Monopoly games in online food delivery

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Monopoly games in online food delivery

23 December 2020

What readers said about this report

Online food delivery is a winner-takes-all industry. Winning market share and dominating individual countries are the name of the game.

Just Eat already dominates 13 countries, and generates 90% of its revenue in those countries (including Germany, the Netherlands, and the UK).

Online food delivery is a growth opportunity of stratospheric size. Market penetration is still low, but growing fast. The total addressable market is so vast that Just Eat could grow ten times in revenue and market value over the coming years.

Or, it could fall prey to a hostile takeover. The industry is going to see rapid developments in 2021, which could include some surprise mergers and acquisitions.

Either way, shareholders of Just Eat will come out ahead. The stock is currently valued at such a low price, that even losing to competition and becoming prey will NOT be to shareholders' disadvantage.

How is that possible?

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|  What readers said about this report

Julius G.
March 2021

I really liked the Just Eat and, above all, the Twitter analysis, and I have invested in both companies. I find it amazing how you published the report on Twitter shortly before the rally, similar to Gazprom at the end of 2018. Respect!

Jakob H.
April 2021

Thank you again for yet another interesting analysis that you present to us. I like the fact that you look for undervalued stocks that is also related to long term trends and is therefore also likely to be long term compounders. I am now invested in (company name hidden by, (company name hidden by, JET, (company name hidden by, (company name hidden by and (company name hidden by So you definitely have had an impact on my portfolio for the last year or so. I view your reports as inspiration for a modern Munger-like investing approach.

Based on the stories on Poland growth story i also invested in Mo-bruk (Polish) in the ESG area, as i believe that the increased wealth will result in a continued improvement of ESG in generel terms.

Wulf S.
January 2021

I’m always happy to get news from Undervalued Shares, because it always opens up new horizons. It's not like I jump on it every time and buy straight away (e.g. not (company name hidden by, but things like (company name hidden by, Gazprom, Twitter or Just Eat are also mega-interesting from a content point of view and of course convey a depth of information that one would normally never get without very deep research. Keep it up!

Michael K.
December 2020

After reading Swen's analysis I've spent an entire day on JET. Being convinced that in the end it's always people – not leverage – that makes for a good business, I find this investment case a very exciting one.

Karsten B.
December 2020

Exciting story.

Michal B.
December 2020

I have read the report on just eat takeaway and wow great work.

Jakob B.
December 2020

I got a nice surprise bonus yesterday, then read your report on Just Eat Takeaway later in the evening. What can I say, the bonus is now invested in it.

Gene G.
December 2020

Nice write up on Just Eat.

J. W.
March 2020

Thank you for your valuable insight into company's and their growth prospects. I really like it when I see one of your emails in my inbox! Ive bought into (company name hidden by eat/Twitter/IAG on your research – and I don't think I would have done that on my own.

l  Report updates

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3 March 2021

Report Update (PDF - 0.6MB)

18 January 2021

Report Update (PDF - 0.7MB)

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