Delivery Hero's Pre-AGM Power Play: Morgan Stanley Restructures as Stock Surges 87% in 30 Days

Morgan Stanley cuts derivative exposure while boosting direct stake in Delivery Hero to 5.52% ahead of June AGM, as stock surges 87% and Uber holds 19.5%.

The rally in Delivery Hero shares has been nothing short of extraordinary, but beneath the surface of the 87.46% monthly surge lies a far more intricate story of shifting influence. With the annual general meeting set for June 23 in Berlin, the shareholder register is being quietly redrawn — and the latest filing from Morgan Stanley suggests the chess pieces are being rearranged, not just removed.

The US bank disclosed on June 3 that its attributable voting rights position now stands at 13.54%, down from 15.44% in its previous filing. But the headline figure tells only half the tale. Within that total, the share of voting rights derived directly from equity has jumped to 5.52%, up from 3.50%, while the instrument-linked portion has fallen from 11.94% to 8.02%. The direction is clear: Morgan Stanley is reducing its derivative exposure while locking in a larger direct stake.

The instrument breakdown reveals the complexity of the bank’s positioning. Equity call options represent 8,921,500 voting rights, equity swaps account for 13,289,258 (equivalent to 4.37%), and a further 1,535,164 stem from recallable securities lending. Meanwhile, 16,765,778 votes are now attached directly to shares. This is not a simple unwind — it is a structural recalibration, one that could tilt the balance of power at the upcoming AGM.

The timing is no coincidence. Delivery Hero’s share price has been on a tear, closing Friday at €38.73, up 72.35% from its 200-day moving average. The relative strength index sits at 76.7, firmly in overbought territory. Annualised volatility of roughly 69% underscores just how fragile the rally has become. When a stock has nearly tripled from its March low of €14.61, every percentage point of momentum is contested by traders ready to reverse at the first sign of weakness.

Into this heated environment steps another heavyweight. Uber already holds 19.5% of Delivery Hero’s issued capital, plus options covering another 5.6%. The combination of a strategically minded cornerstone investor and a bank repositioning its derivative book creates a combustible mix ahead of the AGM. For governance watchers, the juxtaposition is glaring: one stakeholder with clear long-term intent, another sending mixed signals via a shrinking but reshuffled total.

Operationally, the company is delivering the kind of numbers that justify at least part of the hype. First-quarter gross merchandise value on a comparable basis rose 8.8% to €12.5 billion. Total segment revenue jumped 17.8% to €3.7 billion, with quick commerce — now accounting for 18% of group GMV — surging 30%. Management has reaffirmed full-year guidance for GMV growth of 8–10%, revenue expansion of 14–16%, adjusted EBITDA between €910 million and €960 million, and free cash flow exceeding €200 million.

Yet the technical picture is increasingly stretched. The stock trades 57.42% above its 50-day average — a gap that historically warns of mean reversion. The RSI of 76.7 adds to the caution. Delivery Hero’s rally may be rooted in genuine operational improvement, but the speed of the ascent amplifies every risk, from profit-taking to event-driven volatility around the AGM.

On June 23, the board will face a shareholder base that has become markedly more fluid: Morgan Stanley with a leaner but better-anchored stake, Uber with a major overhang, and a market that has priced in substantial optimism. The question is whether the operational momentum — improving margins, Asian synergies, cost discipline — can outrun the gravitational pull of a stock that has moved too far, too fast. The answer will come not in a single trading day, but in the weeks after the votes are counted.