Economic Moat
INVESTOR
Capital Allocation
INVESTOR
Just Eat Takeaway is the market leader in more than 90% of the markets it operates in and is well positioned, in our opinion, to benefit from the structural trend of increasing digitization of food delivery orders. High margins, highly concentrated markets, sticky client/restaurant relationships, relatively low capital intensity, and a significant and untapped addressable market underpin Just Eat’s investment thesis.
Just Eat Takeaway operates an online marketplace that connects restaurants with users in Europe and North America. The company operates mainly as an order-only marketplace, although it also offers last-mile delivery services. The company is the result of the merger of Just Eat Plc and Takeaway.com NV in early 2020. The company had close to 60 million active users on its platform generating revenue of about EUR 2 billion and a gross merchandise value of EUR 13 billion. Excluding the U.S. after its recent acquisition of Grubhub, the company’s largest geographical presence by revenue is in the U.K., Germany, Canada, and the Netherlands.
