DoorDash, Inc.

This is our first report on DoorDash, the largest online food aggregator in the U.S. The company is a market leader in its domain and has demonstrated incredible resilience. Even in the last quarter, its market revenues have increased significantly despite the oil crisis, relatively persistent inflation, and the European war. Its DashPass membership program has experienced record-high growth in the number of monthly active users. Besides, their U.S. third-party grocery company is expanding by over 100% year over year, which is much faster than many other rival businesses in this industry. When compared to other European companies in the food delivery industry, whose year-over-year growth rates are in the single digits, their foreign business is expanding over 50% year over year on a constant currency basis. MAUs have also steadily increased, which is encouraging. The management believes that they can increase margins while also achieving outsized growth. We initiate coverage on the stock of DoorDash, Inc. with a ‘Buy’ rating.