JUST EAT plc (LSE:JE., Financial) is the leading online/mobile restaurant delivery marketplace in the UK, Denmark, France, Spain, Switzerland, Norway, Mexico, Italy, Brazil and Canada. The company is dominant across the vast majority of its markets, with market shares frequently exceeding five or ten times the number two competitor in each country. This is key, as we believe this is a winner-take-most/all industry benefiting from secular channel shift from over-the-phone to online ordering of delivered restaurant food. The shares performed well in the fourth quarter and the full year. The company was able to drive organic order growth significantly ahead of what the market was expecting earlier in the year and has continued to outperform competitors across its less mature markets. We believe this is a high quality business with a defensible market-leading position that we think can more than double revenues over the next three years at high returns on incremental capital invested and excellent flow through of earnings to free cash flow.
From Baron Discover Fund's fourth quarter 2015 commentary.
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