Q1 already well spotted, time to look beyond
With weak Q1 results already well flagged by management since early March and the consensus already well aligned, we expect the market to focus more on current trading trends to better assess the pace of customer recovery and the profitability rebound. We remain at Buy on the stock as 0.4x EV/SalesHelloFresh 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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