Delivery hero Q3 2024 $DHER (+3,05 %)

Financial performance:

• Revenue growth: Segment revenue grew by 24% year-on-year in Q3 2024, outperforming gross merchandise volume (GMV) growth.
• Adjusted net profit: Increased 72% to USD 271 million in the nine-month period of 2024, representing 5% of GMV.

Balance sheet overview:

• Cash on hand: The company has solid liquidity with €1.65 billion in cash.
• Net position: A net cash position with no financial debt since the IPO represents a strong capital base.

Income structure:

• Adjusted EBITDA: Increased to USD 358 million for the first nine months of 2024, compared to USD 219 million in the previous year.

Cash flow overview:

• Free cash flow: Increased 68% year-over-year to $345 million for the first nine months of 2024, with a cash conversion rate of 96%.

Key ratios and profitability metrics:

• FCF margin: Increased to 6% of GMV in the third quarter of 2024, up from 4% in the third quarter of 2023.
• Adjusted EBITDA margin: Expected to increase to 6.5-7.0% of GMV for the full year 2024.

Segment information:

• Europe platform: Achieved positive adjusted EBITDA in the third quarter of 2024.
• Americas: Also achieved positive adjusted EBITDA in the third quarter of 2024 and in the second half of 2024.

Competitive position:

• Market growth: GMV outside Asia grew by 25% year-on-year, indicating a strong market presence outside traditional markets.

Forecasts and management comments:

• GMV growth: GMV growth of 22-23% year-on-year is forecast for 2023-2024.
• Sales growth: Sales growth of 28-30% is expected over the same period.

Risks and opportunities:

• Hyperinflation: Operations in hyperinflationary economies such as Argentina, Turkey and Ghana are affected by IAS 29 adjustments, which may impact key financial figures.

Summary of results:

Positives:

Strong year-on-year sales growth of 24% in the third quarter of 2024, indicating robust market conditions and efficient management.

Significant increase in adjusted net profit of 72% year-on-yearputting the company on a profitable growth path.

Positive adjusted EBITDA in Europe and the Americas demonstrates regional operational efficiency.

Robust growth in free cash flow of 68 % strengthens financial flexibility and enables investments and capital repayments.

Strong liquidity without financial debtwhich supports the company's long-term stability and strategic ability to act.

Negative aspects:

Macroeconomic challenges in Argentina, which entails additional financial burdens due to volatile economic conditions.

Impact of hyperinflation on key financial figures in certain regions, leading to volatility in the earnings situation.

Negative adjusted EBITDA margins in some segments, which may affect profitability.

Potential risks from currency fluctuations and hyperinflation, which could have a negative impact on sales growth and margins.

Dependence on market conditions and industry-specific knowledge, to meet forecasts and targets, which entails risks in the event of unforeseen market changes.