Tangible Software Solutions 11.2023 for windows download

“Fortunately, JET management has an obvious and actionable lever to quickly solve its valuation problem and refocus its business – selling or spinning-off Grubhub.

JET must take substantive and immediate action to solve this valuation problem. “A deeply depressed stock price poses a real risk to JET’s business, limiting its financial and strategic flexibility, inviting competitors to invest in its markets, and leaving the Company vulnerable to takeover bids well below its long-term intrinsic value. In fact, the Capital Markets Day only highlighted the magnitude of the problem – today, JET trades at less than 8x 2022 normalized EBITDA based on management’s long-term margin guidance. “However, JET management failed to fix the deep and damaging undervaluation of its equity by taking tangible action to unlock the value of its portfolio. Moreover, we were encouraged to hear that JET management views consolidation in the US market as “inevitable” and that they intend to participate.

“We were pleased to see Just Eat present a clear, data-driven vision for its business at the recent Capital Markets Day. This letter is included below and is also available at .Īlex Captain, Founder and Managing Partner, Cat Rock Capital Management LP, commented:

Cat Rock urges the announcement of a sale or spin-off of Grubhub by 31 December 2021 to refocus JET’s business and address the deep and damaging undervaluation of the Company’s equity. Cat Rock Capital Management LP (together with its affiliates, “Cat Rock Capital”), a long-term oriented investment firm and holder of approximately 13.8 million shares in the capital of Just Eat NV (“Just Eat ”, “JET”, or “the Company”) (LSE: JET, AMS: TKWY, NASDAQ: GRUB), representing circa 6.5% of Just Eat ’s outstanding shares, today sent a letter to the JET Management Board.

Tangible Software Solutions 11.2023 for windows download