November 3, 2015 / 9:22 AM / 2 years ago

BUZZ-Just Eat: top loser across UK midcaps

** Just Eat down c. 6 pct on heavy volumes, top FTSE midcap loser, as analysts speculate PE investors locking in recent gains following strong results, echoing a similar pattern seen in the past

** Online takeaway ordering service reporting a Q3 LFL order growth of 48 pct & raises FY rev guidance for second time

** Peel Hunt analyst Nick Batram suggests some in the market may have hoped for a sharper topline guidance hike, especially given share’s strong performance YTD

** Co sees FY revenue slightly above 204 mln stg vs earlier expectations of 230 mln stg set in August & 200 mln stg guided in March

** Just Eat up c.43 pct YTD vs c.33 pct fall in U.S. peer GrubHub Inc, leaving its valuation stretched & stock trading at higher multiples than GrubHub on both forward EV/sales and PE fronts

** Batram adds that any of Just Eat’s relatively positive statements have generally been followed by few of its PE backers trying to sell down their stake

** PE backers Index Ventures, Redpoint Ventures, Vitruvian Partners and 83North Venture Capital have been understood to have in the past sold shares post results announcements (RM:

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