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 |
|---|---|---|---|---|
13D Activist Fund Ken Squire | “Delivery Hero is an online food and grocery delivery business similar to peers DoorDash and Uber Eats. The Company has numerous subsidiaries operating globally across over seventy countries and operates somewhat like a holding company, allowing each of its brands to operate locally. In 2023, the Company generated €253 million of adjusted EBITDA, and consensus estimates projected that the Company would generate approximately €750 million in adjusted EBITDA in 2024. While Delivery Hero operates in 74 countries, only three of those countries (Korea, UAE, Saudi Arabia) make up more than 150% of the Company's total EBITDA. The Company's profitable businesses generated a €1.3 billion EBITDA run-rate in Q4 '23 and this is likely to grow to €1.6 to €1.7 organically in the coming years. There are three straightforward opportunities to create shareholder value here. The first is to simply cut corporate overhead. The Company is still run by its founder who built the company through many acquisitions and is structured as a holding company domiciled in Germany. There is significant overhead in Germany, despite the fact that the underlying businesses are operated independently in their jurisdictions with little synergy. Bringing an operational focus to the Company rather than a venture capital focus could lead to at least €300 million in cost cuts. Second, there are many opportunities to both increase EBITDA and raise capital through the sale of unprofitable businesses. Even though many of these businesses do not make money that does not mean they are not valuable to competitors where they are located who would see significant synergies with their own businesses. For example, it has been reported that the Company had been in talks with Uber and Grab to sell parts of its Southeast Asia foodpanda business. Third, the Company is very likely underearning from its potential. DoorDash, for example, will charge delivery fees of approximately 10% of the order value, whereas Delivery Hero is only charging 0.8% to 2%. An additional 1% fee on existing revenue would lead to €100 million of EBITDA that goes directly to the bottom line. Raising fees to just half of Uber would yield approximately €400 million in EBITDA. Peers Doordash and Uber trade at multiples of 17.5x and 15x 2026 EBITDA, respectively. If Delivery Hero traded at 13x EBITDA, just the increased projected EBITDA and corporate cost cuts could yield a stock price of approximately €80 per share. In addition, sales of unprofitable businesses could add another €7 per share; and an incremental €400 million in EBITDA from fee optimization would add nearly €19 per share at a 13x multiple. The stock has been depressed historically because of its approximate €3 billion of net debt, its lack of liquidity (there is a 30% shareholder) and its somewhat muddled, difficult to comprehend financials. However, these types of things do not dissuade sophisticated investors of Sachem Head's caliber, and the stock responded positively to the news of Sachem Head's position - up 14.5% on the day of announcement. On June 19, 2024, Scott Ferguson, Managing Partner of Sachem Head, joined the Board and the Strategy Committee. On May 13, 2024 it was announced that Uber had agreed to acquire Delivery Hero's foodpanda delivery business in Taiwan for $950 million. On August 11, 2025, the European Commission ordered Prosus to divest its 25% stake in Delivery Hero after it completed its acquisition of competitor Just Eat Takeaway. Then in the second quarter of 2025 when we saw that Prosus was selling its shares to (i) Aspex Management, who was a 15% holder of Delivery Hero and also advocating for a new CEO and (ii) Uber, the potential acquirer of the entire Company, we decided to make our investment at a price approximately 30% below where the stock traded when Sachem Head's involvement was first reported in 2024. Since, then the Company has announced that the CEO will be replaced within a year and Uber made an offer to acquire the Company, which the Company had rejected. We believe Uber is still very interested and that Doordash could also make an offer.” | NEUTRAL | Q2 2026 Aug 7, 2026 | View Pitch |
Contrarius Global Equity Fund Waystone Management Company (IE) Limited | “Delivery Hero holds a leading market position across 70 countries globally, boasting a massive market footprint. By separating its profitable segments from its high-growth, investment-heavy regions, management has demonstrated a clear path to group-wide profitability and successfully resolved near-term balance sheet risks through convertible debt refinancing.” | BULL | Q1 2023 Mar 31, 2023 | 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.
