Delivery Hero SE (DHER) Fair Value & Analysis
Consumer Cyclical · DE · Market cap €11.6B · ISIN DE000A2E4K43
What is Delivery Hero SE really worth?
Below-average quality, and trading another 187% above our fair value of €12.71.
Risks
Fair value as of: Aug 29, 2026
From 5 valuation models · updated 6 days ago
Share price −2.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (€17.95). The favourable scenario is already priced in.
- Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
- A fairly wide model range (€7.46 to €17.95) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.
How to read this chart
60‑month range €15.28 – €132.10 · fair‑value band €7.46 – €17.95 · the €36.47 price screens above the €12.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.
Analysis
Delivery Hero SE (DHER) currently trades at €36.47, while our model-based Fair Value estimate is €12.71, implying the stock looks roughly 186.9% overvalued today. The Quality Score stands at 36/100 (below-average quality), in the Consumer Cyclical sector. Bull case: the Multiples group reads highest at a median of €14.68 per share, and 0 of the 4 models we run sit above the €36.47 price. Bear case: the Dividend Discount group reads lowest at €2.86, and 4 of the 4 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Delivery Hero SE generated revenue of €14.1B at a net margin of −5.6%. Revenue grew 10.1% year over year. It earns a return on equity of −31.0%. Net debt stands at €2.5B. Fundamentals as of Aug 29, 2026
Our scenario range runs from €7.46 (bear case) to €17.95 (bull case); at €36.47, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 146% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −50% fair-value upside, at −65%, DHER screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 5 models by family
Widest divergence: Multiples (€14.68) versus Dividend Discount (€2.86). Highest evidence: EV/EBITDA (66).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 34 · Market factors (momentum, volatility) 57
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Delivery Hero SE provides online food ordering, quick commerce, and delivery services. The company also offers advertising services. It operates in approximately 70 countries across Asia, the Middle East, Africa, Europe, and Latin America. Delivery Hero SE was founded in 2011 and is headquartered in Berlin, Germany.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Delivery Hero SE reported revenue of €14.1B in FY2025 versus €5.9B in FY2021, a compound +24.5%/yr. Reported net income was −€783M in FY2025.
DHER screens 187% overvalued. Compare with Amazon.com, Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Delivery Hero board backs Uber’s $15B takeover bid
- Delivery Hero board backs Uber $14.8 billion takeover bid
- Delivery Hero H1 Earnings Call Highlights
- Uber publishes formal offer document for Delivery Hero takeover
Peer Group
Internet Retail · 103 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Internet Retail median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Internet Retail stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Amazon.com, Inc AMZN | $256.26 | $127.67 | −50% |
| Alibaba Group 89988 | HK$97.45 | HK$48.38 | −50% |
| PDD Holdings PDD | $85.69 | $225.48 | +163% |
| MercadoLibre, Inc MELI | $1,966 | $798.98 | −59% |
| DoorDash, Inc DASH | $222.00 | $38.64 | −83% |
| Sea Limited SE | $118.32 | $52.70 | −55% |
| JD.com, Inc 89618 | ¥95.45 | ¥73.98 | −22% |
| eBay Inc EBAY | $105.62 | $60.13 | −43% |
| Coupang, Inc CPNG | $16.32 | $2.79 | −83% |
| Wayfair Inc W | $99.27 | $11.46 | −88% |
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