Deliveroo: Raising Our Fair Value Estimate as DoorDash Takeover Progresses

Consolidation ramping up in the food delivery sector as DoorDash looks like a done deal.

Verushka Shetty 6 May, 2025 | 2:54PM
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Editor's Note: This analysis was originally published as a stock note by Morningstar Equity Research.

Key Morningstar Metrics for Deliveroo


The boards of directors at no-moat Deliveroo ROO and narrow-moat DoorDash DASH announced that they had reached an agreement on the final acquisition offer for Deliveroo. Under the offer, DoorDash is set to acquire Deliveroo’s shares for a total value of £2.9 billion, or GBX 180 per share.

Why it matters: We see consolidation ramping up in the food delivery sector, with Dutch technology firm Prosus set to acquire Just Eat Takeaway by year-end.

  • DoorDash is the leading food delivery platform in North America, holding approximately 60% market share.
  • The deal complements DoorDash’s international footprint, which the firm expanded through its acquisition of Finland-based company Wolt in 2022.

The bottom line: We believe the deal is likely to be executed, and with this, we raise our fair value estimate for Deliveroo to GBX 180 per share from GBX 175 per share.

  • The offer represents a 29% premium to Deliveroo’s closing price on April 24, 2025, which was the final business day before the commencement of the offer period.


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Verushka Shetty  is an associate equity analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc

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