Delivery Hero: Uber approach shifts the narrative

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Delivery Hero: Uber approach shifts the narrative

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Delivery Hero

Uber approach shifts the narrative

Rating Change: NO RATING | PO: NA | Price: 33.59 EUR

Uber approach puts control in focus 25 May 2026

Uber approached Delivery Hero for a full takeover at an indicative price of €33 per share, Equity

as confirmed by the company on Saturday, implying c.€9.8bn market capitalisation and

€11.9bn enterprise value. The share price has already adjusted to this shift, rising sharply

Key Changessince mid April as Uber increased its stake and activist pressure built. While no

transaction has been agreed, this signals a clear change in strategic direction and brings (EUR) Previous Current

a potential control scenario into focus, following Uber’s stake rising to c.19.5% with Inv. Opinion C-3-9 -6-

options to reach c.25% last week. Inv. Rating UNDERPERFORM NO RATING

Price Obj. 19.00 NA

2027E EPS -1.16 -1.15Valuation shifts to strategic optionality

The investment case is no longer primarily driven by operating performance. Instead,

valuation is increasingly shaped by strategic optionality, including takeover dynamics, Xavier Le Mene >>

Research Analyst

portfolio reshaping and asset disposals. At €33 per share, Delivery Hero is valued at MLI (UK)

0.75x EV/sales and 12.6x EV/EBITDA, which could appear conservative relative to recent +44 20 7996 7591 xavier.le_mene@bofa.com

sector transactions. The proposed bid still carries uncertainties, including shareholder

approval, potential regulatory constraints, and possible interest from other companies in

selected assets, as highlighted by the FT.

Stock Data

Antitrust risk could complicate execution Price 33.59 EUR

A potential combination with Uber raises material execution risks. Antitrust scrutiny Price Objective NA