Report
Clement Genelot

HELLOFRESH: Good Q2 ahead but don’t expect any new guidance upgrade | BUY vs. BUY TOP PICKS | EUR100(+27%)

HELLOFRESH - BUY vs. BUY TOP PICKS | EUR100(+27%)
Good Q2 ahead but don’t expect any new guidance upgrade

Q2 growth to remain above 56%
EBITDA affected by the new preparation centres and rising CAC
Another guidance upgrade is unlikely
Buy reiterated but be ready for a mixed summer
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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