|Bid||8,696.00 x N/A|
|Ask||8,702.00 x N/A|
|Day's range||8,600.00 - 8,770.00|
|52-week range||65.28 - 9,000.00|
|Beta (5Y monthly)||0.72|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
(Bloomberg) -- The U.K.’s antitrust authority approved Takeaway.com NV’s $8 billion acquisition of Just Eat Plc, less than a week after giving its blessing to another food-delivery deal amid the coronavirus pandemic.Takeaway.com’s departure from the U.K. market in 2016 and the strong likelihood it wouldn’t return meant the deal didn’t produce antitrust concerns, the Competition and Markets Authority said Thursday.Amazon.com Inc.’s purchase of a $575 million stake in Deliveroo was given a green light last week as the CMA acknowledged it needed a cash injection from the U.S. company to avoid going bust. Restaurants across London have been forced to shut during the coronavirus lockdown, leading to a significant decline in revenue for Deliveroo.The CMA acknowledged that the virus is playing havoc with its ability to quickly gather the information it needs for its investigations. It’s trying to complete investigations in a timely manner wherever possible to give businesses greater certainty and said in Thursday’s statement that the Just Eat decision was reached 26 days ahead of deadline.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Just Eat Takeaway saw a 50% jump in first-quarter orders, as food delivery firms around the world see rising demand for their services with people ordered to stay home to slow the spread of the coronavirus.Takeaway also said it suffered from cyberattacks in the week starting March 16, affecting several hundred thousand orders, the company said in a statement Thursday.Key PointsTakeaway said the onset of the coronavirus crisis in Europe caused order volumes to decline in mid-March due to restaurant closures and a significant reduction in lunch orders.Order volumes recovered strongly by the end of March, Takeaway said, adding “average order values increased markedly, which are expected to return to normal levels after the crisis.”Takeaway says it’s added thousands of restaurants after it saw a pick up in applications because of government bans on dine-in services.Dutch food delivery firm Takeaway merged with U.K.-based Just Eat earlier this year but the two businesses are being run independently under orders from U.K. antitrust authorities who are currently investigating the combination.The figures released Thursday only pertain to Takeaway’s business.Get MoreFood delivery firms are adapting to the pandemic. Pizza delivery companies are listing new job postings while Uber Technologies Inc. is transitioning ride-hailing drivers to its Uber Eats service, which competes with Takeaway.“Takeaway.com is one of the few, and privileged, companies that has only modestly been affected by the crisis,” Takeaway Chief Executive Officer Jitse Groen said in a statement. “The most notable effect on our figures has been, what we now believe to be, a temporary impact on our March orders.”Still, analysts have warned that food delivery firms could still be impacted down the line if people are turned off by ordering food for hygiene reasons or if restaurants start to shutter. “Restaurant delivery may suffer as eateries can’t survive on delivery alone,” Bloomberg Intelligence analysts said in a recent note. “Even if restaurants try to stay open, demand may be depressed amid economic uncertainty.”Read more: Food Delivery Firms Start Contactless Services During PandemicFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- A whole generation of tech startups was built on the premise that the most lucrative business models aim to connect people or businesses on one side of the marketplace with people or businesses on the other side.Whether Tinder, Uber Technologies Inc. or Airbnb Inc., the platform theory held that acting as a facilitator for someone else’s offering meant you could scrape off commission while maintaining an asset-light business whose low operational costs rewarded you with high profitability. But no one foresaw an event that would shut down a whole side of the marketplace, and the coronavirus pandemic has done just that. For Airbnb, self-isolation means that nobody is travelling. There is plenty of supply with millions of listings still on the site, but the demand has all but evaporated. The same goes for Uber rides.In food delivery, it’s the supply side that has difficulties. On the whole, services like Uber Eats, Grubhub Inc., Deliveroo and Just Eat Takeaway depend on existing restaurants to cook meals. But for many, if not most, of those restaurants, the main business was still preparing food for on-site dining. Now that’s not possible in the U.K., France, Italy and elsewhere, continuing to operate as a delivery-only operation fundamentally changes the economics of the business: Restaurants still have operating costs, except now they might have to direct a quarter of their income to the food delivery platforms. Many have simply shut their doors completely because they can’t make it work. Chinese delivery platform Meituan Dianping is already feeling the impact, as my colleague Tim Culpan wrote yesterday. (Uber Eats and Grubhub are trying to counter the trend by subsidizing some restaurant costs.)Which is why companies like HelloFresh SE and Blue Apron Holdings Inc., long the subject of Silicon Valley derision, suddenly seem to have very sensible business models. On the surface, they are similar to the food delivery platforms: They too deliver food.The difference is that, because they deliver meal kits they put together in their own kitchens, they control the supply, whereas a firm like Deliveroo has to worry about ensuring it has enough restaurants and customers. HelloFresh’s concern is simply demand. Even then, there’s less need for as high a density of demand than for takeaway food — though of course it helps. Because customers cook the meals themselves, there’s less anxiety about a dish congealing in the panniers of a moped. While Deliveroo has started operating some of its own kitchens, it still has to compete with Grubhub, Just Eat Takeaway and Uber Eats on two fronts. HelloFresh can concentrate on one: customers.The upshot is that business is soaring for the meal-kit firms. HelloFresh said Monday it’s expecting first-quarter sales of between 685 million euros ($750 million) and 710 million euros, up from 420 million euros a year earlier. Analysts had been expecting revenue of 553 million euros. The company anticipates adjusted first-quarter Ebitda of as much as 75 million euros — in just three months, it's set to make about three quarters of the profit that analysts had anticipated for the full year. Uber, which isn't expected to be profitable at all on a similar basis until 2022, has seen just a 10% jump in U.S. orders at its food delivery business, according to The Information.HelloFresh stock is up 70% this year, valuing the Berlin-based firm at 5.2 billion euros — more than Grubhub or grocers Casino Guichard Perrachon SA and Wm Morrison Supermarkets Plc. Beleaguered Blue Apron’s shares have jumped more than fourfold from a March 13 low, giving it a $156 million market capitalization, though its ability to capitalize on surging demand is more limited — it has been cutting costs in recent months. Meanwhile HelloFresh is expanding: It plans to add 400 employees at a site in Oxfordshire, near London, according to the BBC.Silicon Valley dogma tends to dictate that assets are bad. But in some instances, more control over the factors of supply can be very satisfying indeed.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- The various levels of lockdown and quarantine across China haven’t proven a golden opportunity for the biggest food delivery and bookings company, a warning for on-demand service providers elsewhere as more of the world stays at home to avoid the coronavirus.Meituan Dianping says it will post a loss for the first quarter ending Tuesday following a decline in revenue. The Beijing-based company’s business consists of three main divisions — food delivery, restaurant and travel bookings, and other services such as car hailing, bike rental and groceries.Bookings, which account for around 23% of revenue, took the biggest hit. That was predictable. Consumers aren’t keen to take a seat at a restaurant or a night at a hotel amid a deadly disease outbreak, and widespread travel curbs meant moving around China wasn’t an option.Food was more of a surprise. Two months ago amid the Lunar New Year break, I theorized that such deliveries — at 56% of Meituan’s revenue — might bounce back quickly as customers opted to stay in rather than eat out. I was wrong.Thousands of vendors on Meituan’s platform were forced to close either voluntarily or by mandate, and thus couldn’t provide meals. Those who did stay open were often met with fear and complications on the demand side.Many customers had concerns not only over the safety of meals coming from restaurants, but the drivers who delivered them. Those still willing to order online were met with layers of challenges as local governments, neighborhoods and buildings exercised strict controls over who could come and go. There was no supply bottleneck for drivers; Meituan noted plenty of capacity on hand.Three weeks ago, Alibaba Group Holding Ltd. said that its own courier and food delivery services, Cainiao and ele.me, were back to full staffing. But the food business was still down because many restaurants remained closed.An upside has been grocery delivery. Meituan’s two services, self-operated and marketplace, have seen strong growth during the crisis, a trend that echoes what Alibaba experienced with its Freshippo service. In many cities, consumers either cannot or prefer not to step out to shop. They’re apparently less afraid of groceries brought to their door than fresh-cooked meals.Even as China returns to a certain level of normalcy, food delivery may struggle for another few months. Most companies are maintaining degrees of isolation, such as working from home or rotating shifts. Taking lunches to places of business is normally an important part of the consumption scenario. As investors start to ponder the outlook for Delivery Hero SE, Just Eat Takeaway, and GrubHub Inc., they’d do well to look at how their China peers have fared during the virus battle. Collectively, these companies get most of their revenue from Western markets that are now imposing lockdowns to battle the pandemic. They’re implementing contact-free and non-cash deliveries to make customers feel safe.That may not be enough. While it’s true that people still have to eat, China’s experience shows that this doesn’t mean consumers will necessarily order delivery or that restaurants can supply them.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Tim Culpan is a Bloomberg Opinion columnist covering technology. He previously covered technology for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Just Eat Takeaway.com NV, the food delivery company formed out of a merger earlier this year, has started arbitration proceedings against shareholder and rival Delivery Hero SE.It said in a statement that Delivery Hero broke a relationship agreement when the company announced plans to purchase shares in Takeaway last month. Takeaway has initiated the arbitration with the International Chamber of Commerce, a business group with members in more than 100 countries, which also handles corporate disputes.In 2018, Takeaway agreed to buy Delivery Hero’s German operations for about 930 million euros ($1.03 billion) in cash and shares, giving the firm an approximately 18% stake in its Dutch rival. As part of the deal, Delivery Hero entered into a so-called standstill agreement, promising not to increase its exposure for four years, with some exceptions to prevent dilution.Delivery Hero said in April, after Takeaway won the bidding war for Just Eat, that it would enter into a forward share purchase to restore its exposure in Just Eat Takeaway.com to about 10.6%, following the dilution that had been caused by the merger.But during Takeaway’s negotiations for Just Eat last year, Delivery Hero caused controversy by selling about 3 million of its Takeaway shares, hurting the stock price and lowering the value of its bid.Takeaway Chief Executive Officer Jitse Groen called Delivery Hero’s plans to increase its stake “puzzling.”A spokesperson for Delivery Hero didn’t have an immediate comment.The ICC Court of Arbitration handles 800 to 1,000 cases annually, making it the largest party for international commercial dispute resolution.\--With assistance from Sarah Syed and Ellen Proper.To contact the reporter on this story: Amy Thomson in London at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Nate LanxonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- In the suburbs of Dublin on a windy, overcast day in January, several alumni of Airbus and the U.K.’s Royal Air Force watched as a flying object, shaped a bit like a crouching frog, hovered about 10 meters (33 feet) up in the air.The craft, called MNA-1090, opened its cargo bay door, and lowered a package — about the size of a shoebox — to the ground on a string. The robotics engineers who’d helped design the vehicle opened the carton, looked inside, and smiled: the dozen-or-so pots of Ben & Jerry’s ice cream were still perfectly frozen.In late March, customers on the outskirts of Dublin, far from the dense metropolises that make services like Uber Eats and Deliveroo viable in terms of revenue, will get to try ordering food and drink the same way. Manna.aero built the MNA-1090 drone to be an airborne replacement for the human-and-bicycle formula used the world over by food-delivery apps, and is preparing to run a couple of hundred test flights per day over several weeks to lay the groundwork for a permanent service for small Irish towns. Ben & Jerry’s, U.K. food delivery firm Just Eat Plc, and local Irish restaurant chain Camile Thai are signed up to participate in the pilot that will take place at the University College Dublin campus.“In five years, it’s going to be the most normal thing you can imagine,” Manna Chief Executive Officer Bobby Healy says.If you live in a city, having a hot meal delivered to your doorstep in under an hour has never been easier or cheaper. For about the price of a small coffee, a human being will cycle to a restaurant, collect your freshly baked pizza and bring it to your apartment. Innovations in smartphones, mapping and gig-economy logistics have catalyzed growth of the sector, which research firm Frost & Sullivan estimates will be worth $200 billion by 2025.But the margins are tiny for the companies handling the delivery, and the competition fierce. In October, Grubhub Inc. executives told shareholders they didn’t believe it was even possible to generate significant profit from food delivery. The cost of paying people to drive food around was just too much, they said.Companies are looking for an alternative, and a roster of investors believe Healy might have a model that could work: a drones-as-a-service for restaurants and delivery apps.Here’s how Healy said it will work: Manna will partner with restaurants or food courts that have a high-throughput of orders and a small outdoor space to house a drone-loading team. The Manna craft itself is about the size of a computer printer and will carry meals weighing around 2 kilograms (4.4 pounds) more than 2 kilometers (1.2 miles) in under three minutes, even in wind and rain.Upon arriving at its destination, the drone will hover and wait for the customer to accept delivery using an app, having indicated when ordering exactly where they want their food to land — on the lawn, an outdoor dining table or just in the driveway. The drone will descend and lower the food parcel that, Healy said, will still be “piping hot.”Manna’s vehicle has been designed to travel for 100 million hours without a problem, Healy said in an interview. But, alongside space for three 10-inch pizzas, it also has a backup battery and two parachutes, just in case.The 51-year-old Irish entrepreneur is a mobility veteran: In 2003, he sold off travel software firm Eland Technologies to industry titan Sita.Aero. He then helped build CarTrawler into a transportation platform used by more than 100 international airlines. Healy’s got some well-known names putting $5.2 million behind Manna, including billionaire Peter Thiel’s Founders Fund, Dynamo venture capital, and FFVC, among others.For food platforms, Manna says the service is more than just a gimmick — it will lower delivery costs and allow them to scale to currently under-served suburban areas in a profitable way. Healy said Manna’s drone delivery will cost platforms $3 to $5 per delivery.Fabricio Bloisi, CEO of online delivery platform iFood in Brazil, said the use of drones is a “great breakthrough” for the industry because of their efficiency and ability to travel relatively large distances. He said his company’s working with Sao Paulo-based Speedbird to reduce delivery time by combining the use of drones with bicycles and motorbikes.Uber’s testing a drone for food delivery in the San Diego area, and Alphabet Inc.’s Wing is already delivering coffee, food, medicine and household items directly to homes in Finland, Australia and the U.S. state of Virginia.Amazon.com Inc.’s also developing its Prime Air service, with a view to delivering parcels, not necessarily food, of up to five pounds via drone. The company’s bidding for a stake in the U.K.’s Deliveroo.Healy isn’t worried. He’s pitching Manna as a business-to-business company, where its drones are used by food delivery companies, not end consumers. To the entrepreneur, Wing isn’t his rival. “We’re arming their competitors.”Still, not everyone is so rosy about the drone delivery trend. In a sign of how divided views are on the technology, Dutch food delivery firm Takeaway.com NV — which recently bought Just Eat, one of Manna’s partners for the March pilot — said it thinks drone delivery for food is a “fantasy.”“We just don’t see any way how it can work currently from a technical perspective,” said Joris Wilton, a spokesman for Takeaway. “We will not be investing in developing it in-house.”Miki Kuusi, co-founder and CEO of Helsinki-based food delivery company Wolt, said his company has tested drone deliveries, but, “it’s been more PR than actually about a business case.”That partly has to do with complexities around picking up the food orders, he said. Drone services have to be deeply integrated with the restaurants to ensure that drones are loaded in the right way, something “most restaurants in a hectic environment are not equipped to do.”Then there’s the tricky issue of regulation. Airspace authorities have tightened restrictions on drone usage as their popularity with consumers and troublemakers has grown. People also express discomfort at the idea of machinery whizzing above their homes — both for privacy and safety reasons. Add to that the complexity of hauling hot food in the sky over several kilometres and it’s an uphill battle for any startup to launch a service.Healy recognizes that changing the industry won’t come overnight, given the need to safely test the technology, get approvals from regulators at each new stage as well as from the local communities.Still, he expects to have completed between 20,0000 and 50,000 successful deliveries by year-end.“With this industry it’s ‘crawl, walk, run,’” Healy said, “and we want to crawl for a little while, we want everyone to feel good about it.” To contact the author of this story: Natalia Drozdiak in Brussels at email@example.comTo contact the editor responsible for this story: Nate Lanxon at firstname.lastname@example.org, Amy ThomsonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.