Food delivery platform Just Eat (JET) could ditch London and Amsterdam Euronext and switch its stock market listing to New York. The FTSE 100 company has been chewing over where its main stock presence should be since the £6 billion merger that saw the UK’s Just Eat combine with Dutch firm late in 2019.

The debate became more complex in June last year after the $7.3 billion acquisition of Grubhub, giving the firm a major US footprint at a stroke. Growth potential in the US, combined with the scope to attract a higher stock valuation across the pond, could bring an end to a six-year London listing.

The Grubhub deal is due to complete by the end of June, and a final decision will come at some point after that.


Just Eat Takeaway spelled out its options alongside a fourth quarter (Q4) and full year 2020 update, where it guided for revenues to grow more than 50% to for the year. The company sees a top-line figure of between €2.38 billion to €2.4 billion, ahead of market expectations pitched at around €2.29 billion.

However, it also steered investors to expect lower EBITDA margins (earnings before interest, tax, depreciation and amortisation) that will cut into profits. Just Eat Takeaway anticipates a 10% margin versus 15% in 2019, which will slash EBITDA from €344 million to €239 million, or thereabouts.

The margin fall comes from significant investment last year in its delivery network as it puts market share gains before near-term profits.

‘The pandemic has opened up new markets, such as ordering small amounts of groceries from local convenience stores’, said Megabuyte analyst Lee Prout.

In the UK in Q4, delivery orders jumped 387% to 14.2 million as Brits faced fresh lockdown in November.


‘JET’s strategy to consolidate the global market therefore couldn’t have been timelier and is also reaping the benefits of an investment push in key markets’, said Prout.

Numis analysts said they welcome the more pro-active investment stance, especially into logistics, but ‘we await further evidence on the execution of the strategy and the returns of that investment, as well as further clarity on the strategy for the US’, explained Georgios Pilakoutas.

Just Eat Takeaway stock fell around 6.5% £84.86 on the announcement, topping the FTSE 100 loser board on Wednesday.

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Issue Date: 13 Jan 2021