Delivery Hero Valuation

Q: What is the Fair Price of DHER when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

DHER (CHF124.95) is trading above our estimate of [[fair value]] (CHF74.74)

Is DHER undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of DHER when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DHER (CHF124.95) is trading above our estimate of fair value (CHF74.74)

Significantly Below Fair Value: DHER is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DHER?

Key metric: As DHER is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for DHER. This is calculated by dividing DHER's market cap by their current revenue.
What is DHER's PS Ratio?
PS Ratio	0.9x
Sales	€10.88b
Market Cap	€10.33b

DHER key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.3x
Enterprise Value/EBITDA	-38.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does DHER's PS Ratio compare to its peers?

The above table shows the PS ratio for DHER vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	9.6x
WING Wingstop	16.1x	16.6%	US$9.3b
BROS Dutch Bros	4.6x	17.1%	US$8.3b
ARMK Aramark	0.6x	5.9%	US$9.8b
CAVA CAVA Group	17.2x	17.9%	US$16.2b
DHER Delivery Hero	0.9x	10.9%	CHF 10.3b

Price-To-Sales vs Peers: DHER is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (9.6x).

Price to Sales Ratio vs Industry

How does DHER's PS Ratio compare vs other companies in the European Hospitality Industry?

23 Companies	Price / Sales	Estimated Growth	Market Cap

23 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: DHER is good value based on its Price-To-Sales Ratio (0.9x) compared to the European Hospitality industry average (1.1x).

Price to Sales Ratio vs Fair Ratio

What is DHER's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DHER PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.9x
Fair PS Ratio	2.7x

Price-To-Sales vs Fair Ratio: DHER is good value based on its Price-To-Sales Ratio (0.9x) compared to the estimated Fair Price-To-Sales Ratio (2.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst DHER forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CHF 124.95	CHF 42.34 -66.1%	28.2%	CHF 70.30	CHF 22.50	n/a	19
Oct ’25	CHF 124.95	CHF 38.27 -69.4%	32.2%	CHF 70.49	CHF 22.56	n/a	19
Sep ’25	CHF 124.95	CHF 38.06 -69.5%	32.9%	CHF 70.47	CHF 20.67	n/a	19
Aug ’25	CHF 124.95	CHF 38.83 -68.9%	35.3%	CHF 71.94	CHF 21.10	n/a	20
Jul ’25	CHF 124.95	CHF 43.62 -65.1%	31.6%	CHF 71.90	CHF 23.97	n/a	19
Jun ’25	CHF 124.95	CHF 44.99 -64.0%	30.6%	CHF 74.00	CHF 24.67	n/a	20
May ’25	CHF 124.95	CHF 45.01 -64.0%	31.5%	CHF 73.70	CHF 24.57	n/a	20
Apr ’25	CHF 124.96	CHF 42.60 -65.9%	36.9%	CHF 72.87	CHF 19.43	n/a	20
Mar ’25	CHF 124.96	CHF 42.58 -65.9%	36.3%	CHF 71.63	CHF 19.10	n/a	21
Feb ’25	CHF 124.96	CHF 45.75 -63.4%	31.3%	CHF 79.24	CHF 24.24	n/a	21
Jan ’25	CHF 124.96	CHF 50.99 -59.2%	30.0%	CHF 83.32	CHF 28.41	n/a	21
Dec ’24	CHF 124.96	CHF 51.97 -58.4%	28.8%	CHF 83.20	CHF 28.36	n/a	20
Nov ’24	CHF 124.96	CHF 54.10 -56.7%	29.7%	CHF 83.38	CHF 28.43	CHF 124.95	20
Oct ’24	CHF 124.96	CHF 55.72 -55.4%	28.4%	CHF 84.86	CHF 28.93	CHF 124.95	20
Sep ’24	CHF 124.96	CHF 56.87 -54.5%	28.2%	CHF 84.34	CHF 28.75	CHF 124.95	21
Aug ’24	CHF 124.96	CHF 57.02 -54.4%	29.6%	CHF 90.15	CHF 28.77	CHF 124.95	21
Jul ’24	CHF 124.96	CHF 60.47 -51.6%	28.4%	CHF 91.81	CHF 29.30	CHF 124.95	21
Jun ’24	CHF 124.96	CHF 60.76 -51.4%	28.9%	CHF 91.31	CHF 29.14	CHF 124.95	20
May ’24	CHF 124.96	CHF 61.41 -50.9%	29.3%	CHF 92.58	CHF 29.55	CHF 124.95	20
Apr ’24	CHF 124.95	CHF 63.79 -48.9%	28.1%	CHF 92.63	CHF 29.56	CHF 124.96	18
Mar ’24	CHF 124.95	CHF 64.61 -48.3%	26.7%	CHF 92.85	CHF 29.63	CHF 124.96	18
Feb ’24	CHF 124.95	CHF 65.80 -47.3%	26.9%	CHF 96.83	CHF 29.95	CHF 124.96	18
Jan ’24	CHF 124.95	CHF 65.20 -47.8%	27.0%	CHF 95.72	CHF 29.60	CHF 124.96	20
Dec ’23	CHF 124.95	CHF 65.20 -47.8%	27.3%	CHF 95.67	CHF 29.59	CHF 124.96	20
Nov ’23	CHF 124.95	CHF 63.99 -48.8%	28.2%	CHF 95.82	CHF 27.66	CHF 124.96	20

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.