Just Eat Takeaway.com NV (LSE:JET, NASDAQ:GRUB) shares jumped more than 10% after it reported earnings ahead of expectations, but analysts have said performance is likely to remain in line with the market.
The takeaway delivery group achieved an adjusted EBITDA of €203 million, marking a 42% increase and coming in 6.2% ahead of estimates by Deutsche Bank analysts.
While gross transaction value and orders came in line with the German bank’s forecasts, revenues, which reached €2.5 billion, were ahead by 2.6%.
Full-year guidance was maintained, with GTV growth, excluding North America, expected in the range of 2% to 6%, while adjusted EBITDA is expected to lift to €450 million.
“We expect limited changes to forward consensus estimates at the group level,” analysts at the bank said.
“Overall, we expect the stock to perform in line with the market today given the recent attention to growth trends more than margins.”
Deutsche Bank rates Just Eat a ‘buy’ and has placed a €20 share price target, representing close to a 70 % premium compared to its current market value.