| Ʒ ġ÷Ŭ ƴ Դϴ. ؿ ֽĿ ظ Ұϰ ΰ Ϲ ȸ մϴ. ġ÷Ŭ Ʒ ؿֽ 2~3ȸ Ұϸ Ʈ ǥ ÷ Դϴ.
Ʈ ũ(JUST EAT TAKEAWAY.COM), ϳ Ѿ պ(roll-up)ΰ ƴϸ ȸΰ?
Ʈ ũ(Just Eat Takeaway.com; JET) ٸ ڷ鿡 Ұ ֽ ϳ. ģ ֽ , ֱٿ ̵ η(Swen Lorenz) Ʈ ֽ Ұߴ. 쿬 η ̿ϰ ִµ, Ư Covid-19 ٿ Ŀ ̰ Ʈ ̿ϰ ִ.
м ش ֽ м ڷḦ ãƺ ̴. , Ĺ(Catrock)"̶ 20 Ը ̱ ݵ尡 JET ڷḦ ִ. Ĺ ڻ 30% ̻ JET , --翬--JET ְ ϰ ִ. Ĺ JET ڷ ߿ ̴.
Ʈ ũ: ȸ
JET ǥ Ĺ ü. 2000 ״忡 Ǿ, Ư 2~3 ij Ͽ , , ״, , , Ż ijٿ 1 ö. 2020 ̱ (GrubHub) μ ̱ 忡 ߴ. ̷ μ(Ѿ պ) JET Ȯ ȸ Ʈ Ʒ ǥ Ȯ ִ.
[] JET Ȯ
Ͻ
JET Ͻ ̿ڵ Ĵ ֹ Ĵ å ̴. (Doordash) (Uber Eats) ü ϴ Ͱ ̴.
̿ڿ Ĵ縸 ִ JET 2 иϴ(2 : ̿-Ĵ縸 . 3 : ̿-Ĵ-ޱ ). ޱ ϰ ϴ Ŵ ʿ䰡 . ޱ縦 ϰ ϴ ޱ簡 ǰ ƴ ϴ /ȣ Ȱ ִ ִ ̽ ϳ. ݸ, JET 2 ̿ڵ鿡 ձ ִ ƴϸ, ü踦 Ĵ鸸 ִٴ ̴.
Ĵ 忡 , 3 ũ ٸ JET 2 忡 ؼ ü Ѵٴ ̴. ü Ĵ̶ ϴ (ó ) ٸ ̿ؾ ̴.
Ĺ ÷ Ư¡ ϳ ýÿ ϰ (Local marketplaces) ߽ ÷̶ ̴. , DHL̳ UPS ϴ Ұϱ ڿ żڴ ־ Ѵ( ־ Ѵ). ̺̿ żڴ ٸ ̳ ִ ǸڿԵ ֹ ִ. κ Ư 뵵ñ ѵǰ, ڰ-- Կ ȿ ִ, ִٸ ȿ ִ ú Ȯϸ鼭 ֱ --忡 ϱⰡ . ̴ Covid-19 غ Ϻ /ȣ ü Ͱ Ǿ ʿ Ȯ ִ.
̿ õ ٸ ʴ ̴. 2018 JET ٸ ڵ ių μ ɶ ü Ʈ(Wolt) 忡 ִ.
塱 ÷ ٸ α 뵵ñǿ ȿ̰, Ը Ǿ ø̼ ̿ڵ鿡 ִٴ ̴. 2~3 Ĵ縸 ִ ø̼ ʿ .
ִ JET ý Ĵ (Scoober) ұԸ ް ϰ ִٴ ̴. JET ʼ κ ƴϰ, 츦 å δ.
JET ÷ܱ ƴϱ JET ƴϴ. JET Ͻ ϰ ִ ٵ ִ Ȯ ο ֵ ̳ ƴϳĿ ġ ȴ.
Covid-19
Covid-19 (̿ڿ Ĵ) ο ū ƴ. ݰ Ĵ ο Կ ãƾ ߰, Ĵ̳ ȸ Ĵ翡 ٸ ãƾ ߴ. 忡 ŰƮ, Ȥ õ , ϴ Ĵ翡 ȭ ̳ ֹ ϴ ִ. 忡 ñ ְ и ġ ִ. ̿ Covid-19 JET-- 忡 ƴ--и Ծ.
濵/ȸ/
JET â CEO ü ο(Jitse Groen) JET ϰ ִ. ο ſ ̷ο ιε, ũ â ƴ (Adam Neumann)̳ ӽũ Ÿ ƴϴ. ο ̰ 40 Ұϸ ڼ ︸ӿ ϴٴ λ ش. 2019 70 οµ, ̴ ʰ ̴.
̷ο ο ȣ M&A ϸ, μȸ ٽ ι ִ δٴ ̴.
ȸ ȸ(ȸ) ̸, âڿ ȣ ģ 븩 ϴ ƴϴ.
μ ִ ִ ü ο(10.3%), (10%; Ұŷ ̴), Ĺ(5%) ̴. 췮 AKO ij(AKO Capital) JET 3% ϰ ִµ, ̴ AKO Ʈ ° ū ̴.
߰ ڻ
Ե η JET ߰ ڻ(extra assets)" ϰ ִٴ ˷. ġִ ڻ ۳ ġ 10 Ѵٰ ˷ 1 Ǫ(Ifood) 33%. Ǫ μ[Prosus: īȭ ͳ/̵ ۽(Naspers) ι γؽƮ ȸ. ͳݱ ϰ ִ] JET μ δ. ̷ ŷ Ͼ ְ ˸Ű ִ. ۽ JET, Ȥ ̼ ո μ ִ.
ֿ ̽
JET ̼ ִ ̽ ִµ, ̴ .
- 繫ǥ бⰡ ʴ. պ 2019 , ġ ѵ ȸ ڷḸ ִ. μ Ŀ Ȯѡ 繫ǥ δ.
- ó, 1 ü ؼ ִ ƴϴ. ڵ JET ϶ϰ ִ ̷ , Ͽ ̷ ִ.
- : ֽ ŷ (̶̱) 忡 и ũ. Ư ÿ ڵ ſ ̸, ̷ ߴ.
̼
2021 1 11 JET ġ 140 ̸ ä . 2020 ֽ ŷ μ պ ϷǸ 77 ̻ ġ ߰ȴ.
JET ְ и ƴϴ. ֽİ ϸ , ˰ JET ո ó ϴ 䱸ͷ ø ִ ϴ ̴. ̸ ˾ƺ - м(bottom up analysis) Ҵ.
м ( ) ո ó 䱸ͷ̶ 2 Ժ ʿϴ. Ʈ JET ũ ִ ֽ иϹǷ, 䱸ͷ 15~20% åߴ.
ո ó ̴.
- ü Ը: ü Ը JET 1 ִ ֿ 뵵ñǵ鿡 ̴. ̴ ȭ ̴.
- ⺻ . Ļ縦 ų Ĵ翡 ֹϴ ִ.
- JET 1 ִ ֿ 뵵ñ ü 50% 7 Ͽ 1ȸ 25 ġ ֹ Ѵٴ ټ ߴ.
- ٸ JET 20%̰, EBITDA ͷ 40%̸, ŵ ǥ EV/EBITDA 20 ̴.
̷ ϸ, 7 JET EBITDA 30 ΰ ȴ. ⼭ ġ, Ǫ ġ, 1 ƴ ġ 0 ϸ ͷ 17% ȴ.
˻(sanity check) ϸ, 7 Ͽ 440 2 3,000 ֹ ؼ 13% 缺 JET 䱸 ̴. ״ 쿡 10% 缺, ij 29% 缺 䱸ߴ. ̷ ִ ƴ, ٰ ͵ ƴϴ.
, , Ǫ, 1 ƴ Ÿ ġ ϸ, ͷ 䱸ͷ 20% Ѵ.
⼭ ϰ ٸ ε , , м ʿ ó ó ͷ 䱸ͷ ϸ ̷ - м ȿ̾, ش ũ/ ʾҴ.
JET (GARP stock)ϱ? 2020 ġ и ƴϴ. 2021 ġ JET ϰ ִ αֵ麸 и ġ ֽ̰ ᱹ ְ ̾ ̴.
ְ Ʈ
ְ Ʈ , ȣ ̰ , Covid-19 dz ұϰ 2020 ְ ũ ʾҴ.
[] JET ְ
ΰ
ϴ ΰ ϸ .
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+ ڿ 濵 ȸ縦 ̲ Դ.
+ , ȸ .
+ Ͻ , 1 ϸ .
+ Covid-19 dz ؼ Һ ൿ ȭ ִ.
+ Һ ൿ ȭ Ⱓ ϴ.
+ JET ϱⰡ ʴ(, ߰ ڻ ߰ϱⰡ ʴ).
+ ɼǵ(real options) ̺Ʈ (, Ǫ).
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– պ ̱ Ȯ ũ ̴.
– ø ٸ.
– ưư ڵ ũ ִ.
– Ѿ պ Ŀ ʿϴ.
– Ĵ Ը ȭ ɼ ִ(ü , Ŭ Űģ )
– , ̱ 忡 Ұ ִ.
ȹ
JET 1 ְ 93 ݿ (2%) JET ڸ ̴.
ֿ ɻ Ȳ , , Ư 2021 2б JET ǥ Ȯϴ ̴. ǥ ÷ ̴. 갡 ȯϰų(̳ʽ 帧 Ȳ), ڰ 忡 ݿ , ŵ ̴.
а JET ڴ ټҰ ȸ߽Ρ ڰ ̴. JET 1 13 2020 Ǹ, ְ ū ִ. <>
* ó: Value And Opportunity, "JUST EAT TAKEAWAY.COM – JUST ANOTHER ROLL-UP OR LONG TERM GROWTH OPPORTUNITY?" 2021 1 11, https://www.valuewalk.com/just-eat-takeaway-long-term/
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