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Delivery Hero SE (DE:DHER)
XETRA:DHER
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Delivery Hero SE
(XETRA:DHER)
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Rating:50Neutral
Price Target:
€22.50
▼(-4.38% Downside)
Delivery Hero SE's overall stock score is driven by mixed financial performance, with revenue growth and cash flow improvements offset by profitability challenges and high leverage. Technical analysis shows short-term bullish momentum, but valuation concerns persist due to negative earnings and lack of dividends. The earnings call provided positive growth insights but also highlighted significant risks.
Positive Factors
Revenue Growth
Strong revenue growth indicates robust demand and effective market strategies, enhancing long-term business sustainability and market position.
Cash Generation
Improved cash flow generation enhances financial flexibility, allowing for strategic investments and debt management, supporting long-term growth.
Operational Efficiency
Enhanced operational efficiencies through integration efforts reduce costs and improve service quality, strengthening competitive advantage.
Negative Factors
High Leverage
High leverage can strain financial resources and limit operational flexibility, posing risks to long-term financial stability.
Profitability Challenges
Ongoing profitability issues indicate challenges in cost management and pricing power, potentially impacting long-term financial health.
Legal and Compliance Risks
Significant legal and compliance challenges can lead to financial penalties and distract management, affecting long-term strategic focus.
Delivery Hero SE (DHER) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€7.06B
Dividend YieldN/A
Average Volume (3M)636.06K
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue Growth23.23%
EPS Growth76.05%
CountryDE
Employees42,711
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-1.35
Shares Outstanding300,137,180
10 Day Avg. Volume565,607
30 Day Avg. Volume636,063
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)2.97
Price to Sales (P/S)0.63
P/FCF Ratio15.44
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€31.53Price Target Upside33.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Delivery Hero SE Business Overview & Revenue Model
Company DescriptionDelivery Hero SE offers online food ordering and delivery services. It operates approximately in 50 countries in Europe, the Middle East, North Africa, Asia, and the Americas. The company was founded in 2011 and is headquartered in Berlin, Germany.
How the Company Makes MoneyDelivery Hero's revenue model primarily revolves around commissions charged to restaurants for each order placed through its platform. The company earns a percentage of the order value, which can vary based on the restaurant's agreement and the region. In addition to commissions, Delivery Hero generates revenue through delivery fees charged to customers, which are typically added to the total order cost. Another significant revenue stream comes from advertising services offered to restaurants, allowing them to promote their listings on the platform. The company has also established key partnerships with various food chains and grocery retailers, enhancing its service offerings and contributing to its earnings. Factors such as market expansion, increasing consumer demand for convenience, and the growth of the food delivery sector further bolster its revenue potential.
Delivery Hero SE Earnings Call Summary
Earnings Call Date:Aug 28, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Mar 26, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed view with significant growth in GMV and revenue, as well as improvements in EBITDA and cash flow. However, these were balanced by challenges including FX headwinds affecting guidance, legal issues in Spain, and increased costs from own delivery expansion.Q2-2025 Updates
Positive Updates
Strong GMV and Revenue Growth
GMV in Q2 increased by 11% year-over-year on a like-for-like basis, with revenue growth accelerating to 27% in the same period.
Significant EBITDA Improvement
Adjusted EBITDA in the first half of the year increased by 71% to EUR 411 million, representing a margin expansion of 70 basis points.
Strong Cash Position
The company maintains a robust capital position with EUR 2.8 billion in cash at the end of H1, despite repurchasing nearly EUR 900 million in convertible bonds.
Successful Integration and Platform Expansion
The Glovo integration is completed, and the company has reached a milestone with half of its GMV coming from multi-vertical customers, who spend 5.2x more than single vertical customers.
Strong Performance in MENA and Americas
MENA segment showed GMV growth of 26% year-over-year, while the Americas segment exhibited GMV growth of 30% and significant EBITDA improvement.
Negative Updates
FX Headwinds Impact Guidance
The company revised its adjusted EBITDA guidance to EUR 900 million to EUR 940 million due to stronger-than-expected currency headwinds, particularly from the U.S. dollar and Korean won.
Legal and Compliance Challenges
The company faces EUR 450 million in payment demands from Spanish authorities and EUR 329 million from antitrust settlements, impacting cash flow.
Cost Pressures from Own Delivery Rollout
Accelerated rollout of own delivery in Korea and Turkey has increased costs, impacting short-term profitability.
Company Guidance
During the Q2 2025 earnings call, Delivery Hero's leadership shared comprehensive guidance on their financial and operational performance. The company reported an 11% year-over-year GMV increase and a 27% rise in revenue, excluding hyperinflation FX effects. The adjusted EBITDA for the first half of 2025 expanded by 71% to EUR 411 million, with a margin improvement of 70 basis points. Despite FX headwinds, particularly from the U.S. dollar and Korean won, and costs associated with scaling own delivery in Korea, the company expects to reach the higher end of their GMV growth guidance of 8% to 10% for the full year. Free cash flow before extraordinary items improved significantly, approaching breakeven at minus EUR 8 million, with a robust liquidity position of EUR 2.8 billion. The company also highlighted successful integration efforts, including a 6.7% improvement in conversion rates post-Glovo integration and a 9.5% reduction in cost per order, underscoring their enhanced operational efficiencies.Delivery Hero SE Financial Statement Overview
Summary
Delivery Hero SE shows modest revenue growth and improved cash flow generation. However, profitability remains a concern with negative net profit and high leverage, indicating financial risk.Income Statement
Delivery Hero SE shows a modest revenue growth rate of 4.31% in the TTM, indicating a positive trend in sales. However, the company struggles with profitability, as evidenced by a negative net profit margin of -4.18% and a low EBIT margin of 1.02%. The gross profit margin of 25.54% suggests some efficiency in managing production costs, but overall profitability remains a concern.Balance Sheet
The balance sheet reveals a high debt-to-equity ratio of 2.11, indicating significant leverage and potential financial risk. The return on equity is negative at -23.41%, reflecting challenges in generating returns for shareholders. The equity ratio stands at 20.03%, suggesting a relatively low proportion of equity financing compared to total assets.Cash Flow
Cash flow analysis shows a positive free cash flow growth rate of 21.64%, indicating improved cash generation capabilities. The operating cash flow to net income ratio of 0.25 suggests that operating cash flows are not fully covering net losses, but the free cash flow to net income ratio of 0.83 indicates some ability to generate cash relative to net income.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.40B | 12.29B | 9.94B | 8.58B | 5.86B | 2.47B |
| Gross Profit | 3.42B | 3.33B | 2.97B | 2.23B | 1.26B | 494.10M |
| EBITDA | 372.10M | 342.90M | -1.31B | -2.01B | -265.80M | -1.07B |
| Net Income | -560.50M | -882.40M | -2.30B | -2.98B | -1.10B | -1.40B |
Balance Sheet | ||||||
| Total Assets | 10.96B | 12.75B | 10.49B | 12.86B | 12.70B | 5.77B |
| Cash, Cash Equivalents and Short-Term Investments | 2.81B | 3.81B | 1.66B | 2.42B | 2.45B | 2.92B |
| Total Debt | 4.64B | 5.67B | 5.64B | 5.72B | 4.54B | 3.14B |
| Total Liabilities | 8.63B | 10.04B | 8.84B | 9.07B | 7.21B | 4.61B |
| Stockholders Equity | 2.20B | 2.59B | 1.65B | 3.74B | 5.47B | 1.16B |
Cash Flow | ||||||
| Free Cash Flow | 774.90M | 499.20M | -280.20M | -941.60M | -1.22B | -738.40M |
| Operating Cash Flow | 930.50M | 638.30M | -19.50M | -688.80M | -901.40M | -530.00M |
| Investing Cash Flow | -286.50M | -59.50M | -169.00M | -67.90M | -1.95B | -905.20M |
| Financing Cash Flow | 531.40M | 1.58B | -466.10M | 717.60M | 2.30B | 3.76B |
Delivery Hero SE Technical Analysis
Positive
23.53
Price Trends
20.15
Positive
22.40
Positive
23.34
Positive
Market Momentum
0.92
Negative
67.78
Neutral
91.23
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:DHER, the sentiment is Positive. The current price of 23.53 is above the 20-day moving average (MA) of 22.38, above the 50-day MA of 20.15, and above the 200-day MA of 23.34, indicating a bullish trend. The MACD of 0.92 indicates Negative momentum. The RSI at 67.78 is Neutral, neither overbought nor oversold. The STOCH value of 91.23 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:DHER.
Delivery Hero SE Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | €6.48B | 27.10 | 9.04% | ― | 12.06% | 18.20% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
52 Neutral | €135.15M | -23.43 | -4.60% | ― | 21.61% | 92.36% | |
50 Neutral | €7.06B | -12.78 | -32.53% | ― | 23.23% | 76.05% | |
49 Neutral | €908.25M | -4.87 | -24.37% | ― | -8.97% | -66.04% | |
47 Neutral | €6.65B | 83.93 | 11.87% | ― | 31.25% | ― | |
44 Neutral | €44.25M | -0.64 | -75.59% | ― | -16.95% | -24.45% |
* Consumer Cyclical Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.