Stock price when the opinion was issued
Last week, they reported a beat on every line item, including 23% revenue growth YOY and total orders 91% YOY, with improved guidance. From the pandemic, people are used to using food delivery apps, given order frequency and customer retention, while digital penetration is growing including their monthly subscription.
The $53 billion valuation may be too high. Maybe after we all get vaccinations, people may return to restaurants and use DD less, or we could get used to DD food delivery. Even if they everything goes right for them, it isn't worth this valuation. Also, its competitors like GrubHub are smart.