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JPMorgan turns bearish on Just Eat, cites slow UK order growth

Wed, 01st May 2019 08:36

(Sharecast News) - Just Eat was under pressure on Wednesday after JPMorgan Cazenove downgraded its recommendation on shares of the online takeaway platform to 'underweight' from 'overweight' as it named Germany's Delivery Hero its top pick in the sector.JPM said it was turning bearish on Just Eat as it sees ongoing weakness in the UK and market share losses."With more than 100% of EBITDA, the UK remains the key share price driver - and the UK business is slowing quickly with +7% order growth in Q1 (after +13% in Q418)," it noted."High exposure to less attractive restaurants, cannibalization from delivery restaurants (finally) signed up on the JE platform and poor tech execution versus peers appears to have taken its toll."JPM said it expects order growth for the UK to remain subdued going forward and materially reduced its UK valuation from £2.3bn to £1.7bn, causing its sum-of-the-parts target price to drop to 682p from 822p.JPMorgan's take on Delivery Hero was much more upbeat, as it lifted the stock to 'overweight' from 'neutral', added it to its 'Analyst Focus List' and said it was its top pick in the space."With falling investments, accelerating top-line growth and markets likely moving into recovery phase, we see risk/reward turning," it said.JPM also said it continues to like overweight-rated Takeaway.com, as the company's first-quarter results highlighted again that Holland is far from being mature, while Germany provides a large opportunity.More broadly, the bank said the outlook for online takeaway platforms remains bright "but investors can't afford to play just a single theme, as share price performances are likely to diverge further from here".At 1555 BST, Just Eat shares were down 3.8% at 672.60p.

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6 Mar 2018 11:55

LIVE MARKETS-Back to (attractive) valuations!

* European shares strongly higher * Focus back to earnings, M&A deals * Smurfit Kappa soars after unsolicited bid * Worries over trade wars, Italy risk ease March 6 - to

6 Mar 2018 11:42

LIVE MARKETS-Not just autos: MS points to tariff risks for European industrials

* European shares strongly higher * Focus back to earnings, M&A deals * Smurfit Kappa soars after unsolicited bid * Worries over trade wars, Italy risk ease March 6 - to

6 Mar 2018 10:57

LIVE MARKETS-Unsolicited bid for Smurfit Kappa puts packaging sector on fire

* European shares strongly higher * Focus back to earnings, M&A deals * Smurfit Kappa soars after unsolicited bid * Worries over trade wars, Italy risk ease March 6 - to

6 Mar 2018 10:38

WINNERS & LOSERS SUMMARY: Investors Lose Appetite For Just Eat

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.----------FTSE 100 - WINNERS----------Smurfit up it

6 Mar 2018 10:15

UPDATE 2-Paper stocks, autos drive European shares higher

* STOXX 600 up 0.1 pct * Italy index recoups post-election vote losses * Activist investor Elliott builds stake in Telecom Italia * Smurfit Kappa rejects

6 Mar 2018 09:24

Britain's FTSE boosted by an unsolicited bid for Smurfit Kappa

(For a live blog on European stocks, type LIVE/ in an Eikon news window) * FTSE 100 up 0.9 pct * Smurfit Kappa jumps 17 pct on unsolicited offer * Sector peers Mondi and DS 6

6 Mar 2018 08:34

Paper stocks, autos drive European shares higher

(For a live blog on European stocks, type LIVE/ in an Eikon news window) LONDON, March 6 (Reuters) - European shares bounced off six-months lows on Tuesday as the focus

6 Mar 2018 08:22

TOP NEWS: Just Eat Shares Fall As Australasia Impairment Causes Loss

LONDON (Alliance News) - Just Eat PLC said on Tuesday it swing to a loss for 2017 despite substantial revenue growth, due to the impact of higher exceptional in Just Eat 11% a

6 Mar 2018 08:04

UPDATE 1-UK Stocks-Factors to watch on March 6

March 6 (Reuters) - Britain's FTSE 100 index is seen opening up 34 points on Tuesday, according to financial bookmakers, with futures up 0.9 percent ahead of the cash in a

6 Mar 2018 05:35

UK Stocks-Factors to watch on March 6

March 6 (Reuters) - Britain's FTSE 100 index is seen opening up 34 points on Tuesday, according to financial bookmakers. * BREXIT-FINANCIALS: British Prime Minister Theresa

10 Feb 2017 16:40

FTSE 250 movers: Elementis gains, Just Eat tanks

(ShareCast News) - The FTSE 250 closed up 0.47% to 18,715.36 points. Elementis was a top riser as it entered into an agreement to acquire specialty chemicals platform SummitReheis from an affiliate of One Rock Capital Partners for an enterprise value of $360m. SummitReheis - which is expected to re

10 Feb 2017 10:31

WINNERS & LOSERS SUMMARY: SummitReheis Purchase Sends Elementis Higher

10 Feb 2017 07:47

London pre-open: Stocks set to track advance on Wall Street

(ShareCast News) - Shares were expected to start the session higher, tracking a record close overnight on Wall Street and on the heels of better than expected Chinese trade data. As of 0721 GMT the Footsie was being called to start the day higher by 23 points to 7,252. In parallel, the Shanghai Sto

10 Feb 2017 07:26

David Buttress makes sudden exit as Just Eat CEO

(ShareCast News) - Online food ordering and delivery service Just Eat announced on Friday that, due to urgent family matters, David Buttress had informed the board of his intention to step down from his role as chief executive officer. The FTSE 250 company said Buttress would continue to work full t

8 Feb 2017 12:03

Numis starts Just Eat at 'add'

(ShareCast News) - Numis initiated coverage of Just Eat at 'add' with a 650p price target, saying the company is in an enviable position. "The leading player in a growing market with first mover advantage, we see opportunities to grow orders, raise commissions and improve margins," the broker said,

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JPMorgan turns bearish on Just Eat, cites slow UK order growth

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