JustEat Takeaway.com + Grubhub: Too difficult pile

Notes from 2018: https://sinaas.blogspot.com/2018/11/takeawaycom-notes.html 

Still "too difficult pile".  I am not sure about the business of bikes/cars bringing food. Seems like a commodity if I see 4 different companies at 1 stoplight in Amsterdam doing basically the same thing. 

Now the share merger with Grubhub makes analysis more difficult. Grubhub has gone from profit to loss in its competition with Doordash and others. 

Check back after consolidation? 

When reading the numbers use this framework: With customer equity  https://www.fundresearch.de/fundresearch-wAssets/sites/default/files/Nachrichten/Inside/2017/Time%20to%20Change%20Your%20Investment%20Model.pdf