Delivery Hero has snapped up a tasty dish. The German group's US$4 billion deal to buy the South Korea's biggest food delivery app means it has cornered a wealthy and expanding market. Hearty growth and profitability justify the valuation, while a new Singaporean outpost adds extra spice.DELIVERY Hero has snapped up a tasty dish. The German group's US$4 billion deal to buy the South Korea's biggest food delivery app means it has cornered a wealthy and expanding market.
The cash-and-share deal announced on Friday looks rich considering that it's just a year since Woowa received an investment which valued it at US$2.6 billion. However, the valuation of 15 times the company's 2018 revenue in South Korea is only slightly chunkier than the 14 times multiple at which Delivery Hero was trading before the announcement, according to Breakingviews calculations.
Moreover, Woowa's revenue in its largest market jumped 84 per cent in the first nine months of 2019 and it remains highly profitable, with an operating margin of 18.4 per cent last year, according to analyst Douglas Kim who publishes on Smartkarma - a contrast with its loss-making German acquirer. Aside from a food services market that the company estimates at 83 billion euros , CEO Niklas Oestberg is also hoping to target the 192 billion euro groceries market over the next decade.
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