Delivery Hero Shares Keep Falling
11 Februar 2022 - 12:52PM
Dow Jones News
By Mauro Orru
Shares in Delivery Hero SE kept falling Friday, extending their
losses a day after the German food-delivery company posted
fourth-quarter figures and annual targets below market
expectations.
At 1120 GMT, Delivery Hero shares traded 10% lower at EUR41.84.
Shares had dropped more than 25% Thursday.
Delivery Hero said the number of orders for the fourth quarter
rose 27% to 775.5 million, while its gross merchandise value--a key
indicator of sales growth--increased to 9.64 billion euros ($11.02
billion) from EUR6.95 billion. Revenue climbed to EUR1.92 billion
from EUR1.15 billion.
However, all key metrics came in below forecasts. UBS analysts
had expected 807 million orders, with consensus forecasting 850
million. UBS analysts expected a GMV of EUR9.68 billion, with
consensus even higher at EUR9.96 billion. Revenue also came below
consensus forecasts of EUR1.98 billion.
While the fourth-quarter update was disappointing, the biggest
letdown came from company guidance for 2022, Bryan Garnier analysts
said.
Delivery Hero is targeting a GMV between EUR44 billion and EUR45
billion, revenue between EUR9.5 billion and EUR10.5 billion, and an
adjusted earnings before interest, taxes, depreciation, and
amortization to GMV margin coming in at about minus 1% and minus
1.2%. It also expects positive adjusted Ebitda for its platform
business.
"Following the very disappointing guidance provided by Delivery
Hero, we understand that Ebitda will remain deeply negative in 2022
in the range of EUR775 million-EUR865 million," Bryan Garnier
analysts said.
Delivery Hero shares are down nearly 60% since the start of the
year.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
February 11, 2022 06:37 ET (11:37 GMT)
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