Just Eat Takeaway (AS:TKWY) shares climbed towards the top of the pan-European Stoxx 600 on Monday after analysts at ING said they expect the Amsterdam-listed food delivery service to post strong returns in 2023.
In a note to clients, the analysts predicted that Just Eat may report “quite significant profit” this year, citing the impact of a possible amendment to a cap on fees delivery firms can charge restaurants in New York City.
The change – which has been pushed heavily by Just Eat’s subsidiary Grubhub (NYSE:GRUB) – would retain the city’s 15% limit on fees levied by delivery services, but increase the premium for other functions like marketing.
ING predicts the amendment could lead to a €60 million boost for Just Eat, which has a large presence in New York City through Grubhub.
Just Eat previously predicted in October that it will maintain positive adjusted earnings before interest, tax, depreciation, and amortization in 2023.
Meanwhile, the firm will release its fourth quarter trading update on January 18, with the ING analysts anticipating a slight improvement to orders over the three-month period.