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    Marcus Diebel

    Research Analyst at JPMorgan Chase & Co.

    Marcus Diebel is an Equity Analyst at JPMorgan Securities Plc, specializing in coverage of European internet and technology companies such as Delivery Hero, Auto1, HelloFresh, Scout24, Ströer, and Just Eat Takeaway.com. He has issued over 35 stock recommendations with a track record that includes a 42% success rate and an average return per transaction of -3.6%, with notable calls generating returns upwards of 16%-38% on select ratings. Diebel began his career at JPMorgan Cazenove Ltd., transitioned to research roles at JPMorgan Securities Plc, and spent time at Citigroup Global Markets Ltd. before returning to JPMorgan in 2015, where he continues his sector focus. His professional background includes several years of equity research, and his analytical credentials are supported by FINRA and market regulatory registrations as required for his role.

    Marcus Diebel's questions to Just Eat Takeaway.com (TKAYF) leadership

    Marcus Diebel's questions to Just Eat Takeaway.com (TKAYF) leadership • Q2 2023

    Question

    Marcus Diebel of JPMorgan Chase & Co. asked about the future potential of order pooling as a profitability lever, wondering how much scope remains for EBITDA contribution after the recent impressive cost reductions.

    Answer

    COO Jörg Gerbig explained that significant upside remains, as the company is still in the process of rolling out more advanced multi-partner pooling in key markets like the UK. CEO Jitse Groen added that pooling not only reduces costs but also improves service by speeding up deliveries. Gerbig also mentioned other levers for efficiency gains, such as optimizing order flows and courier wait times.

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    Marcus Diebel's questions to Just Eat Takeaway.com (TKAYF) leadership • FY 2022

    Question

    Marcus Diebel of JPMorgan Chase & Co. asked for the current percentage of orders that are pooled, how restaurant partners react, and the long-term potential for pooling.

    Answer

    COO Jörg Gerbig reported that the order pooling percentage has increased from mid-single digits to over 30% in some markets. He emphasized that it is a 'win-win' proposition, as partners have a good experience and it often improves delivery times for consumers. He noted that this operational strength has been a competitive advantage.

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    Marcus Diebel's questions to Just Eat Takeaway.com (TKAYF) leadership • Q2 2022

    Question

    Marcus Diebel of JPMorgan Chase & Co. asked for clarification on the significant increase in CapEx during the first half and inquired about the timing and amount of the next cash payment for the iFood investment.

    Answer

    CFO Brent Wissink explained that the CapEx increase was primarily due to the inclusion of Grubhub's figures, which were not present in the prior year's comparable period, and increased capitalized costs for tech and product development. He also noted a subsequent €60 million investment in iFood occurred in July.

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