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Just Eat Share Price Rose 9.7% on Q3 2023 Results

Simon Mugo trader
Updated 18 Oct 2023

The Just Eat NV (LON: JET) share price rose 9.66% after releasing its Q3 2023 financial results. The company revealed that it had recorded a notable rebound in Gross Transaction Value (GTV) growth during the third quarter of 2023 across all regions it serves apart from North America.


Key highlights of the recent developments and upgraded guidance include:

1. GTV Growth in Northern Europe and UK and Ireland: In a particularly encouraging sign, the company saw robust growth in Gross Transaction Value in Northern Europe and the UK and Ireland, with growth rates of +6% and +4%, respectively. These regions have demonstrated remarkable traction and promise in driving the company's performance.

2. Upgraded 2023 Adjusted EBITDA Guidance: The company has raised its 2023 Adjusted EBITDA guidance to approximately €310 million. This reflects the enhanced profitability and financial health of the organisation. The positive trend in EBITDA underscores the efficiency and strategic focus that [Company] has maintained.

3. Revised GTV Guidance: The Gross Transaction Value guidance for 2023 has been adjusted to a constant currency growth rate of approximately -4%. This revision factors in evolving market dynamics and highlights the company's commitment to providing realistic and transparent expectations to its stakeholders.

4. Upgraded Free Cash Flow Guidance: The company has revised its Free Cash Flow guidance, expecting to break even in the second half of 2023 and maintain positive cash flows. This improved outlook signals the company's intent to effectively manage its financial resources and invest in future growth opportunities.

5. Share Buyback Programme: In an exciting move, the company has announced the launch of a new share buyback program with a commitment of up to €150 million. This program reflects the company's confidence in its prospects and commitment to enhancing shareholder value.

Jitse Groen, CEO of Just Eat, said: “The majority of our business has returned to GTV growth in the third quarter with particular strong momentum in Northern Europe and the UK and Ireland segments. Within the UK and Ireland, we continue to invest significantly whilst at the same time increasing profitability. Although the recovery of North America is on a slower trajectory, we are satisfied that this segment too is rapidly becoming cash flow neutral.”

Just Eat (JET) share price. 

The Just Eat share price rose 9.66% to trade at 1130.0p, from Tuesday’s closing price of 1030.5p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading