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Case study
Case study


Just Eat


Tech, Media, & Telecoms




London, UK


Case Study


Asset Managers

Our interviews with 300 restaurant partners resulted in a conviction sell recommendation on online food delivery app Just Eat whose shares dropped more than 40% in the following six months

In early 2018, Woozle released a conviction sell recommendation on Just Eat following reports of significant long-term headwinds that suggested a high probability of material under-performance in the medium-term and a negative sequential shift in the investment case in the near-term. Our team of equity analysts completed more than 300 interviews with restaurant partners and online delivery experts to gain an insight into their order volumes, profitability, market share by platform, ROI by delivery partner, and future partnership intentions. We were able to compile an early read on the disruptive trends in the industry revealing the true scale of increased competition, margin compression, and higher capex requirements on the prospects for the share price. Just Eat shares went on to drop more than 40% following our sell recommendation and the stock continues to trade below it's historical peak.

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Woozle completes thousands of interviews every month covering a variety of regions and sectors to uncover hidden value for investors.

It is amazing what an accurate picture of the relative points of strength and weakness of each company in an industry can be obtained from a representative cross-section of the opinions of those who in one way or another are concerned with any particular company

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Our unique primary research methodology focuses on mapping out stakeholders for each project and using primary research methods to source answers to your most pressing questions meaning that we have the capability of covering companies of all sizes across a diverse range of sectors and regions.

Woozle has conducted primary research for investors in nearly every industry or sector vertical including consumer, healthcare, technology, real estate, financials, telecoms, media, and many more.

Although our core focus is Europe, our research scale and reach means we have completed projects and sourced insights from respondents all over the globe including Asia, North America, Latin America, Africa, and the Middle East.

Learn more about how you can get an early read on disruptive trends using our primary research.

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Just Eat - Woozle Research