Report
Clement Genelot

HELLOFRESH: CMD feedback: 2022 to be a one-off year to capitalize on 2025 | BUY | EUR100 VS. EUR105 (+28%)

HELLOFRESH - BUY | EUR100 VS. EUR105 (+28%)
CMD feedback: 2022 to be a one-off year to capitalize on 2025

Stock down 8% since CMD: 2022 EBITDA remains a shock
EUR10bn sales target for 2025 is rather a floor
Why 2022 is a one-off on EBITDA margin…
… and EBITDA margin remains unchanged by 2025
Buy reiterated with a TP lowered from EUR105 to EUR100
Underlying
HelloFresh SE

HelloFresh is engaged in the delivery of meal kits to customers in the U.S., the United Kingdom, Germany, the Netherlands, Belgium, Luxembourg, Australia, Austria, Switzerland and Canada. Co. provides portioned food and recipes, which its subscribers receive in weekly boxes. Co. provides both omnivore and vegetarian options, with fresh ingredients and chef-inspired recipes.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Clement Genelot

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