Solactive Food Delivery Index (NTR) - Eat at home like you would in a restaurant May 2020 - Vontobel
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Solactive Food Delivery Index (NTR)
Eat at home like you would in a restaurant
May 2020
Public
Order food online, and have it delivered to your home May 2020
The industry’s growth drivers include comfort and a wide range of products
There is increasing demand for comfort:
Instead of standing in the kitchen after a long day
at work, people find it easier and more convenient
to have fresh food delivered to their homes.
There is a broader selection: More than just
pizza – platforms combine offers from different
restaurants and accept orders for a fee.
Delivery logistics: Some platforms have
extended their business models and now take
over the restaurant’s task of delivering food to
customers (Platform-to-consumer delivery)
Source: Deloitte “Delivering Growth,” November 2019
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Extensive selection meets growing demand May 2020
Consumers’ motivation to have food delivered to their homes
Outside of
Long
mealtimes (after
working hours
going out)
Reward/
enjoyment Lack of time
For social
occasions (inviting friends)
Source: Deloitte “Delivering Growth,” November 2019
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Different business models May 2020
Restaurant-to-consumer delivery Platform-to-consumer delivery
• Restaurant-to-consumer delivery first became • Platforms such as the recently merged Just Eat
established because it was easy for Takeaway.com combine offers from different
restaurants to switch from phone to online restaurants and accept orders for a fee.
orders.
• Some service providers such as Uber Eats,
• Global fast food chains such as Domino’s and Grubhub, and Deliveroo have expanded their
Papa John’s International have expanded their business models and now perform the restaurants’
digital sales. task of delivering food to customers.
• This allows restaurants to optimize underutilized
capacities in their kitchens without having to
organize their own delivery services.
Sources: Deloitte Delivering Growth, “November 2019,” Statista May 2020
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Estimated food delivery sales trend May 2020
Since Pizza Hut launched its first online ordering service in 1994, online
delivery services have turned into a business worth billions.
200’000
Highlights
180’000
160’000
• Sales in the online food delivery
segment are estimated to reach
140’000 USD 136 billion in 2020.
In millions of USD, worldwide
120’000
• Estimated sales growth: 7.5 %
100’000
p.a. to USD 182 billion by 2024.
80’000 • With
• USD 52 billion (2020), China
60’000
has the highest share of sales.
40’000
20’000
0
2017 2018 2019 2020 2021 2022 2023 2024
Platform-to-Consumer Delivery Restaurant-to-Consumer Delivery
Source: Statista (effects of COVID-19 taken into consideration), May 2020
Note: Past market performance and simulations are not reliable indicators of future performance.
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The Solactive Food Delivery Index (NTR)
comprises securities from 20 food delivery companies May 2020
Index concept
UNIVERSE • Equities with a listing on a stock exchange in a country that Solactive defines as industrial
LIQUIDITY AND • Market capitalization ≥ USD 750 million
SIZE CRITERIA • Average daily trading volume ≥ USD 5 million over the last six months
• A language algorithm searches publicly available information for terms that describe the theme of the index.
• Every company from the index universe receives a number of points based on its focus on this sector.
SELECTION
• The selection is then checked to see whether a relevant portion of their business activities take place in food
delivery.
SECURITIES • The 20 companies with the highest point score are listed in the Solactive Food Delivery Index (NTR).
SELECTION • Each index member has a weighting of 5 percent at the start date. Index currency: USD.
• Rebalancing takes place every six months.
REBALANCING • Index members are checked for liquidity, size, and selection criteria and are switched out if necessary.
• The weightings of stocks comprising the index are rebalanced to 5 percent.
Source: Solactive. The Solactive Food Delivery Index (NTR) is an index calculated, published, and distributed by Solactive AG. To follow the index visit: www.solactive.com
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Invest in food delivery equities with only one transaction
Solactive Food Delivery Index (NTR) May 2020
Initial index composition on June 8, 2020*
Company Segment Currency Country Weighting Index composition
Amazon.com, Inc. Internet retail USD US 5%
Alphabet Inc. Class A Internet software/services USD US 5%
Alibaba Group Holding Ltd.
USD 5%
Sponsored ADR Internet retail China
15%
Walmart Inc. Food retail USD US 5%
Costco Wholesale Corporation Platform USD US 5% 30%
Meituan Dianping Class B Internet software/services HKD China 5%
Uber Technologies, Inc. Platform USD US 5%
USD 5% 15%
Kroger Co. Food retail US
Yum! Brands, Inc. Restaurants USD US 5%
Chipotle Mexican Grill, Inc. Restaurants USD US 5%
Yum China Holdings, Inc. Restaurants USD China 5%
10%
Delivery Hero SE Platform EUR Germany 5%
Just Eat Takeaway.com N.V. Platform EUR Netherlands 5%
30%
Domino’s Pizza, Inc. Restaurants USD US 5%
Yandex NV Class A Internet software/services USD Russia 5%
HelloFresh SE Internet retail EUR Germany 5%
Grubhub, Inc. Platform USD US 5%
BJ’s Wholesale Club Holdings, Inc. Platform USD US 5%
Internet retail
Wingstop, Inc. Restaurants USD US 5%
Papa John’s International, Inc. Restaurants USD US 5% Internet Software/Services
Food retail
Platform
Restaurants
*Source: Solactive, as of the index start date June 8, 2020. The Solactive Food Delivery Index (NTR) is an index calculated, published, and distributed by Solactive AG.
To follow the index visit: www.solactive.com
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Backtesting: The index compared to the S&P 500 Index May 2020
Equities from the food delivery segment recovered more quickly from the correction.
150
140
Indexed performance since May 2, 2019
130
120
Solactive Food Delivery
Index (NTR)
110
100
S&P 500 Index
90
80
70
60
Source: Bloomberg, May 19, 2020
Note: Past performance and simulations are not reliable indicators of future performance.
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Product details
Solactive Food Delivery Index (NTR) May 2020
Must be subscribed by:
PRODUCT DETAILS* June 5, 2020, 4 p.m. CET
SSPA product type Trackercertificate (1300)
Underlying Solactive Food Delivery Index (NTR)
Initial fixing/payment June 8, 2020/June 15, 2020
Duration Open-ended
Management fee 1.20%
Issuer Bank Vontobel AG, Zurich (Moody’s long-term deposit rating: Aa3)
Index calculation agent Solactive AG, Platz der Einheit 1, 60327 Frankfurt am Main, Germany
Currency CHF USD
ISIN/symbol CH0450811010 / ZSOALV CH0450811028 / ZSOAMV
Issue price CHF 101.50 USD 101.50
(incl. CHF 1.50 issuing commission) (incl. USD 1.50 issuing commission)
Reference price certificate CHF 100.00 USD 100.00
Details page Term sheet Details page Term sheet
*All information is indicative and may be adjusted. Only the final terms published on www.investerest.com together with the associated notifications and adjustments are legally binding.
SSPA product type: Tracker Certificate (1300) essentially maps the performance of the underlying. It must be noted that an investment in a VONCERT carries largely the same risks as a direct investment in the
underlying; in particular, the corresponding foreign currency, market, and price risks. VONCERTs do not generate ongoing returns and offer no capital protection. 9Public Index composition* Solactive Food Delivery Index (NTR) May 2020 Amazon.com, Inc. Alphabet Inc. Class A Alibaba Group Spons. ADR Walmart Inc. Costco Wholesale Corp. US US China US US Headquartered in Seattle, Google’s parent company is Alibaba is a Chinese tech Walmart Inc. is a US retail Costco is the second largest Amazon is a global tech group strengthening its position in multinational specialized in e- group that operates a chain of retailer in the US after that is active in e-commerce, online delivery services and commerce, retail, and internet. supermarkets, discount Walmart and has a large cloud computing, and has launched the first drone Two years ago, it acquired department stores, and network for home deliveries. streaming. It recently received delivery service in Australia. Ele.me and is now competing grocery stores. It also offers the go-ahead to acquire the with Meituan Dianping, the home deliveries of fresh British online delivery service largest food delivery provider in products. Deliveroo. Asia. Meituan Dianping Class B Uber Technologies, Inc. Kroger Co. Yum! Brands, Inc. Chipotle Mexican Grill, Inc. China US US US US Beijing-based Meituan is Uber is a US group that Kroger is a US retailer, and Yum! Brands is the parent The restaurant chain Chipotle Asia’s leading provider in the brokers driving services and since the end of 2019 it has company of the restaurant operates restaurants in the US, food delivery sector. For a few offers online delivery services been offering home deliveries chains KFC, Pizza Hut, and Canada, Germany, France, and months now, it has been via Uber Eats. In mid-May, of fresh meals in the four Taco Bell. Yum! Brands works the United Kingdom. Chipotle facing competition from Uber submitted a takeover bid cities of Indianapolis, Carmel, with Grubhub, the leading works together with Uber Eats to Ele.me, a subsidiary of to Grubhub, a US order Columbus, and Denver. ordering service company. provide the delivery service. Alibaba. service company. * As of May 2020; current index composition can be obtained free of charge from Solactive AG, the index calculation agent. 10
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Index composition*
Solactive Food Delivery Index (NTR) May 2020
Yum China Holdings Delivery Hero SE Just Eat Takeaway.com Domino’s Pizza, Inc. Yandex NV Class A
China Germany Netherlands US Russia
This spin-off from Yum! Based in Berlin, Delivery Hero Just Eat in the UK and Domino’s Pizza operates a Yandex is a technology
Brands is one of the largest is a global online food Takeaway.com in the pizza restaurant chain that is company that develops
restaurant operators in China ordering service that is active Netherlands merged in a GBP present all over the world. The products and services based
and holds the licensing rights in over 40 countries. Its 6.2 billion transaction. The company has been recording on machine learning. Yandex
for KFC, Pizza Hut, and Taco partner network comprises merged entity intends to growth rates for years now is mainly active in the Russian
Bell in China. It acquired the more than 500,000 increase its market share by and is weathering the corona market.
online delivery service Daojia restaurants worldwide. further acquisitions. crisis well thanks to additional
three years ago. demand for pizza deliveries
during the lockdown.
HelloFresh SE Grubhub, Inc. BJ’s Wholesale Club Hold. Wingstop, Inc. Papa John’s International
Germany US US US US
Hello Fresh is a Frankfurt- Uber Technologies has been BJ’s Wholesale Club Holdings, Wingstop is a restaurant chain Papa John’s International is a
based company that delivers in takeover negotiations with commonly referred to as BJ’s, is that specializes in poultry Kentucky-based pizza chain
fresh cooking boxes to the US ordering service an American warehouse chain dishes. Its restaurants are and is the fourth largest pizza
homes. Customers subscribe Grubhub since mid-May. This that operates on the US East decorated in the style of the delivery service in the US.
to the service and receive move is in line with Uber’s Coast as well as in Ohio and thirties and forties. The April was the best month in
fresh ingredients that they use plan to invest aggressively in Michigan and is open to company has its own ordering Papa John’s history, as
to prepare different meal food delivery markets and members only. BJ’s also offers platform. consumers ordered more
plans. become the number one or home delivery. pizzas during the lockdown.
two in those markets.
* As of May 2020; current index composition can be obtained free of charge from Solactive AG, the index calculation agent. 11Public
Disclaimer May 2020
This publication constitutes marketing material according to Art. 68 of the Swiss Financial Services Act (FinSA) and is intended solely for information purposes. It
does not constitute investment advice or an investment recommendation and does not contain an offer or an invitation to make an offer. It does not replace the
qualified consultation necessary before any purchase decision, particularly with respect to all associated risks. We will be happy to provide you with the legally
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Financial Instruments” free of charge at any time. Investors should read the relevant product documentation before purchasing derivative products.
The scenarios shown in this publication do not provide any information regarding the actual performance of the underlying, only serve as illustrative examples and are
not the result of a financial analysis.
This information also includes details relating to the past. Past performance is not a reliable indicator of future results.
This information contains details relating to simulated past performance. Past performance is not a reliable indicator of future results.
This information contains details relating to future performance. Such forecasts are not a reliable indicator of future performance.
To the extent the information does not contain research: This publication was compiled by the Structured Products organizational unit of our institution and is not the
result of a financial analysis.
Structured products are not considered collective investments according to the Swiss Federal Act on Collective Investment Schemes (CISA) [as of July 1, 2016] and
are thus not subject to the approval and supervision of the Swiss Financial Market Supervisory Authority (FINMA). Investments in structured products are subject to
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information contained therein. All information is subject to change.
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The Solactive Food Delivery Index is calculated by Solactive AG (“Licensor”). The Open-End Tracker Certificate on the Solactive Food Delivery Index is not
sponsored, promoted, or sold by the Licensor, nor does the Licensor support it in any other way or form, and the Licensor in no way offers any expressed or implied
guarantee or warranty, neither with regard to the results from using the index nor with regard to the index status at any specific point in time nor in any other regard.
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