HELLOFRESH - Conviction BUY | EUR81 VS. EUR100 Upper half of new guidance within reach, warning was not entirely necessary
HELLOFRESH - Conviction BUY | EUR81 VS. EUR100 (+163%)Upper half of new guidance within reach, warning was not entirely necessary
Following the profit warning issued on 20th July and full Q2 results released yesterday, we have dug into the figures and management’s communication to assess the extent of caution in the new guidance. Even with a lowered TP of EUR81, we remain at Conviction Buy on the stock (low valuation, best-in-class execution, affluent clientele, cash-generative business and debt-free) with an inflection point in sight in late October.
Cash machine in the making
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.
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.
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