Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a loss-making company: Sales comps and Analyst consensus.
ACCE opinionDelivery Hero SE (DHER.DE)
Fair value
Not available
ACCE price target
€35.50
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: €37.31 at the close on 23 Oct 2026, 17:30 CEST.
Models: Analyst consensus and Sales comps.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
54
out of 100
1-year return
+65.6%
Dividend yield
0.00%
Delivery Hero SE in four questions
Plain answers, details below
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Overview
ACCE thesis
Delivery Hero runs online food and grocery marketplaces across Asia, the Middle East, Europe and Latin America, with the Talabat, Glovo and Baemin brands among its main platforms, plus its own quick-commerce and dark-store logistics. The structural case rests on scale in local delivery, where a marketplace with dense restaurant and rider networks is hard to replicate and can layer on higher-margin services such as advertising and grocery. Revenue growth of 12.7% is the number to test against that story, and a 23.2% gross margin shows the business keeping a meaningful share of each order after costs of sale. The stock is harder to call on earnings: operating margin is still slightly negative at -2.1%, return on equity is -37.8%, and the forward P/E of 48.7 prices in a clear path to profitability that the current figures have not yet demonstrated. The deeper look should focus on whether operating margin turns durably positive as the business mix shifts toward higher-margin revenue, and on how much of the growth comes from scale versus promotional spend.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
high
Negative free cash flow
Free cash flow is $-260.3M and operating margin is -2.1%, so the business is not yet generating cash to fund its growth. Growth alone does not cover this.
high
Leverage against negative equity returns
Debt/equity of 2.82 with ROE at -37.8% means borrowed money is amplifying losses. Any slowdown in revenue growth from +12.7% would leave less room to service debt.
moderate
Earnings growth flattered by low base
Earnings are up 380.0% year on year, but net margin is still -5.2%, so the jump reflects recovery from a loss-making base rather than sustained profitability.
moderate
Rich forward valuation
Forward P/E of 66.7 and EV/EBITDA of 36.2 at a price of €37.31 leave little margin for error if growth or margins disappoint.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 12.7% year over year, and the company has compounded revenue at 41.6% a year over five years.
Analysts' mean price target of EUR 38.62 sits 2.0% above the current share price.
The share price of €37.31 is a low figure in absolute terms, which may appeal to investors looking for a lower entry point.
Why it could disappoint
Free cash flow over the last twelve months was negative at -EUR 260M, and the free cash flow yield is -2.3%.
Net margin of -5.2% and return on equity of -37.8% show the business is not yet earning profits for shareholders.
Debt to equity of 2.82 is high, and the share count rose 5.1% last year, diluting existing holders.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Mar 25, 2027
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where DHER.DE's valuation models land
Price
€37.31
Model fair valueConfidence: low
about €35.69
Model
Fair value
Upside
Analyst consensus
Sales comps
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