Delivery Hero: We downgrade to Neutral following Uber‘s proposal to acquire Delivery Hero

Research evidence excerpt

Delivery Hero: We downgrade to Neutral following Uber‘s proposal to acquire Delivery Hero

Global Research

17 July 2026ab

Delivery Hero Equities

GermanyWe downgrade to Neutral following Uber's

proposal to acquire Delivery Hero Software

12-month rating Neutral *

Prior : Buy

12m price target €41.50We downgrade Delivery Hero to Neutral following Uber's proposed acquisition

Prior : €45.00

On 16 July, Uber announced that they've made a voluntary public takeover offer to

acquire Delivery Hero for €41.5 cash per share ($14.8bn equity valuation or $13.7bn Price (16 Jul 2026) €38.20

"adjusted for Uber’s prior stake purchases"). Separately, Delivery Hero agreed to sell its RIC: DHER.DE BBG: DHER GR

operations in 14 markets to SSW Partners for ~$1.6bn. The transaction completion is

expected in 2H27 and will depend on obtaining regulatory approvals. We align our 12- Trading data and key metrics

month price target with the offer price and downgrade Delivery Hero to Neutral. 52-wk range €39.35-15.28

Market cap. €11.4b/US$13.1b

We see regulatory uncertainty, Uber management expressed confidence Shares o/s 299m (ORD)

Based on our discussions with investors, we believe regulatory approval remains a key Free float 100%

uncertainty given the complexity of both businesses and their overlap in certain markets. Avg. daily volume ('000) 1,366

On the post-announcement call, Uber management expressed confidence that the Avg. daily value (m) €42.3

transaction structure provides a "clear path to completion", citing extensive regulatory Common s/h equity (12/26E) €1.43b

due diligence and readiness to engage with regulators. Nevertheless, we continue to see P/BV (12/26E) 8.2x

uncertainty for two reasons: 1) it remains unclear whether the EC will view SSW as an Net debt to EBITDA (12/26E) 3.2x