DASH

Q4 confirmed DoorDash’s franchise strength (orders +32%, GOV +39%, cohorts still accelerating), even as margins compressed and guidance missed. The market’s Meituan framing is consensus, but DoorDash’s true comp is Zomato/Blinkit: same stage, same playbook, harder environment. If grocery hits breakeven, CPG ads become the margin engine; if not, the stock is structurally capped.

The stock has been volatile recently, with a 13.6% decline over the last 7 days, a 21.9% decline over the last 30 days, and a 27.0% decline year to date, although its 3 year return sits at 176.2%. Recent coverage has focused on DoorDash's position in food delivery and local commerce, including debates around how sustainable its scale and growth investments might be in a competitive sector. These discussions help frame whether the recent share price weakness is a reset in expectations or simply part of a longer term story that investors are still pricing. Our valuation checks currently give DoorDash a 3 out of 6 valuation score.

DASH (holding update): Leading US food delivery platform outperformed w/ 19% YoY orders, 14% MAU growth & 56% adj EBITDA growth. Q1 2025 guidance above consensus at 20% GOV growth. Investment thesis intact - consensus still underestimating long-term earnings power.