The stock has dropped 80% since I last looked: https://sinaas.blogspot.com/2020/08/justeat-takeawaycom-grubhub-too.html
From EUR 99 to roughly EUR 20 a share. The company might be breakeven next year. To be a Benjamin Graham Defensive pick a company has to be consistently profitable.
Book value EUR 48 per share (mostly good will and intangibles).
Stock price: EUR 20
An interesting change over the past 4 years: Gross Merchandise Value used to be a footnote. Now GTV (Gross Transaction Value) is front and center and what used to be the topline is the footnote.
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A change from 2018:
Thursday, November 15, 2018
Takeaway.com notes
Very rough notes:
1. Gross Merchandise Value vs. Sales
Lesson learned from Takeaway (and Uber) is the difference between "Gross Merchandise Value" and company Sales. At a brick and mortar retailer, it is normal to define "Sales" as all the money customers give to the store. At Takeaway.com they say sales are the money received for transporting the food. That is "Gross Merchandise Value" minus the money the customer is paying (through Takeaway.com) to the restaurant for food. This is similar to the way retailer C&A work(s/ed). The focus is on "Deckungsbeitrag" (at C&A BCP Fund in Euros). Conventional Sales are largely irrelevant: www.profitperx.blogspot.com
1. Gross Merchandise Value vs. Sales
Lesson learned from Takeaway (and Uber) is the difference between "Gross Merchandise Value" and company Sales. At a brick and mortar retailer, it is normal to define "Sales" as all the money customers give to the store. At Takeaway.com they say sales are the money received for transporting the food. That is "Gross Merchandise Value" minus the money the customer is paying (through Takeaway.com) to the restaurant for food. This is similar to the way retailer C&A work(s/ed). The focus is on "Deckungsbeitrag" (at C&A BCP Fund in Euros). Conventional Sales are largely irrelevant: www.profitperx.blogspot.com
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