3rd Aug 2022 15:03
(Alliance News) - Just Eat Takeaway.com NV failed to massively impress analysts with its interim results on Wednesday, which were described as no worse than "soft" but no better than mixed.
The market was somewhat more impressed. JET shares were 7.1% higher at 1,667.60 pence each on Wednesday afternoon in London.
Swiss bank UBS said the takeaway delivery company's first-half orders fell short of company-compiled consensus. They also lagged a slightly less lofty forecast from UBS.
Orders totalled 509.4 million in the first-half, 6.8% below a Covid-19-boosted figure of 546.8 million a year earlier. The half-year figure was shy of the company polled consensus of 527.5 million and the UBS prediction of 523 million.
Gross transaction value edged up 0.5% year-on-year to EUR14.19 billion, meeting the UBS estimate but falling just short of the wider EUR14.4 billion consensus.
Just Eat Takeaway's revenue rose by 6.5% to EUR2.78 billion from EUR2.61 billion a year earlier, largely meeting both consensus and a UBS prediction.
Just Eat's adjusted loss before interest, tax, depreciation and amortisation narrowed to EUR134 million from EUR189 million. The loss was slimmer than UBS's EUR137 million forecast, but wider than the consensus of EUR123 million.
The figure does not include an impairment of EUR3.0 billion booked in relation to Grubhub. Just Eat Takeaway's statutory pretax loss ballooned to EUR3.54 billion from EUR395 million a year earlier.
Investment bank Jefferies labelled the interim results as "soft".
Jefferies said the results lacked in "substantial updates" and the backing of annual guidance "will be an area of focus".
It still expects an adjusted Ebitda margin in the range of minus 0.5% and minus 0.7% of gross transaction value. It also affirmed it expects to be Ebitda positive in 2023.
Irish broker Day said the results had "positives and negatives", noting the muted gross transaction value figure but affirmed breakeven guidance.
Davy is still feels like the company is in "damage limitation mode" after what has been a bruising 2022 so far.
It did, however, note there is more "clarity" in regard to chief operating officer position and plans for Grubhub.
Just Eat completed its USD7.3 billion acquisition of Chicago, US-headquartered Grubhub in June last year. On Wednesday, Just Eat said it will continue to explore a partial or full sale of Grubhub.
In a separate announcement, Just Eat said it will nominate Jorg Gerbig for reappointment as chief operating officer. In May, the company said Gerbig would not stand for re-election after a "formal complaint" related to the COO's "possible personal misconduct at a company event".
"The external expert investigation has now been concluded and based on the outcome Jorg Gerbig can continue in his position as COO," the company said.
By Eric Cunha; [email protected]
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