In the food delivery business, DoorDash tends to get the lion's share of the attention, particularly on Wall Street. However, another delivery business might make a great stock pick, according to one manager.
At the 2024 13D Monitor Active-Passive Investor Summit, Scott Ferguson of Sachem Head Capital presented his thesis for a stock in the U.K. — one of two countries he said where equity value "goes to die."
Deliveroo
Deliveroo is the U.K.'s DoorDash. Ferguson described Sachem Head as an "engaged investor" in Deliveroo.
He said the U.K. and Ireland account for about 60% of GMV, although the company also operates in France, Hong Kong and Singapore.
According to Ferguson, Deliveroo trades at 0.2x GMV,...
