HelloFresh: delayed recovery but risk/reward still positive
Following a surprising 11% FY EBITDA warning (mostly driven by temporary and already resolved issues by now concerning ready-to-eat in the US), we have cut our FY 2023-25 sales, EBITDA and FCF estimates by respectively 2-3%, 11% and 16% and arrive at a new PT of EUR33. Beyond legitimately poor shorHelloFresh 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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