Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
EQUAM Global Value Fund Portfolio Manager | “In the fourth quarter of the year, we made a new investment in Just Eat Takeaway, one of the world's leading companies in food delivery, with a presence in key markets across Europe and North America. After several years of aggressive growth during which profitability had been sacrificed, the company embarked on a restructuring process and divested from several markets where it was not profitable (such as the United States and the United Kingdom). This process had begun to show results, with significant improvements in profitability and debt reduction in recent years. However, this progress was not reflected in the company's stock price, which was trading at an attractive valuation below 7x EV/EBITDA. Shortly after we initiated our position, Just Eat announced the sale of its U.S. division, where the business had been unprofitable. Following this announcement, the stock experienced a revaluation of more than 30% within a few days, prompting us to sell our position. Since the position was still in the process of being built, it had not yet reached its target size. BSD Analysis: Just Eat Takeaway is prioritizing margin restoration over volume growth in 2026, successfully delivering a modest operating profit despite stagnant order volumes in saturated European markets. The company has largely moved past the heavy impairment losses associated with its Grubhub acquisition, focusing instead on its market-leading positions in Germany, the UK, and the Netherlands. Management is projecting adjusted EBITDA of approximately €225 million for the year, as delivery operations have become nearly 25% more profitable through logistics optimization and higher average order values. While the search for a Grubhub buyer continues to linger, the firm's "Year of Recovery" has successfully stabilized its balance sheet against rising interest rates. For investors, Just Eat offers a deep-value play on the consolidation of the global food delivery sector, with significant potential for valuation re-rating once its U.S. exit is finalized.” | BULL | Q4 2024 Dec 31, 2024 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.