Delivery Hero - Conviction call… it’s the cohorts stupid

Davy Research
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In some ways, Delivery Hero (DHER) has simply maintained the basic tenets of a long-standing strategy that has become unloved by the capital markets as the interest rate cycle moved. The characteristics of DHER’s annual cohorts suggest predictable growth, with the subscription proposition representing one of a number of levers that DHER can pull to accelerate profitability. Of the European online foodies, we see DHER as the most effective operator and best placed competitively to drive forwards.