robvld schreef op 22 juni 2023 09:24:
BUZZ-2023 'a year of transition' for European online food services - GS
08:59 22/06/2023
2023 will be a year of transition for European online food services, Goldman Sachs says, as the sector faces tough comparisons vs pandemic times, high inflation and weaker consumer spend for non-essentials, but also further market rationalisation helping profitability
It expects gross transaction value growth to inflect from Q2/Q3 2023, as the sector gets past residual COVID comps and food inflation eases, and growth to normalise in 2024
Increased industry rationalisation and a reduction in venture capital funding limiting competition from private players should help to improve profits, it says
It initiates Delivery Hero and Deliveroo with "buy", citing "the best structural growth outlook" for the former and market share gains, benefit from broader rationalisation and high-margin advertising business growth for the latter
It starts HelloFresh with "neutral", noting its exposure to low-penetration market but high natural customer churn rate
It starts Just Eat Takeaway also with "neutral", saying several catalysts ahead may offset a slower growth profile than peers and challenged near-term growth outlook, helping the shares
Shares in Delivery Hero rise 2.6% in early Frankfurt trade