- JET's Northern Europe segment represents 1/4 of GTV, led by a large Dutch and German business.
- The food delivery platforms in Germany and Netherlands exhibit a wide economic moat, the result of market-leading positions.
- The Northern Europe segment alone is worth 11 billion euro in enterprise value (or 57 euro per share or 13.2 dollar per ADR).
- Valuation analysis suggests that JET's three other segments, which account for 3/4 of GTV, are implicitly collectively valued at almost zero.
For further details see:
Just Eat Takeaway: Northern Europe Segment Exposes Significant Undervaluation