HelloFresh: no rerating without timing for meal-kit stabilisation
Post-FY 2024 results and disappointing FY 2025 guidance, we have cut our PT from EUR10 to EUR8.5. We find it hard to board a plane (i.e. the HelloFresh equity story) with a faulty main engine (i.e. core meal-kit expected to continue declining until at least 2027 in our model). Only a clear timing fHelloFresh 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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