• ġ, ߱  ַ
  • 20240329_ũ__
  • 20240125_ũ_
  • 20240123_ũ_繫ǥ
  • 20240117_ũ_ǿƮ
  • 20240112_ũ_ֽİġ
  • 20240108_ũ_ι
  • 20240103_ũ_ȸ繫ǥ
  • 20231229_ũ_ġڴ¿Ǵ
  • 20231222_ũ_λ

home ֽ м

[м] Ʈ ũ, ϳ Ѿ պ(roll-up)ΰ ƴϸ ȸΰ?

̱ ġ ũ м

| 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 .

< >
+ 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).

< >
– ׷ 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/





ƮƮ ũα (0) ֱֱ(0)
:
|

 Ѹ ( 0)

ϴ. ù° ּ.

* HTML ± Ͻ ϴ.

Է

Powered by Stockwatch


20240112_ũ_ֽİġ20240123_ũ_繫ǥ

츮-