Delivery Hero Needs To Show More Progress In Asia

2025-05-01 09:12:33 ET

Summary

• Delivery Hero is making continuous progress towards profitability with positive adjusted EBITDA and positive FCF in 2024.
• However, business performance is dependent on the MENA region, although Asia provides over 1/2 of GMV.
• Delivery Hero's way of reporting its financial results makes it unnecessarily hard to assess the complexity of the business in 70+ countries.

Notes: Unless indicated otherwise, amounts in the article are in EUR. At the current exchange rate, 1 EUR is around 1.14 USD. All per-share figures refer to the DLVHF ticker and are in EUR.

Investment Thesis

Delivery Hero ( OTCPK:DLVHF ) ( OTCPK:DELHY ) is one of the most volatile and unpredictable stocks I know and follow. The stock skyrocketed during the pandemic, and the company was included in the German DAX index in August 2020, although earnings were deeply red. At the top point when, Delivery Hero reached a market cap of USD 40 billion....

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