+8%

est. 2Y upside i

IPO

Stage: exit. Country: Germany

Rank

#3409

Sector

Online Food and Quick Commerce Delivery

Est. Liquidity

~2Y

Data Quality

Data: High

Delivery Hero presents a risky equity opportunity over a two-year horizon, with an expected upside of 8%.

Last updated: March 10, 2026

Bull (20%)+100%

Successful execution of the 'Everyday App' strategy across core markets, coupled with effective cost management and a favorable resolution of regulatory challenges, drives sustained profitability and a re-rating of the company's currently depressed P/S multiple to 1x-1.5x revenue, pushing the valuation to $16B-$24B.

Base (40%)+10%

Delivery Hero maintains its market position in key regions, achieving moderate growth of 15-20% YoY, but continues to face intense competition and some regulatory headwinds, keeping margins tight and the valuation relatively flat or with modest appreciation to around $6.7B.

Bear (40%)-40%

Increased competitive pressure from dominant incumbents, further regulatory fines and unfavorable rider reclassification decisions, and a failure of the 'Everyday App' strategy lead to market share losses and margin erosion, causing the valuation to decline by 40% to approximately $3.66B.

Est. time to liquidity~2.0 years

Preference Stack Risk

high

Funding Intensity

29%

Investors hold $1.8B in total funding, representing 29.5% of the current $6.1B valuation, indicating a meaningful preference stack ahead of common equity. In an exit at or below current valuation, common shareholders may get little or nothing.

Dilution Risk

moderate

As a public company, dilution can occur through new share issuance for M&A or employee compensation; for example, Uber purchased $300M in newly issued ordinary shares of Delivery Hero in May 2024.

Secondary Liquidity

active

As a publicly traded company, Delivery Hero's shares are actively traded on the Frankfurt Stock Exchange (DHER) and other exchanges, providing immediate liquidity for vested equity.

View all 11 open roles at DELIVERY HERO →

Last updated: February 22, 2026

Questions to Ask at the Interview

Strategic questions based on DELIVERY HERO's data — designed to show you've done your homework.

  • 1

    “Given the termination of the Uber Taiwan acquisition and the volatile debut and cut outlook for Talabat, how is Delivery Hero planning to mitigate the impact on its balance sheet and growth projections, particularly in key Asian and MENA markets?”

  • 2

    “With a P/S ratio significantly lower than many peers despite being profitable and growing, what specific strategies is Delivery Hero implementing to demonstrate its intrinsic value to the market and potentially achieve a re-rating of its valuation?”

  • 3

    “Considering the high incumbent threat from global players like Uber Eats and DoorDash, and ongoing regulatory challenges, what are the key differentiators and competitive advantages Delivery Hero is leveraging to maintain and expand its market position, especially with the 'Everyday App' strategy?”

Community

Valuation Sentiment

Our model estimates +8% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.