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    DHER   DE000A2E4K43

DELIVERY HERO SE

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Pandemic darlings face the boot as investors eye return to normal life

01/21/2022 | 07:31am EDT
FILE PHOTO: A Peloton exercise bike is seen after the ringing of the opening bell for the company's IPO at the Nasdaq Market site in New York City

LONDON, Jan 21 (Reuters) - Stay-at-home market darling Netflix slumped on Friday, joining a broad decline in shares of other pandemic favorites this week as investors priced in expectations for a return to normal life with more countries gradually relaxing COVID restrictions.

The selloff, which began after Netflix and Peloton posted disappointing quarterly earnings, spread to the wider stay-at-home sector as analysts judged the new Omicron coronavirus variant will not deliver the same economic headwinds seen in the first phase of the pandemic in 2020.

"This a confirmation that the economy is gradually moving towards some sort of normalization," said Andrea Cicione, head of strategy at TS Lombard.

France will ease work-from-home rules from early February and allow nightclubs to reopen two weeks later, while Britain's business minister said people should get back to the office to benefit from in-person collaboration.

"With a return to the office and travel lanes opening, darlings of the WFH (work from home) thematic are reflecting the growing reality that the world is moving slowly but with certainty towards a new normalcy," said Justin Tang, head of Asian research at United First Partners in Singapore.

Netflix tumbled nearly 25% after it forecast new subscriber growth in the first quarter would be less than half of analysts' predictions.

The stock, a component of the elite FAANG group, was on track for its worst day in nearly nine-and-a-half years following rare rating downgrades from Wall Street analysts.

"It is hard to have confidence that Netflix will return to the historical +26.5 million net subscriber add run rate post the 2022 slowdown," MoffettNathanson analyst Michael Nathanson said.

"The decay rate on streaming content is incredibly rapid. 'Squid Game?' That's so last quarter. 'The Witcher?' Done on New Year's Eve!"

Exercise bike maker Peloton lost nearly a quarter of its value on Thursday, leading at least nine brokerages to cut their price target on the stock.

The selloff erased nearly $2.5 billion from its market value after its CEO said the company was reviewing the size of its workforce and "resetting" production levels, though it denied the company was temporarily halting production.

Peloton's shares were up nearly 5% on Friday morning, bouncing back somewhat from a 23.9% drop on Thursday, its biggest one-day percentage decline since Nov. 5.

HOME DELIVERY

Both companies were part of a group, along with others such as Zoom and Docusign whose shares soared in 2020, and in some cases 2021 as well, as people around the world were forced to stay at home in the face of the coronavirus.

However, thanks to vaccine rollouts and the spread of the less severe Omicron strain of COVID-19, life is returning to normal in many countries, leaving companies like Netflix and Peloton struggling to sustain high sales figures.

According to data from S3 Partners, short-sellers doubled their profits by betting against Peloton in 2021, the third best returning U.S. short.

Direxion's Work from Home ETF has fallen more than 9% in first three weeks of the year, compared to a 6% drop in the fall of the broader U.S. stock market. Blackrock's virtual work and life multisector ETF has weakened more than 8% this year.

In Europe, lockdown winners are also going through a rough patch as rising bond yields pressurize growth and tech stocks.

Online British supermarket group Ocado, Germany's meal-kit delivery firm HelloFresh and food delivery company Delivery Hero which emerged as European stay-at-home champions in the early days of the pandemic have underperformed the pan-European STOXX 600 so far in 2022.

(Reporting by Alun John and Julien Ponthus; Additional reporting by Nivedita Balu, Anisha Sircar and Chuck Mikolajczak; Editing by Saikat Chatterjee, Alison Williams and Saumyadeb Chakrabarty)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DELIVERY HERO SE -0.41% 29.43 Delayed Quote.-69.97%
DOCUSIGN, INC. -1.83% 76.75 Delayed Quote.-49.61%
HELLOFRESH SE 2.34% 34.6 Delayed Quote.-48.77%
MSCI SINGAPORE (GDTR) 1.76% 5645.21 Real-time Quote.-11.35%
NETFLIX, INC. 1.56% 186.35 Delayed Quote.-69.07%
OCADO GROUP PLC 1.59% 754.8 Delayed Quote.-55.02%
PELOTON INTERACTIVE, INC. -1.49% 14.51 Delayed Quote.-59.42%
S&P 500 0.01% 3901.36 Real-time Quote.-18.16%
STOXX EUROPE 600 NR 0.74% 986.21 Delayed Quote.-10.89%
X FINANCIAL -3.66% 2.63 Delayed Quote.-12.62%
ZOOM VIDEO COMMUNICATIONS, INC. -1.32% 89.74 Delayed Quote.-51.20%
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Financials
Sales 2022 9 454 M 9 974 M 9 974 M
Net income 2022 -1 448 M -1 527 M -1 527 M
Net Debt 2022 2 680 M 2 827 M 2 827 M
P/E ratio 2022 -5,40x
Yield 2022 -
Capitalization 7 161 M 7 555 M 7 555 M
EV / Sales 2022 1,04x
EV / Sales 2023 0,84x
Nbr of Employees 52 007
Free-Float 65,7%
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Number of Analysts 20
Last Close Price 29,43 €
Average target price 82,75 €
Spread / Average Target 181%
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L. Niklas Östberg Chief Executive Officer
Emmanuel Thomassin Chief Financial Officer
Martin Karl Enderle Chairman-Supervisory Board
Christian Graf von Hardenberg Chief Technology Officer
Pieter-Jan Vandepitte COO & Member-Management Board
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