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Apps Delivering Food for Thought

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Apps Delivering Food for Thought 28 BUSINESS WEDNESDAY, JUNE 3, 2015 HERALDSUN.COM.AU Eye on a packaged deal THE packaging company built TREVOR CHAPPELL many household products, with Jalco, based in Sydney, is a of Australia’s biggest private by wealthy Melbourne busi- DEALS clients including Coles, Wool- private company chaired by companies. nessman Raphael Geminder worths, Schweppes and Uni- Barry Smorgon, a member of Pact has 62 manufacturing has revealed it is in talks about Jalco makes products ran- lever. It also recycles plastics. one of Australia’s wealthiest plants across Australia, New a buyout of consumer goods ging from washing powders to Mr Geminder — the co- families. Zealand and Asia, with more group Jalco. shampoo, sunscreen, automo- founder and chairman of Visy It was put up for sale in 2014 than 3500 employees. Pact Group, which was tive fluids and dietary supple- Recycling — set up the com- and has been in talks with Pact Listed on the Australian floated late in 2013, yesterday ments on a contract basis for pany in 2002 and is its chair- for several months, according sharemarket in December confirmed market rumours it some of the world’s biggest man. to market speculation. 2013, it made a profit of was in discussions with Jalco. brands. Those brands include He is married to Fiona Ge- Mr Smorgon became $41.8 million in the six months Management at Pact said it Unilever, Alberto Culver, minder, the youngest daughter executive chairman in 1996. to December. had not struck a deal to buy Avon and Colgate. of late packaging tycoon and He was previously a direc- Pact shares closed 0.5 per Jalco and “nor is there any cer- Melbourne-based Pact Visy Group chairman Richard tor and executive of Smorgon cent higher yesterday at $4.19. tainty” a deal would be done. makes plastic packaging for Pratt and his wife Jeanne. Consolidated Industries, one AAP Raphael Geminder. GC_WFI1682 THE SHORT CUT with ROGER MONTGOMERY Apps delivering food for thought ERE’S another shares are trading at warning for 83 times earnings. But if Hcomplacent investors GrubHub’s growth is not and those looking for enough to get excited about, bubbles in financial markets. consider the growth of The epicentres this Yemeksepeti. month are online takeaway Based in Turkey and food-ordering and delivery operating across Greece, platforms. Qatar, Jordan and Saudi In the US, it’s GrubHub Arabia via the ordering and Seamless. platforms foodonclick.com GrubHub posted better- and ifood.jo, Yemeksepeti than-expected first quarter processes 3.5 million orders results with revenue of $88.3 a month and is growing at million and earnings before 60 per cent per year. interest, tax, depreciation Assuming 5 per cent a and amortisation at $28.2 month growth and a $25 million. average order size (on which Forecast revenue for 2015 it earns, say, a 12 per cent is as high as $361 million, commission) the company and average daily orders will process 58 million exceed 234,000. orders in the next 12 months The company also and earn revenue of reported a 5.2 per cent year- $175 million. on-year increase in its We are assured the average order size at $27.93 company is profitable. during the quarter. That’s good to know Park those numbers for a because in early May, the second. company was purchased by Investors in this space are Frankfurt-based Delivery very excited because the size Hero for $589 million or just of the prize is enormous — more than three times the take-out is a $70 billion forecast revenue. market in the United States. Things are heating up. Investors are also But first prize — and the attracted to the relative inspiration for this warning stability and defensive — has to go to the owners of characteristics of the “take- Australian-based food Insure with WFI and yyou’ll deal directly with a local area manager who will take the time to out” industry. ordering platform, Menulog. History shows that the It’s an online service that understand you and your individual needs as a strata manager. That means you choose “network effect” (more allows users to order delivery the cover you want. WWFI offers a range of policies to suit commercial or residential strata people visit a site because and takeaway food from insurance requiremennts. WFI, good people to know for insurance since 1919. more suppliers are on it, and more than 5000 restaurants more suppliers are on it around Australia. because more people visit Menulog processed only For strata insurance call 1300 934 934 the site) can be a powerful 6.5 million orders last year economic moat that results and according to my or visit wfi .com.au in a winner-takes-all colleagues, the average endgame. order size is about $40. As a result, GrubHub’s Menulog takes a 10 per cent To see if our product is right for youu, two-sided network across commission. always read the PDS from the produuct issuer, 35,000 restaurants is Roughly speaking, of WFI (ABN 24 000 036 279 AFSL 241461). attracting some heady price course, the company earned multiples. revenues of $26 million. In the first quarter, it Drum roll please …. earned 12c a share. Delivery Hero’s Assuming GrubHub competitor, Britain-based earns the most optimistic Just Eat, has “just bought” analyst’s forecast of 64c a Menulog and “just paid” share, the stock is trading at $855 million. 62 times its earnings. Based on the most Roger Montgomery is chief bearish forecast for earnings investment officer at the per share, the company’s Montgomery Fund MHSE01Z02MA - V1.
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