“We are trying to find really relevant internet players in the European market, but it is quite difficult compared to the US for example,” he said, pointing to the fact that most European internet companies are small niche players and primarily in private hands.
However, one company which has seen growth recently is Just Eat, the Denmark-based online service connecting independent takeaway food outlets and customers.
Walewski praised the internet company, suggesting it can generate cash for shareholders.
Winner takes all
“Just Eat is one attractive such internet company we bought into recently,” he said. “Its formula is working in many countries and it is maturing.
“In this space it tends to be ‘winner takes all’, and Just Eat is a winner. This business model works across the globe.”
Although Walewski said the company is trading at high multiples, he does not believe it is very expensive.
“We believe you can extrapolate the company’s earnings profile relatively well,” he said. “It is a growing monopoly, similar to what we have seen in the past in the likes of Rightmove or SeLoger.”
