Analyst Sees Upside in Delivery Hero Shares as Taiwan Sale Locks In Value

Delivery Hero’s (ETR: DHER) agreement to sell its Taiwan foodpanda business to Grab has reinforced the valuation case for the stock, according to mwb Research, which reiterated its Buy rating and EUR 28 target price in a note.

Analyst Alexander Zienkowicz said the disposal marks progress in the company’s strategic review, noting that “Delivery Hero has agreed to sell its Taiwan business to Grab for USD 600m (~EUR 550m).”

He added that the deal “comes at a lower valuation than the previously agreed sale to Uber two years ago, which was ultimately blocked by regulators.”

The implied multiple of roughly 0.4x EV/GMV is below the 0.5–0.6x range referenced in the 2024 agreement with Uber.

Even so, mwb Research said the outcome is better than some investors had expected. Zienkowicz wrote that “the implied valuation appears to be higher than some market participants had anticipated.” The analyst also noted that proceeds will be used to “support debt reduction and strengthen the company’s balance sheet.”

The firm highlighted the broader context, pointing to investor focus on capital allocation and portfolio complexity. It said the Taiwan transaction “represents a tangible step to streamline the business and release capital,” while Delivery Hero continues to advance its “Everyday App” strategy.

mwb Research left its estimates unchanged, saying near-term visibility remains limited given the absence of formal fiscal 2026 guidance and geopolitical uncertainty in MENA. It maintained its EUR 28 price target and Buy rating, citing a potential 83% upside from the EUR 15.29 share price at the time of the note’s release on March 23.