Roshan Padamadan of Luminance Capital presented his investment thesis on Just Eat (Netherlands: TKWY, UK: JET, US: GRUB) at European Investing Summit 2021.

Thesis summary:

Just Eat is a leading global online food delivery company, connecting tens of millions of consumers with their local restaurants. JET benefits from an attractive business model with powerful network effects.

As global players coalesce, JET is likely to be one of the survivors. Roshan expects the current competitive wars to subside in the foreseeable future.

Roshan views JET management as intelligent capital allocators, exiting markets and consolidating markets based on common sense-metrics around competitiveness and long-term profit potential.

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About the instructor:

Roshan Padamadan is Chairman at Luminance Capital. He is a global investor and splits his time between New York, Singapore and India. Previously, he served as COO, Risk and Compliance officer at Sixteenth Street Capital, based in Singapore. His erstwhile Luminance Global Fund had a global unconstrained investment strategy, looking at special situations and deep value. Prior to launching Luminance in 2013, Roshan also spent more than seven years with the HSBC Group, including more than three years with HSBC Asset Management, as a Product Specialist. He worked for the highly commended Offshore Indian Equity team which ran US$5+ billion from Singapore, including a US$100+ million award-winning India hedge fund. Roshan has earned an MBA in Management from Indian Institute of Management, Ahmedabad. He holds the CFA, FRM and CAIA charters and speaks over five languages.

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