Delivery Hero - Upgrading adjusted EBITDA

Davy Research
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As we approach December, we shall soon be able to stop saying ‘What a year!’. But what a year it was for Delivery Hero (DHER). Strategy collided with market sentiment in Q122, halving the equity; in Q2 and Q322, DHER drove modest outperformance at the adjusted EBITDA line and upgraded the FY22 guide. This, together with the early indication of FY23’s shape with the Q322 print, nudges up our forecasts today. In short, we moderate gross merchandise value (GMV) and revenue expectations for FY23 and FY24 and increase adjusted EBITDA expectations.