|
Participating Dialing Instructions Toll-Free: Toll: UK: 0 Confirmation Number: 13713860
|
DoorDash is expected to IPO this week. Last week, DASH raised its IPO price range from $75-85 to $90-95, which would raise $2.96B in the listing at the midpoint after deducting expenses and $3.1B at the high end. The company is targeting a valuation above $37B. Its private valuation grew to $15B this year from $1.4B in 2018 as its market share of the U.S. food delivery market expanded.
As a result of the work we have done on DASH, we are removing TKWY-NA from the Long Bias List. Since announcing the acquisition, GRUB has continued to flounder despite a pandemic tailwind. While the management of TKWY may be capable of fixing GRUB, it will be 2H21 by the time we begin to see any evidence of that occurring. During that time, DASH will be sitting on over $3.0 billion in cash and will have a currency that suggests that it will be the clear winner in the US delivery market.
