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#	AUTHOR DATE SUBJECT
19	member 7/22/22 12:12PM Re: Re: play the convertibles? 18
Delivery Hero has announced to buy back a chunk of their convertibles today. Seems like good capital allocation to buy back senior debt @80%. Even though I don't know whether share buybacks would be better view available tags
17	member 7/13/22 5:41AM play the convertibles?
Isnt it more interesting to have the convertibles at their current yields of ~15% ytm? Those yields are usually reserved for highly stressed companies - even in these times. I ask myself whether those convertibles snap back... login to read the rest 3 view available tags
16	member 7/12/22 12:32PM Re: Theses 15
queeqs, I think you nailed it. I don't own JET, yet. I watch it closely and, as you said, I'm aware that it could continue to fall toward zero. Jitse only knows one thing - to... login to read the rest 2 view available tags
14	member 7/12/22 7:40AM Re: Re: Re: Logistics v. Marketplace - Why Do you think Logistics Can't Make Money? 12
There is also a large average ticket difference between the other industries you cited and food delivery. You cited 5 B2B businesses and 1 high-ticket B2C business: vacation homes. Food delivery is a low ticket... login to read the rest 2 view available tags
13	member 7/12/22 7:37AM Re: Re: Re: Logistics v. Marketplace - Why Do you think Logistics Can't Make Money? 12
Thanks for the thoughtful comments. Self-delivery works well for restaurants with lower cost structure and excess employee capacity. The owner of my local sushi restaurant often makes the deliveries himself. For restaurants that don't have the... login to read the rest 1 view available tags
11	member 7/12/22 3:57AM Re: Logistics v. Marketplace - Why Do you think Logistics Can't Make Money? 10
A few thoughts. You seem to be omitting the different cost structures of the restaurants that usually own their drivers vs. the "rent-the-driver" restaurants. I am by no means an expert in this field but I think... login to read the rest 1 view available tags
9	member 7/11/22 7:46PM Re: Re: Re: Re: Re: profitable? 8
I would second what Hastan wrote, and go one step further. I would be VERY cautious with Dara. I think he's a liar and a complete fraud. On an earnings call a year ago, he... login to read the rest 3 view available tags
7	member 7/11/22 10:38AM Re: Re: Re: profitable? 6
The problem with this argument, IMHO, is that growing into marketplace is not difficult, Uber Eats offers marketplace services to restaurants and last I checked it was >10% of orders in EMEA. During COVID, many restaurants signed... login to read the rest 4 view available tags
6	member 7/10/22 3:32PM Re: Re: profitable? 4
Hastan, Great answer. IMO, logistics is a function of the long-lasting easy money period that just ended in which VC funded a lot of nonsense business plans that would have never gotten capital in a more... login to read the rest 2 view available tags
1	member 7/05/22 9:10AM Agree...
that JTKWY will be the last man standing. Thanks for the great write-up, Perea. Jitse has fought until the competition folded in Netherlands and Germany. That's his game. But I don't believe his 5% EBITDA/GTV margin... login to read the rest 2 view available tags

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			2022	2023
Price:	13.54	EPS	0	0
Shares Out. (in M):	215	P/E	0	0
Market Cap (in $M):	2,900	P/FCF	0	0
Net Debt (in $M):	900	EBIT	0	0
TEV (in $M):	3,800	TEV/EBIT	0	0

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