HelloFresh: investment case completely wiped out, no longer a growth story
With the glass ceiling in the meal-kit adoption rate reached much earlier than expected and 80% of business now set to stagnate at best, HelloFresh's long-standing growth story looks dead. Cut to Neutral with a new SOTP valuation showing that the current EUR7 share price rightly values the meal-kitHelloFresh 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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