LMK GROUP: Sharp business deterioration leaves LMK in cash preservation mode | NEUTRAL vs. BUY | SEK21 VS. SEK57 (+74%)
LMK GROUP - NEUTRAL vs. BUY | SEK21 VS. SEK57 (+74%)Sharp business deterioration leaves LMK in cash preservation mode
LMK has again disappointed with its Q2 trading update, highlighting even more rapid business deterioration that is raising major questions about cash-burn and cash preservation. With momentum set to remain very poor until marketing issues are resolved and HelloFresh adopts a more rational stance in the Nordics, we do not foresee any rerating from 0.1x EV/Sales and we even consider the current dividend policy to be in jeopardy.
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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