I think Just Eat are going to have trouble competing with Deliveroo, who are in a position to offer a far better customer experience.
That's going to drive their margin (and share price) downwards, nullifying this critic's argument and replacing it with another one.
In case you're not familiar, Deliveroo is like JustEat & HungryHouse except that Deliveroo provides the entire delivery service, so is able to provide food from restaurants that don't want to get into delivery themselves. This means that (a) Deliveroo are enlarging the market and entirely owning the new segment (b) since Deliveroo know where every driver is the customer experience is better; they call you to tell you the food will be late, rather than you calling them to ask them where the food is.
That's going to drive their margin (and share price) downwards, nullifying this critic's argument and replacing it with another one.
In case you're not familiar, Deliveroo is like JustEat & HungryHouse except that Deliveroo provides the entire delivery service, so is able to provide food from restaurants that don't want to get into delivery themselves. This means that (a) Deliveroo are enlarging the market and entirely owning the new segment (b) since Deliveroo know where every driver is the customer experience is better; they call you to tell you the food will be late, rather than you calling them to ask them where the food is.