The takeover is based on a valuation of £2.9bn, or 180 pence per share. This is an exit that some would consider disappointing, given that the stock, as we recall, reached a high of 390 pence on the London Stock Exchange a few months after its IPO.

Others will be more forgiving. In the highly competitive home meal delivery sector, Deliveroo has long been a favorite of MarketScreener. See Deliveroo takes a new stance.

The British company has stood out from its peers with a cautious, rational and sound expansion strategy, without reckless or overpriced acquisitions. Focused on organic growth, it has lived within its means and has worked hard to defend its market share.

Although it is not yet profitable, its measured growth—which is nonetheless spectacular—has enabled it to avoid the rut into which its European competitors Just Eat and Delivery Hero have fallen, both of which have bitten off more than they can chew.

Nevertheless, this expansion peaked last year, at the same time as the group broke even for the first time in its history and launched a share buyback program. 

The latter values Deliveroo at 1.4x its revenue. The buyer, DoorDash, is valued at 7.6x its revenue. The American company, which has five times the revenue of its British counterpart, also broke even last year.

However, MarketScreener noted that the group was paying out stock option compensation that was completely outrageous, as it represented one-tenth of its revenue—not profit.

In any case, consolidation in the sector is continuing apace. Earlier this year, Prosus bought Just Eat for 1.1x its revenue, even though Just Eat continues to post operating losses.

That leaves Delivery Hero, which is also on a strict diet after years of excess and acquisitions across the board. 

In any case, and as usual, unfortunately, it is the American companies Uber Eats and DoorDash that are coming out on top. The former can subsidize the development of its meal delivery business thanks to the huge profits from its taxi business, while the latter continues to enjoy the boundless confidence of investors despite a history of less than convincing profitability.