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JSTLF - Grubhub: Don't Fight An Overly Competitive Market
Just Eat PLC
Grubhub (GRUB) achieved the rare feat of causing their shares to plunge over 40% in one day and still not offer value to new shareholders. The typical outcome of a lofty valuation multiple is the attraction of heavy competition in the space. The scenario leads to a fickle user base as the delivery service lacks a true moat and the benefits of scale. My investment thesis warned people to avoid the stock at much higher prices, and nothing has changed here until the competitive landscape improves.