Prosus Offer For Just Eat 'unfair': Asset Manager

In late February, the Dutch technology investor, which is controlled by South Africas Naspers, agreed to buy Just Eat Takeaway for 20.30/share to create a European tech champion of food delivery.

The price should be 56.10/share based on BDLs fair-value calculation, it said in the report published on its website. BDL holds 2.04 in Just Eat Takeaway, according to LSEG data.

This price was calculated by analysing enterprise value-to-gross transaction value EV/GTV and EV-to-Ebitda multiples in past Just Eat transactions, other transactions in the sector and for listed peers, BDL said.

It also took into account Just Eats 2025 guidance, its intrinsic value and possible synergies which it estimated at more than 100-million/year.