Brazilian delivery star iFood looks like a real gem. Its high rate of growth on larger & larger numbers is wildly impressive to say the least. This is an incredible asset for $TKWY to be sitting on.
Takeaway's stake is almost certain to further appreciate over the next 2 to 3 years. The combination of a lower Takeaway share price against the rising value of iFood creates increasingly important optionality for the company.
This is to say nothing about the rest of Takeaway which even the harshest of critics would have to acknowledge is chock-full of other valuable properties.
I still believe a scaled marketplace + scaled logistics operator combination focused on delivering prepared meals in a given DMA will be a good, defensible business.
I think such operators would probably have the luxury/right to take a wait and see approach on the deliver anything/local commerce/dark store spending cycle that currently looms.
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