Delivery Hero - Master of puppets

Davy Research
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Delivery Hero (DHER) coined the ‘quick commerce’ phrase, a broader delivery proposition than just takeaway food, and indeed has moved quickly. Focusing away from Europe following competitive defeat in its home market, it is executing well and driving growth via transformative M&A that appears to have been received well – in contrast to the recent Just Eat Takeaway.com (TKWY) M&A. A growth leader with a +75% 20/23 revenue CAGR, DHER looks like a winner. We initiate with an ‘Outperform’ rating and a price target of €140.