April 3, 2024
This morning, DoorDash (DASH; $138.93; E/W) announced the launch of a new benefits program in Pennsylvania for its couriers (aka Dashers). The program will offer a range of new benefits to Dashers including options around…
March 20, 2024
In recent weeks, DoorDash (DASH; $134.31; E/W) has continued to announce new retail on-demand delivery partnerships to its Marketplace platform, most recently adding well-known brands such as MAC Cosmetics, Pet Supplies and Sally Beauty. We…
February 16, 2024
We raise our 2024E EBITDA for DoorDash (DASH; $126.27; E/W) from $1.525B (2.0% of GOV) to $1.7B (2.2% of GOV) after the company provided initial 2024E guidance that encompassed our and Street thinking on the…
February 15, 2024
DoorDash (DASH; $126.27; E/W) reported Q4 sales of $2,303mm (+27% YoY), which was ahead of our $2,243mm and the Street’s $2,250mm on gross order value (GOV) of $17.64B (+22% YoY) in Q4 that was also…
January 16, 2024
Last Thursday (1/11), DoorDash (DASH; $104.13; E/W) announced several new retail on-demand delivery partnerships to its Marketplace platform, including well-known retail brands such as Camping World, Golf Galaxy, JD Sports, and The Vitamin Shoppe. As…
November 27, 2023
Last Thursday (11/16), DoorDash (DASH; $94.19; E/W) announced a new partnership with The Save Mart Companies to offer on-demand grocery delivery in under an hour from nearly 200 stores that operate under the banners Save…
November 2, 2023
We raise 2023E and 2024E adjusted EBITDA for DoorDash (DASH; $75.90; E/W) from $950mm/$1,100mm to $1,175mm/$1,525mm after its big “beat and raise” with Q3 results and outlook. Q3 EBITDA of $344mm (15.9% of sales) compared…
November 1, 2023
DoorDash (DASH; $75.90; E/W) reported Q3 sales of $2,164mm (+2% QoQ and +27% YoY), ahead of our $2,100mm and the Street’s $2,095mm, which was generated off of gross order value (GOV) of $16,751mm (+24% YoY)….
October 25, 2023
We assume DoorDash’s (DASH; $73.12; E/W) Q3 results, and outlook, at least live up to expectations next Wednesday (11/1 after market), even with more questions about consumer spending on its “core” restaurant delivery. We model…
September 18, 2023
This morning, DoorDash (DASH; $83.00; E/W) announced a series of new grocery and alcohol delivery partnerships, ironically just as Maplebear, doing business as Instacart, plans its IPO for tonight under the ticker CART. We note…
August 3, 2023
We raise our 2023E EBITDA for DoorDash (DASH; $85.98; E/W) for a fifth consecutive quarter, from $775mm to $950mm, while increasing 2024E EBITDA from $850mm to $1,100mm after some better than expected Q2 results and…
August 2, 2023
DoorDash (DASH; $85.98; E/W) reported Q2 sales of $2,133mm (+5% QoQ and +33% YoY), which was ahead of our $2,075mm and the Street’s $2,061mm. At the same time, adjusted EBITDA of $279mm (13.1% of sales)…
July 24, 2023
We assume DoorDash (DASH; $84.31; E/W) produces Q2 results and outlook on August 2nd (after market) that at least live up to expectations even with ongoing consumer spending risks tied to “core” restaurant delivery growth….
June 28, 2023
This morning, DoorDash (DASH; $74.76; E/W) announced a large set of updates to its marketplace app, which we think furthers its scale and technical advantages against many on-line delivery network peers, as per recent share…
May 8, 2023
DoorDash (DASH; $62.90; E/W) produced some better than expected Gross Order Value (GOV), sales and EBITDA in Q1 while raising 2023E targets across these metrics as it maintains healthy investment rates. Q1 GOV was $15.9B…