Delivery Hero "Korea: April marks another month of share stabilisation" (Buy)

Research evidence excerpt

Delivery Hero "Korea: April marks another month of share stabilisation" (Buy)

ing industry 12/28E 1.05 0.82

source said, "If the consortium acquires Baemin, it can avoid criticism of foreign capital

encroaching on the domestic market". On 19th May, Naver reportedly stated that they Jo Barnet-Lamb

are "reviewing various options to strengthen its business competitiveness, but no Analyst

joseph.barnet-lamb@ubs.comspecific decisions have been made at this time". To note, there had been an article in

+44-20-7567 4599

February that stated DHER and its advisors had been "...approaching potential buyers"

for Baemin. According to Reuters, DHER "does not comment on market speculation" Casey McEntee

and noted "we will provide updates if & when conclusions are reached & appropriate to Associate Analyst

casey.mcentee@ubs.com

disclose".

+44-20-7568 3964

Yulia Kazakovtseva

Our View - Encouraging momentum, with wider discussions a +ve for DHER Analyst

yulia.kazakovtseva@ubs.com

We believe stable share in Korea paired with both order and GMV growth in 1Q26

+44-20-7901 5507

should increase investors’ confidence in Baemin’s trajectory going forward,

particularly around its increased defensibility as investments continue to come to

fruition. We also acknowledge the reports that DHER is exploring the sale of

Baemin, which we view as +ve considering Baemin’s stronger fundamentals/market

position YoY and the ~€4.6bn reported price for the asset, which is ahead of our

SOTP valuation of ~€3.7bn. To note, our ~€3.7bn valuation for Baemin forms part

of our illustrative SOTP value for DHER of €45, in which we apply a 30%

Highlights (€m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 9,942 12,295 14,060 15,687 17,948 20,401 22,975 25,620