Delivery Hero rises to the Dax - Page 1
The food delivery service Delivery Hero is included in the German share index (Dax). The company, based in Berlin, is taking over the place of the insolvent payment service provider Wirecard in the leading index, as Deutsche Börse announced on Wednesday evening in Frankfurt.
The decisive factors were the market value of the free float and trading turnover. On the relevant ranking of the stock exchange from July, Delivery Hero was in 27th place for market value and 33rd for trading volume. The company is active in more than 40 countries around the world and will also be active in Japan in the current quarter. Although the group is benefiting from the increasing demand for food deliveries in the corona crisis, the company is still making losses in its operational business due to the costs of the expansion course.
It was known that Wirecard would not remain in the Dax after its balance sheet scandal and the collapse of the stock market value to 200 million euros. However, according to the previously applicable rules, the company would not have had to leave the German benchmark index until September 21st. These have now been changed: In a survey by Deutsche Börse, a majority of market participants voted in favor of a corresponding change that would lead to the ban of the group that went bankrupt at the end of June, according to Deutsche Börse announcements. With the rule change, companies that have filed for bankruptcy will have to leave the Dax selection indices (also MDax, SDax and TecDax) at short notice. Previously, this was only planned for the next regular check, which is due every three months.
The fragrance and flavor manufacturer Symrise was initially given a good chance of becoming a successor for Wirecard.