[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio0bea6d02":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio0bea6d02","优步(UBER)收购Delivery-Hero胜算几何？美银：反垄断是最大变量","\u002Fdoc\u002Fdcio0bea6d02","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，2026年5月25日，美国银行发布全球研究报告，聚焦外卖巨头优步(UBER)拟全面收购欧洲外卖平台Delivery Hero，公司于周六确认，优步提出以每股33欧元整体收购Delivery Hero，对应市值约98亿欧元、企业价值119亿欧元。自4月中旬优步增持、维权股东施压以来，股价已大幅上涨，提前反映了这一预期。目前交易尚未达成，但标志着战略方向明显转向、控制权交易正式摆上台面;上周优步持股升至约19.5%，行权期权后最高可达约25%。最终该行因事件主导估值取消对Delivery Hero的评级。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">估值逻辑转向战略价值主导\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美银在研报中提到，投资逻辑不再以经营业绩为核心，估值越来越由战略选择权决定，包括收购预期、资产组合调整与资产出售。按每股33欧元计算，Delivery Hero估值为企业价值\u002F销售额=0.75倍、企业价值\u002F息税折旧摊销前利润=12.6倍，对比近期行业并购，这一水平偏保守。但要约仍存在重大不确定性需股东批准、面临潜在监管限制、其他公司也可能竞购部分资产。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">截至报告发布双方尚未达成正式交易协议。此次收购并非突发，近两个月股东结构的重大重构为交易埋下伏笔此前持股26.3%的Prosus因监管要求被迫减持，持股降至16.8%;激进投资机构Aspex持股从9.23%升至14.55%，公开推动Delivery Hero加速战略复盘、出售资产并更换CEO;而优步则持续增持，直接持股达19.5%，叠加期权行权后总持股可达25.1%，成为关键推动力量，也推动Delivery Hero股价自4月中旬起大幅上涨。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">反垄断风险执行难度大增\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">交易面临的最大障碍是反垄断审查。与优步合并将带来显著执行风险，优步与Delivery Hero业务覆盖20个重叠国家，反垄断审查压力极大，且不同地区结果差异较大。其中西班牙、葡萄牙、土耳其等欧洲发达市场，以及阿根廷、智利等拉美高整合市场，监管审查力度将尤为严格，或面临资产剥离要求。此外，交易还存在股东批准、行业其他企业竞购优质资产等不确定性，可能延长交易周期、抬升收购成本。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美银提到，全球外卖市场格局呈现明显的双寡头集中化趋势，规模效应与物流能力成为核心竞争力，监管趋严进一步加速行业整合。欧洲市场受骑手权益、可持续性等监管政策影响，成本上升，形成稳定双寡头格局;中东与非洲市场由Delivery Hero主导，旗下Talabat、HungerStation占据中东约50%市场份额，但高盈利吸引美团等新玩家入局;拉美是全球整合度最高区域，形成iFood、Delivery Hero旗下PedidosYa、Rappi三足鼎立;亚太市场竞争激烈，本土超级平台与全球巨头博弈，市场分散且增长迅速。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Delivery Hero脱离基本面 调整为“无评级”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">估值层面，本次收购对应Delivery Hero2026年预测EV\u002F销售额为0.75倍、EV\u002FEBITDA为12.6倍，显著低于行业近期1.4倍EV\u002F销售额、16.5倍EV\u002FEBITDA的交易均值，估值偏保守。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美银称，鉴于Delivery Hero股价已脱离基本面、完全由收购事件驱动，美国银行正式取消对其此前“表现不佳”的评级，提醒投资者不再参考旧评级与目标价，交易对价、股东立场、潜在控制权溢价及最终战略结果均存在高度不确定性，后续走势将取决于股东投票、监管审批及最终战略结果。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 每天处理千万级股票数据：捕捉期权大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准交易信号第一时间发到您手机APP！\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FU\u002FU\u002FU.jpg","2026-05-27T12:52:28","2026.05.27","2026\u002F05\u002F27",47719,[22],"U","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]