Delivery Hero: Seemingly getting closer to a takeover by Uber

Research evidence excerpt

Delivery Hero: Seemingly getting closer to a takeover by Uber

Barclays | Delivery Hero

uncertainty with actually executing in a break up to realise this SOTP value. That said, we think

it is likely any Uber offer has a relativley long timeline to closure given complex antitrust in a

few markets. We note that the DH stock closed yesterday at €39.10 before the €40 offer price

was reported in the press, suggesting that the market’s view of the initial article in the afternoon

was for a slightly higher offer (factoring in a spread vs offer price to account for time /

uncertainty to deal closure given complexity of antitrust). We note €40 would represent 14x EV/

EBITDA in ‘27E pre SBC and 18x post SBC. This is pre synergies; which we think could be quite

material depending on how much in-market consolidation is possible and also how much of the

central function of Delivery Hero could be cut out.

Where does it leave Prosus? It is also not clear where Prosus stands in all of this; still the 17%

shareholder in DH. It was noticeable that the Bloomberg article didn’t refer to Prosus being

interested in the Middle Eastern assets of DH although perhaps we are overreading into this.

Were there to be a recommended offer from Uber, there are multiple scenarios as to what

happens to the Prosus stake, in our view. This will depend, for example, on whether Prosus can

get another extension from the EC to sell down its shareholding (currently Oct 11) or whether

there is some kind of agreement between Prosus and Uber for Prosus to take some of the DH

assets in exchange for tendering into the transaction.

Where does it leave Talabat? Finally, it remains somewhat uncertain what happens next

regarding the Talabat float. We believe any change of control in DH may or may not trigger a