main detractor with revenue down 5%, which was more than offset by European operations (Northern Europe up 6%, U.K. and Ireland up 10%, Southern Europe and ANZ up 6%). Adjusted EBITDA improved at the group level to minus EUR 134 million from minus EUR 189 million a year ago. More importantly, on guidance, management reiterated its outlook for fiscal 2022 (GTV growing by midsingle digits and adjusted EBITDA margin in the range of minus 0.5% to minus 0.7% of GTV versus 0.5% and minus 0.7% in our model respectively). Management also expects to reach positive adjusted EBITDA in 2023 at the group level (versus slightly positive in our model) and confirms long-term targets (in excess of EUR 30 billion of GTV added over the next five years and long-term group adjusted EBITDA margin in excess of 5% of GTV versus EUR 19 billion by 2026 and 4.3% by 2030 in our model). We maintain our EUR 81 fair value estimate for Just Eat and narrow moat rating. Guidance implies about 10% GTV growth and minus 0.3% of GTV adjusted EBITDA margin in the second half, which although higher than our estimates we view as achievable.

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Key Statistics JET

Company Profile JET

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 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.

Oosterdoksstraat 80
Amsterdam, 1011 DK, Netherlands
T +31 614315479
Industry Internet Retail
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 20,235