GrubHub Growing By Acquisition: We See 40% Upside

Summary

GrubHub has been growing inorganically by acquiring smaller players in the food delivery space.

Despite contracting margins and increasing competition, we believe that despite no moat, GRUB is positioned to remain the industry leader.

After declining 47% and currently trading at a forward PEG ratio of 0.56, we believe the stock is attractive.

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