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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:51Neutral
Price Target:
€25.00
▼(-0.16% Downside)
Delivery Hero SE's overall stock score is driven by a mixed financial performance with revenue growth and cash flow improvements, offset by profitability challenges and high leverage. Technical indicators suggest a neutral trend, while valuation metrics are weak due to ongoing losses. The earnings call provided positive growth insights but also highlighted significant risks.
Positive Factors
Revenue Growth
The strong revenue growth indicates robust demand and effective market penetration, which can drive long-term business expansion and market leadership.
Cash Flow Improvements
Improved cash flow generation enhances financial flexibility, allowing for strategic investments and debt reduction, supporting sustainable growth.
Operational Efficiency
Enhanced operational efficiencies through integration efforts can lead to cost savings and improved profitability, strengthening competitive positioning.
Negative Factors
High Leverage
High leverage can constrain financial flexibility and increase vulnerability to economic downturns, potentially impacting long-term stability and growth.
Profitability Challenges
Ongoing profitability challenges may hinder the company's ability to reinvest in growth initiatives and maintain competitive advantages over time.
Legal and Compliance Risks
Significant legal and compliance risks can lead to financial penalties and reputational damage, potentially affecting long-term operational and financial performance.
Delivery Hero SE (DHER) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€7.55B
Dividend YieldN/A
Average Volume (3M)743.49K
Price to Earnings (P/E)―
Beta (1Y)1.24
Revenue Growth23.23%
EPS Growth76.05%
CountryDE
Employees42,711
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-1.35
Shares Outstanding298,230,930
10 Day Avg. Volume556,021
30 Day Avg. Volume743,487
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
€35.38Price Target Upside41.29% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
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 generates revenue primarily through its online food delivery services, which involve charging restaurants a commission on each order placed through its platform. Additionally, the company earns money from delivery fees charged to customers. Other revenue streams include advertising fees from restaurants seeking to promote their offerings on the platform, subscription services for customers, and partnerships with various food delivery brands and services. Strategic collaborations with restaurants and food suppliers also enhance its market position and contribute to its earnings.
Delivery Hero SE Earnings Call Summary
Earnings Call Date:Aug 28, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 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 strong revenue growth but struggles with profitability, as evidenced by ongoing net losses and negative margins. The balance sheet reveals high leverage, posing potential financial stability risks despite recent improvements in equity. Positive operating and free cash flow in 2024 suggest better financial management, albeit with underlying profitability issues.Income Statement
Delivery Hero SE has shown consistent revenue growth over the years, with a significant increase from €1.24 billion in 2019 to €12.29 billion in 2024, indicating strong market expansion. However, the company continues to face challenges in profitability, as evidenced by negative net income and EBIT margins throughout the years. Despite a reduced EBIT loss in 2024 compared to 2023, the net profit margin remains negative, showcasing ongoing profitability issues.45
Neutral
Balance Sheet
The balance sheet of Delivery Hero SE indicates a high level of debt with a debt-to-equity ratio that remains elevated, highlighting potential solvency concerns. The equity ratio has decreased over the years, reflecting a shift towards higher liabilities. However, there is a notable improvement in stockholders' equity in 2024, which could be a positive signal if continued.40
Negative
Cash Flow
In 2024, Delivery Hero SE demonstrated a significant improvement in operating cash flow compared to prior years, turning positive after several years of negative cash flow. The free cash flow also turned positive, indicating better cash management. However, the company still faces challenges with consistently generating free cash flow relative to net income, which remains negative.55
Neutral
| 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 | -1.16B | -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
Negative
25.04
Price Trends
25.09
Negative
24.51
Positive
25.31
Negative
Market Momentum
-0.04
Positive
47.66
Neutral
44.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:DHER, the sentiment is Negative. The current price of 25.04 is below the 20-day moving average (MA) of 26.05, below the 50-day MA of 25.09, and below the 200-day MA of 25.31, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 47.66 is Neutral, neither overbought nor oversold. The STOCH value of 44.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | €6.93B | 25.62 | 10.35% | ― | 7.12% | 78.28% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | €1.20B | ― | -20.51% | ― | -5.46% | -86.35% | |
54 Neutral | €136.92M | ― | -7.57% | ― | 13.57% | 87.46% | |
51 Neutral | €7.55B | ― | -32.53% | ― | 23.23% | 76.05% | |
48 Neutral | $6.78B | 98.84 | 10.44% | ― | 29.06% | ― | |
42 Neutral | €55.14M | ― | -79.00% | ― | -13.09% | -62.53% |
* Consumer Cyclical Sector Average
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25.04
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-35.88%
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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.