Special Situations on the Stock Market: Three Stories, One Common Thread — Delivery Hero, Nemetschek, Zefiro Methane and Uber Technologies

Delivery Hero: Uber Offers EUR 41.50 — So Why Is the Share Price Still Only EUR 37.10?

On 27 August 2026, Uber Technologies (WKN: A2PHHG | ISIN: US90353T1007 | Ticker symbol: UT8) published the official takeover bid for Delivery Hero. Shareholders have until 5 November to sell their shares to Uber for EUR 41.50. As the share price of Delivery Hero (WKN: A2E4K4 | ISIN: DE000A2E4K43 | Ticker: DHER) is currently trading at EUR 37.10, this represents a potential premium of around 12% over the offer price. Since the start of the year, the share price has risen by 62.36%; over the year as a whole, the gain is 58.06%, whilst the market capitalization is around EUR 11.5 billion.

This significant gap is not, at first glance, a boon for the stock market but rather reflects uncertainty and a period of waiting. Although the acceptance period ends in November, payment is not expected until the second half of 2027. Furthermore, approval must be obtained from competition and financial regulatory authorities. If the transaction fails or is delayed, the share price could fall sharply again, as the PayPal example showed just last week.

The minimum acceptance threshold is 50% plus one share. Uber already holds 24.77% of the voting rights and, via derivatives, has a further economic stake of 11.74%. Major shareholder Prosus has also agreed to tender its 16.68% stake. This brings Uber's economic stake to around 53%, making the acceptance threshold appear less of a problem. The regulatory risk remains greater. Delivery Hero is therefore selling its Foodora operations in 14 overlapping markets to SSW-Partners for around USD 1.6 billion.

Operationally, Delivery Hero is showing improved performance shortly before the planned takeover. In the first half of the year, gross merchandise volume rose by 10.1% to EUR 25.7 billion and revenue by 17.8% to EUR 7.8 billion. Adjusted EBITDA increased to EUR 426.7 million. Free cash flow before exceptional items improved from a deficit of EUR 8 million to a surplus of EUR 348 million. The Executive Board has therefore raised all its full-year targets. Growth of 9 to 11% is now expected in gross merchandise volume, 17 to 19% in revenue, and adjusted EBITDA of between EUR 960 million and EUR 1.0 billion. Berenberg considers the current discount to the offer price to be too high and does not rule out a subsequent improvement. However, investors should not rely on this with absolute certainty.

For Uber, this is the largest acquisition in the company's history. The deal values Delivery Hero at USD 14.8 billion and expands the joint platform to 99 markets. The Uber share is trading at USD 77.80. Since the start of the year, it has fallen by 7.34% and by as much as 19.46% over the past year, whilst the market capitalization still stands at USD 156.8 billion. Financially, however, Uber can easily afford the takeover. In the second quarter, revenue rose by 12% to USD 14.2 billion, adjusted EBITDA by 33% to USD 2.8 billion, and free cash flow also reached USD 2.8 billion. The purchase is being financed using existing cash reserves and new debt.

From a technical analysis perspective, Delivery Hero is trading at the 20- and 50-day moving averages (MA20 and MA50) at EUR 37.10 each, but well above the 100- and 200-day moving averages (MA100 and MA200) at EUR 32.80 and EUR 26.50, respectively. For Delivery Hero, the decisive factor is now less the technical indicators and more whether Uber will successfully complete the deal at EUR 41.50.

Zefiro Methane: Environmental Remediation Meets the Infrastructure Boom

Zefiro Methane shares (WKN: A3DVHU | ISIN: CA98926D1069 | Ticker: Y6B) are targeting a growing market in the US for the remediation of old boreholes. This sector is gathering pace due to stricter environmental regulations and public funding schemes. The decommissioning of abandoned oil and gas wells alone is estimated to cost billions. The company's economic leverage, therefore, arises where regulatory pressure, safety risks, and the need for industrial land converge. It is precisely this intersection that is becoming increasingly relevant as part of the expansion of the energy grid and the development of new energy infrastructure – particularly where proposed construction sites can only be utilized once orphaned well sites have been cleared. Consequently, the business model is less dependent on commodity prices than on investment cycles in energy and infrastructure projects.

From an operational perspective, 2026 is set to bring greater visibility on the order front. According to the company, Zefiro is now active in 13 US states, thereby expanding its addressable market for tenders and private-sector clients. In addition to government projects, the company generates revenue through multi-year agreements, such as a three-year contract worth around USD 19.6 million in Ohio. At the same time, the monitoring of methane emissions is steadily growing as a service business, as recently underscored by a contract worth around USD 850,000 in West Virginia. For the current financial year, management is therefore forecasting revenue of around USD 55 million, which supports its growth plans.

Capacity has been enhanced through additional equipment and fleet expansion, enabling several campaigns to be carried out simultaneously. This is a decisive competitive advantage, particularly in a highly fragmented market. Also of interest is Zefiro's approach of going beyond mere decommissioning to monetize data and evidence leading to emissions reductions. The company reported verified emissions reductions (CO₂ equivalents) as the basis for carbon credits. This expands the revenue stream to include the emissions trading segment, even though this market is more volatile than the traditional services business. What is important for shareholders, however, is that the combination of government support measures, private infrastructure demand and the additional margins from CO₂ trading improves the company's earnings profile and, consequently, its risk profile.

Against the macroeconomic backdrop of rising investment in electricity grids, gas-fired power station capacity and data centre infrastructure, demand for "ready-to-build" sites is likely to continue to rise, and with it the need for reliable redevelopment partners.

Nemetschek: Almost 10% in One Day — Is the Big AI Fear Suddenly Over?

Last week, the shares of Nemetschek (WKN: 645290 | ISIN: DE0006452907 | Ticker: NEM) made an impressive comeback. The share price surged by almost 10% to a peak of EUR 72.25, making it one of the strongest-performing European shares of the day. As a result, the market capitalization of the Munich-based software group has risen once again to just under EUR 8.2 billion. Despite the rally, the performance to date remains sobering. Since the start of the year, the share price has fallen by 24%; over the past 12 months, the decline has been as much as 41%.

The main catalyst for the share price surge is renewed confidence in European software companies. Having analyzed the second-quarter figures, Bank of America sees no concrete evidence so far that new AI offerings are displacing established software providers. In addition, the strong outlook from the US chip manufacturer Nvidia provided a tailwind for the technology sector. Nemetschek benefited particularly, as its share price had previously come under heavy pressure due to fears of AI competition.

Meanwhile, the latest financial results continue to show solid growth. In the second quarter, Nemetschek increased its turnover by 13.0% to EUR 327.7 million. On a currency-adjusted basis, growth was as high as 14.5%. Subscription and SaaS turnover performed particularly strongly, rising by 27.8% to EUR 266.4 million. EBITDA reached EUR 98.6 million, whilst net profit rose by 25.4% to EUR 66.0 million.

At the end of June, annual recurring revenue reached EUR 1.25 billion and, on a currency-adjusted basis, was 17.4% higher than the previous year's figure. However, not every division is performing equally well. Whilst Build remained the key growth driver, Media virtually stagnated due to cautious client investment. Furthermore, AI is not merely a potential threat for Nemetschek. With Bluebeam Max, the group has launched its own AI solution for the construction industry. It is designed to analyze documents, calculate quantities and facilitate quality controls during the planning phase. At the same time, the completed acquisition of HCSS expands the business in the infrastructure and civil engineering sector. For 2026, the Executive Board continues to expect currency-adjusted organic revenue growth of 14 to 15%. Excluding the impact of HCSS, the EBITDA margin is expected to be between 32 and 33%. The acquisition is likely to accelerate growth further but will entail integration costs and short-term margin pressure.

The technical picture has also improved significantly. At EUR 69.90, the share price is above the 20-, 100-, and 200-day moving averages at EUR 61.50, EUR 60.30, and EUR 69.70, respectively. Of particular importance is the move above the 200-day moving average, which is sending a positive long-term signal for the first time in quite a while. However, the breakout would be confirmed only if the share price holds above this level. The rally is therefore more than just a random daily fluctuation. Nevertheless, Nemetschek remains highly valued at around 38 times its 2025 profit. Whether this leads to a sustainable trend reversal depends on whether growth remains strong and the group can demonstrate that AI strengthens its own business rather than replacing it.

Delivery Hero shares are trading around 12% below Uber's EUR 41.50 offer because the purchase price will not be paid and the necessary takeover approvals are not expected until 2027. A failure of the deal could put further pressure on the stock. Zefiro Methane is benefiting from US programs and the growing demand for energy infrastructure. The company is expanding its presence across 13 US states and focusing on contracts and monitoring, as well as long-term CO₂ trading. Nemetschek's share price has recovered following a strong rally, whilst the business continues to grow and AI could represent not only a risk but, above all, an opportunity for the company.